India: Magnesite Market 2024

Magnesite Market Size in India

In 2021, the Indian magnesite market was finally on the rise to reach $X after two years of decline. In general, consumption, however, saw a drastic downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Magnesite Production in India

In value terms, magnesite production totaled $X in 2021 estimated in export price. Overall, production, however, faced a abrupt decrease. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Magnesite Exports

Exports from India

In 2021, magnesite exports from India soared to X tons, jumping by 120% compared with the previous year. Over the period under review, exports, however, saw a deep downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 174% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, magnesite exports skyrocketed to $X in 2021. Overall, exports, however, faced a abrupt setback. The pace of growth appeared the most rapid in 2016 when exports increased by 407%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons), the United Arab Emirates (X tons) and Myanmar (X tons) were the main destinations of magnesite exports from India, with a combined 88% share of total exports. These countries were followed by Ethiopia, Kenya and Sudan, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for Kenya (with a CAGR of +1,121.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), the United Arab Emirates ($X) and Ethiopia ($X) were the largest markets for magnesite exported from India worldwide, with a combined 83% share of total exports. Kenya, Myanmar and Sudan lagged somewhat behind, together accounting for a further 17%.

In terms of the main countries of destination, Kenya, with a CAGR of +1,016.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average magnesite export price stood at $X per ton in 2021, growing by 4.7% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, magnesite export price decreased by -8.9% against 2019 indices. The most prominent rate of growth was recorded in 2016 an increase of 85% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kenya ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Djibouti (+37.9%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesite Imports

Imports into India

In 2021, after two years of decline, there was significant growth in supplies from abroad of magnesite, when their volume increased by 53% to X tons. In general, imports saw a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 343%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, magnesite imports skyrocketed to $X in 2021. Overall, imports showed a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 211% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest magnesite supplier to India, accounting for a 53% share of total imports. Moreover, magnesite imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. Oman (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates amounted to +87.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+347.8% per year) and Oman (+608.3% per year).

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) appeared to be the largest magnesite suppliers to India, with a combined 69% share of total imports.

Oman, with a CAGR of +928.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average magnesite import price amounted to $X per ton, with an increase of 10% against the previous year. In general, the import price, however, continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2017 an increase of 26% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+46.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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