Magnesium Alloy Ingot Prices

Magnesium Alloy Ingot Prices June 2024

During the second quarter of 2024, magnesium alloy ingot prices in the United States reached 3340 USD/MT in June. The prices fell initially, stabilizing later due to balanced supply and steady automotive demand. Despite early swings and difficulties in the broader metal sector, the absence of substantial economic shocks helped to maintain a rather stable market.

The price of magnesium alloy ingots in China fell in Q2 2024, reaching 3290 USD/MT. This is primarily attributed to low demand and an uncertain economic environment. Moreover, seasonal variables such as monsoon effects and shifting mining activities, combined with high aluminum costs, pushed prices upward, maintaining a negative market sentiment.

In the second quarter of 2024, magnesium alloy ingot prices in the Netherlands settled at 2964 USD/MT. This is attributed to high interest rates, limited manufacturing volume, and low sectoral demand. Despite some optimism, regulatory reforms and economic constraints created a difficult market picture, indicating a clear downward trend.

Magnesium Alloy Ingot Prices March 2024

In the first quarter of 2024, magnesium alloy ingot prices in the United States hit 3564 USD/MT in March. Due to high inflation and slow auto sales, the market's prices saw a decline. Despite this, prices stabilized later in the quarter, supported by consistent supply and demand amidst diminishing winter effects and minimal market fluctuations.

The Netherlands saw stable supply but bearish pricing for the product in Q1 2024. While the automotive sector showed growth, the construction industry lagged, contributing to price declines. Economic sluggishness and decreased energy costs also impacted the downward price trend. Overall, the price of magnesium alloy ingot in Netherlands reached 3393 USD/MT in March.

Magnesium Alloy Ingot Prices December 2023

The magnesium alloy ingot prices in the United States for the fourth quarter of 2023 was 3576 USD/MT. The market saw sluggish price movement due to insignificant year-on-year (YoY) discrepancy. Throughout the quarter, there were some price variations between the first and second halves due to market fluctuations that varied slightly from month to month.

In the fourth quarter of 2023, the product price in China experienced a slight decline, driven by various factors affecting supply and demand. Furthermore, pricing levels varied during the quarter, reflecting shifting market conditions from beginning to conclusion. In December, the market was at 3443 USD/MT.

In the Netherlands, the product remained relatively stable. The price in the fourth quarter saw a slight dip in rates than the previous quarter of 2023 due to variables that affect supply and demand. The price trend was characterized by slight yearly fluctuations, reaching 3587 USD/MT in December.

Regional Coverage

The report provides a detailed analysis of the magnesium alloy ingot market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the magnesium alloy ingot price trend.

Global Magnesium Alloy Ingot Price

The report offers a holistic view of the global magnesium alloy ingot pricing trends in the form of magnesium alloy ingot price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into magnesium alloy ingot historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into magnesium alloy ingot price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed magnesium alloy ingot demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Magnesium Alloy Ingot Price

Q2 2024:

The product market in Europe witnessed a price decline in Q2 2024 due to regulatory shifts, elevating inflation, and volatile prices of energy. Moreover, the introduction of the European Union (EU) Critical Raw Materials Act disrupted the dynamics of supply chains, creating uncertainty in spite of the attempt to acquire material. The market also faced increased manufacturing costs from energy price volatility and alloy surcharges. Moreover, reduced manufacturing capacity and increased interest rates further strained the supply dynamics. This challenging environment, as well as low automotive and manufacturing activity, resulted in a pronounced decline in prices and market sentiment.

Q1 2024:

The product prices in Europe experienced a general decline in the first quarter of 2024. The reduced level of economic activity and a sluggish economy were major influences, with the manufacturer prices index dropping due to decreased energy costs. Furthermore, the automobile sector witnessed positive changes with heightened registrations of vehicles, but the construction industry continued to drag on the market. Despite these decreases, there was optimism regarding price changes in the following months, bolstered by export market gains.

