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Hong Kong SAR, China - Permanent Magnets - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

Hong Kong SAR, China - Permanent Magnets - Market Analysis, Forecast, Size, Trends and Insights

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Apr 22, 2023

Price of Permanent Magnets in Hong Kong Surges to $17.5/kg, Up 46%

Hong Kong, China Permanent Magnet Import Price in January 2023

In January 2023, the permanent magnet price stood at $17,545 per ton (CIF, Hong Kong, China), rising by 46% against the previous month. Overall, import price indicated a pronounced increase from January 2022 to January 2023: its price increased at an average monthly rate of +3.3% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on January 2023 figures, permanent magnet import price increased by +45.7% against December 2022 indices. Over the period under review, average import prices hit record highs at $18,227 per ton in August 2022; however, from September 2022 to January 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In January 2023, the country with the highest price was the Philippines ($68,693 per ton), while the price for Taiwan (Chinese) ($5,658 per ton) was amongst the lowest.

From January 2022 to January 2023, the most notable rate of growth in terms of prices was attained by South Korea (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

COUNTRYJan 2022Feb 2022Mar 2022Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023
Import Price of Permanent Magnet in Hong Kong, China (USD per ton)
Philippines136,77474,91757,18488,94590,43782,775106,09293,692112,64392,852102,15386,00868,693
Japan47,13021,70210,67815,36816,57013,73812,98115,51210,74926,05813,79414,04423,132
South Korea8,1747,7907,4329,0018,0517,87610,77510,95916,53218,0818,40611,19112,111
China9,3407,0277,3789,93812,18913,35311,03413,5628,63213,36310,3688,31011,499
Taiwan (Chinese)12,92911,80611,4698,9866,9498,47610,0876,77810,61511,7026,9579,2865,658
Average11,87611,2039,71913,27916,54316,06313,11418,22712,26917,38115,49512,04517,545

Hong Kong, China Permanent Magnet Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In January 2023, the product with the highest price was metal permanent magnets ($46,832 per ton), while the price for non-metal permanent magnets amounted to $11,035 per ton.

From January 2022 to January 2023, the most notable rate of growth in terms of prices was attained by non-metal permanent magnet (+3.9%).

Hong Kong, China Permanent Magnet Imports

In January 2023, after two months of growth, there was significant decline in overseas purchases of permanent magnets, when their volume decreased by -19.9% to 461 tons. In general, imports saw a deep slump. The pace of growth appeared the most rapid in November 2022 with an increase of 31% against the previous month.

In value terms, permanent magnet imports surged to $8.1M (IndexBox estimates) in January 2023. Overall, imports showed a noticeable downturn. The most prominent rate of growth was recorded in April 2022 with an increase of 18% against the previous month.

Hong Kong, China Permanent Magnet Imports by Type

In January 2023, non-metal permanent magnets (377 tons) constituted the largest type of permanent magnet supplied to Hong Kong, accounting for a 82% share of total imports. Moreover, non-metal permanent magnets exceeded the figures recorded for the second-largest type, metal permanent magnets (84 tons), fourfold.

From January 2022 to January 2023, the average monthly rate of growth in terms of the volume of import of non-metal permanent magnets totaled -7.7%.

In value terms, non-metal permanent magnets ($4.2M) and metal permanent magnets ($3.9M) were the most imported types of permanent magnets in Hong Kong.

Hong Kong, China Permanent Magnet Imports by Country

In January 2023, China (339 tons) constituted the largest permanent magnet supplier to Hong Kong, with a 74% share of total imports. Moreover, permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, Japan (48 tons), sevenfold. The third position in this ranking was held by the Philippines (27 tons), with a 5.8% share.

From January 2022 to January 2023, the average monthly growth rate of volume from China amounted to -9.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Japan (+6.0% per month) and the Philippines (+5.7% per month).

In value terms, China ($3.9M) constituted the largest supplier of permanent magnet to Hong Kong, comprising 48% of total imports. The second position in the ranking was held by the Philippines ($1.8M), with a 23% share of total imports. It was followed by Japan, with a 14% share.

From January 2022 to January 2023, the average monthly growth rate of value from China stood at -7.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: the Philippines (-0.2% per month) and Japan (-0.1% per month).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the permanent magnet market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 23441230 - Permanent magnets and articles intended to become permanent magnets (excluding of metal)
  • Prodcom 25992995 - Permanent magnets and articles intended to become permanent magnets, of metal

Country coverage:

  • Hong Kong SAR

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Hong Kong SAR, China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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