Magnesite market in China

Earlier Report Observations

In 2018, the magnesite market in China reached 18 160 thousand tons, supported by rapidly growing demand from sectors such as rubber, plastics, paper, and ceramics. The market then contracted sharply to 10 527 thousand tons in 2019. A recovery to 13 541 thousand tons followed in 2020, driven by continued downstream demand growth even as stricter environmental requirements led to some plant closures and accelerated industry consolidation.

After 2020, the market volume declined, falling to 12 882 thousand tons in 2021 and further to 10 310 thousand tons in 2022. During this period, the government began implementing policies to promote the green and high-tech development of the magnesium industry, aiming at clustering and scaling up production. Concurrently, export volumes of magnesite saw rapid growth.

In the following years, 2023 and 2024, additional supportive measures were announced, including the refinement of market access systems and the promotion of energy-saving and carbon-reduction technologies, setting the stage for the industry's ongoing evolution.

Production magnesite in China

In kind, 2017-2020, K t

From 2017 to 2020, China was the world's largest producer of magnesite.

Top producers of magnesite, 2017-2020

World map of production of magnesite, 2017-2020

After two years of decline, China's magnesite production increased in 2020. That year, China produced 14,044 thousand tonnes of magnesite, up 28.6% from 2019. Over the 2017-2020 period, production fell by 26.1%, equivalent to an annualized decline of 9.6%. The lowest production level was recorded in 2019 at 10,917 thousand tonnes, which also saw the largest drop of 41.0%.

Annual dynamics of production in China in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, China's magnesite production value rose in 2020. Output was valued at 280.5 million US dollars, marking a strong increase of 10.6% compared to the previous year. From 2017 to 2020, production value decreased by 40.2%, with a compound annual growth rate of -15.8%. The minimum value occurred in 2019 at 253.5 million US dollars, which also experienced the largest decline of 41.9%.

Annual dynamics of production in China in value, 2017-2020, M $ US

Exports magnesite from China

Exports in kind, K t

China's magnesite export volume grew for the third consecutive year in 2020. Exports reached 508.4 thousand tonnes, reflecting a 19.3% increase compared to 2019. Between 2017 and 2020, exports rose by 72.9%, with a compound annual growth rate of 20.0%.

Annual dynamics of product's exports from China in kind, 2017-2020, K t

From 2017 to 2020, Japan was the leading destination for China's magnesite exports in volume terms, accounting for 74.0% of total flows, while other markets made up the remainder.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from China in kind, 2017-2020

Exports in value, K $ US

China's magnesite export value increased for the third year in a row in 2020. Exports amounted to 10,155 thousand US dollars, up 2.6% from 2019. Over the 2017-2020 period, export value grew by 39.8%, equating to an annualized rate of 11.8%.

Annual dynamics of product's exports from China in value, 2017-2020, K $ US

Between 2017 and 2020, Japan and Indonesia were the main buyers of Chinese magnesite in value terms, together representing 81.8% of total exports, with the rest fragmented across other countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from China in value, 2017-2020

Imports magnesite to China

Imports in kind, K t

The market exhibited volatility during the observed period. Imports reached their lowest point in 2020 and peaked in 2018, with a 7.9-fold difference between these years. In 2020, China's magnesite imports totaled 5.7 thousand tonnes, down 84.1% from the previous year. The maximum value was recorded in 2018 at 45.5 thousand tonnes, which also saw the largest increase of 587.1%.

Annual dynamics of product's imports to China in kind, 2017-2020, K t

From 2017 to 2020, Russia remained the dominant source for China's magnesite imports in volume terms, holding an 83.8% share of total flows, with other markets accounting for the rest.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to China in kind, 2017-2020

Imports in value, K $ US

The market showed signs of volatility over the observed period. Import values fluctuated significantly, with a 12.4-fold difference between the high in 2018 and the low in 2020. In 2020, China imported 869 thousand US dollars worth of magnesite, showing a sharp drop of 88.7% from the previous year. The maximum value was recorded in 2018 at 10,736 thousand US dollars, which also experienced the largest increase of 414.1%.

Annual dynamics of product's imports to China in value, 2017-2020, K $ US

Throughout 2017-2020, Russia was the main supplier of magnesite to China in value terms, accounting for 81.6% of total imports, while other partners had relatively modest shares.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to China in value, 2017-2020