Q4 2023:

In the fourth quarter of 2023, the European market for magnesium alloy ingots showed slight year-on-year changes. The market saw no plant closures and maintained stable operational continuity. In addition, there were small fluctuations in pricing during the different portions of the quarter due to variables affecting market demand and supply.

Detailed price information for magnesium alloy ingot can also be provided for an extensive list of European countries.

North America Magnesium Alloy Ingot Price

Q2 2024:

Despite worldwide industrial metal price variations, the market for magnesium alloy ingot in North America stayed reasonably stable in Q2 2024. Consistent output and stable supply-demand dynamics helped to keep the market stable, notwithstanding occasional plant closures and other interruptions. Furthermore, the lack of substantial supply bottlenecks, combined with sufficient stock availability and efficient logistics, contributed to this stability.

Q1 2024:

In the first quarter of 2024, the product market in North America witnessed a mix of price stability and fluctuations. This steady price environment was aided by enough supply and sustained demand, notwithstanding some bearish trends in specific sectors such as construction, which suffered from winter idleness and decreased demand. Seasonal variables, such as the waning impact of winter storms, have helped to keep supplies stable.

Q4 2023:

In North America, during the fourth quarter of 2023, the product market witnessed no plant closures and continued operational activity. Also, there was a slight disparity in prices in the first and last month of Q4 due to several factors that rule the demand and supply chain.

Specific magnesium alloy ingot historical data within the United States and Canada can also be provided.

Middle East and Africa Magnesium Alloy Ingot Price

The report explores the magnesium alloy ingot pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on magnesium alloy ingot prices for countries can also be provided.

Asia Pacific Magnesium Alloy Ingot Price

Q2 2024:

The APAC product market fell in the second quarter of 2024 due to low demand and high transportation costs, which discouraged international purchasers. The market experienced instability despite constant supply owing to manufacturing adjustments and rotating maintenance caused by rising feedstock prices and poor profit margins. Furthermore, rising rates of aluminum and an uncertain economic environment, despite increased output, aided in this tendency. Besides this, seasonal factors, such as monsoon and mining activity variations, contributed to the adverse market attitude, resulting in considerable price decreases over the quarter.

Q1 2024:

In the Asia Pacific region, magnesium alloy ingot prices in the first quarter experienced a difficult environment characterized by substantial volatility. Low product consumption in international and domestic markets, issues with raw material sourcing, and elevated stock levels all affected and contributed to a stable but stressed supply environment. In addition, the sluggish demand from important sectors like automobile and construction, as well as a PMI of less than 50, specifying low industrial activity, supported this trend.

Q4 2023:

The product prices in the Asia Pacific region saw slight changes due to year-on-year (YoY) variations. The market also witnessed a slight dip in prices in comparison to the previous quarter, coupled with changes in costs in the first and second half of quarter four of 2023.

This magnesium alloy ingot price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Magnesium Alloy Ingot Price

Latin America's magnesium alloy ingot market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in magnesium alloy ingot prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing magnesium alloy ingot pricing trends in this region.

This comprehensive review can be extended to include specific countries within the region.

Magnesium Alloy Ingot Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Magnesium Alloy Ingot Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of magnesium alloy ingot pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of magnesium alloy ingot at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of magnesium alloy ingot price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing magnesium alloy ingot price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Magnesium Alloy Ingot Market Analysis

The global magnesium alloy ingot industry size reached 752.3 thousand tonnes in 2023. By 2032, IMARC Group expects the market to reach 1108.4 thousand tonnes, at a projected CAGR of 4.40% during 2023-2032.

