South Africa Experiences a 13% Decrease in Magnesium Price, Averaging $2,958 per Ton

South Africa Experiences a 13% Decrease in Magnesium Price, Averaging $2,958 per Ton

South Africa Magnesium Import Price in May 2023

In May 2023, the price of magnesium in South Africa reached $2,958 per ton (CIF), with a 13% decline compared to the previous month. Overall, there was a significant reduction in import prices, with the most notable increase occurring in November 2022 at 7.3% month-on-month. From June 2022 to May 2023, import prices remained at a lower level after hitting a record high of $6,647 per ton in May 2022.

As China is the sole major supplier, the average price of magnesium is determined by its prices.

From May 2022 to May 2023, the monthly growth rate of magnesium prices from China was -6.5%.

South Africa Magnesium Imports

In May 2023, the volume of magnesium imported into South Africa sharply declined to 220 tons, a decrease of 72.4% compared to April 2023. Import figures experienced a significant shrinkage over the period reviewed, with the most notable growth observed in February 2023, increasing by 522% month-on-month.

In terms of value, magnesium imports in May 2023 were valued at $651K (estimated by IndexBox), representing a substantial contraction. The most prominent growth rate was recorded in February 2023, with a 478% increase compared to the previous month.

South Africa Magnesium Imports by Country

In May 2023, China was the primary supplier of magnesium to South Africa, accounting for approximately 100% of total imports, equivalent to 220 tons.

From May 2022 to May 2023, the average monthly growth rate of magnesium volume from China stood at -3.9%.

In terms of value, China ($651K) was the largest supplier of magnesium to South Africa.

From May 2022 to May 2023, the average monthly growth rate of magnesium value from China amounted to -10.2%.



Source: IndexBox Market Intelligence Platform

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