• The need for lightweight vehicles, is facilitating the demand for magnesium alloy ingot in the automotive sector, which is boosting the market share. As the demand for automotive vehicles increases, the application of magnesium alloy ingots will also surge. In 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021, with China accounting for 27,222 thousand units, followed by Europe with 16,480 thousand units and North America with 13,596 thousand units. Also, China exported 2.1 million vehicles during Jan-Sep 2022, an increase of 55% compared with 2021. This has boosted the use of magnesium alloy ingots in these regions. Moreover, the rise of electric vehicles (EVs) has also fueled the product's demand. China has accelerated its transition towards electrification as it projects the sale of EVs from less than 1 million in 2019 to more than 20 million per year by 2035. Along with this, India's EV market is expected to grow at a rate of 49% between 2022 and 2030.
• The magnesium alloy ingot demand is further amplified by its utilization in the consumer electronics sector for laptops, cameras, and mobile phones to provide a sturdy, lightweight frame. The global online sales of consumer electronics in Europe have jumped from approximately €434.99 billion ($473.2 billion) in 2020 to a forecasted figure of approximately €496.4 billion ($540 billion) in 2027. Also, the market for laptops and smartphones is growing substantially at a rate of 3.2% each and will reach US$ 198.7 billion and 1,968.7 million units by 2023. This has increased the demand for magnesium alloy ingots in these sectors. Likewise, India's electronics domestic production has increased at a rate of 13% from $49 billion in FY17 to $101 billion in FY23. Along with this, the country's electronic exports are expected to reach $120 billion by FY26.
• Magnesium alloy ingot is also becoming increasingly popular in military applications due to its lightweight and high strength. Increased defense budgets globally are leading to more investment in advanced materials, including magnesium alloys for components in military aircraft, vehicles, and personal equipment. For instance, the Indian defense sector allocated a budget of Rs 5.94 lakh crore in 2023-24, a jump of 13% from the previous year. The United States FY 2023 budget was $773 billion, with $194 billion for the Air Force and Space Force. Along with this, China raised its defense budget by 7.2% for 2024 to 1.67 trillion yuan ($231.36 billion).
• The magnesium alloy ingot market share is further being reinforced as economies worldwide continue to invest in infrastructure, boosting its use in construction tools, ladders, and scaffolding increases. For instance, In the US, more than $350 billion has been announced in the Bipartisan Infrastructure Law (BIL) funding through October 2023. Among which, $9.8 billion has been allocated to passenger and freight rail, $7.8 billion for airports, $174.7 billion for roads, bridges, and major projects, $34.1 for public transportation, and $5.9 billion for ports and waterways, boosting the demand for magnesium alloy ingot.

Magnesium Alloy Ingot News

The report covers the latest developments, updates, and trends impacting the global magnesium alloy ingot industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the magnesium alloy ingot price trend.

Latest developments in the magnesium alloy ingot industry:

• In March 2023, Western Magnesium Corporation announced its plans to expand its operations with the construction of a commercial plant and a Research & Development (R&D) Centre in Nevada. The facility will have an initial production of 25,000 tonnes per year. Western Magnesium signed a definitive agreement with CCMA, LLC, under which the companies will work together to develop and identify demand for new magnesium alloys for various industries.

Product Description

Magnesium alloy ingots are a type of metal ingot that is composed of magnesium alloyed with elements such as aluminum, zinc, manganese, silicon, copper, and rare earth metals to enhance their properties. They are known for their low density, which is about two-thirds that of aluminum, making them the lightest structural metals. Magnesium alloy ingots are also appreciated for their high strength-to-weight ratio, excellent machinability, good damping capacity, and electromagnetic shielding properties. They are classified based on their primary alloying elements, like AZ91D, which is alloyed with aluminum and zinc, and WE43, which includes yttrium and rare earth elements.

Magnesium alloy ingots find applications in a diverse range of industries, including automotive, aerospace, electronics, sports equipment, power tools, portable equipment, luggage frames, medical devices, and robotics. They offer numerous benefits, such as weight reduction, improved vibration damping, and their ability to shield electromagnetic interference. Additionally, magnesium alloy ingots are lauded for their ease of machining and casting, environmental benefits, and energy conservation and efficiency in various applications.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of magnesium alloy ingot pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting magnesium alloy ingot price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The magnesium alloy ingot price charts ensure our clients remain at the forefront of the industry.