Mexico: Magnesite Market 2024

Magnesite Market Size in Mexico

The Mexican magnesite market declined sharply to $X in 2021, falling by -82% against the previous year. Overall, consumption faced a precipitous decrease. The growth pace was the most rapid in 2018 when the market value increased by 0.8%. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Magnesite Production in Mexico

In value terms, magnesite production surged to $X in 2021 estimated in export price. Overall, production recorded a abrupt decline. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Magnesite Exports

Exports from Mexico

For the third year in a row, Mexico recorded growth in overseas shipments of magnesite, which increased by 193% to X tons in 2021. In general, exports recorded a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 717%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, magnesite exports surged to $X in 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 494% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in years to come.

Exports by Country

Egypt (X tons) was the main destination for magnesite exports from Mexico, accounting for a 85% share of total exports. Moreover, magnesite exports to Egypt exceeded the volume sent to the second major destination, the United States (X tons), ninefold.

From 2012 to 2021, the average annual growth rate of volume to Egypt totaled +52.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+26.8% per year) and the UK (-17.7% per year).

In value terms, the UK ($X), Egypt ($X) and the United States ($X) appeared to be the largest markets for magnesite exported from Mexico worldwide, together accounting for 54% of total exports.

In terms of the main countries of destination, Egypt, with a CAGR of +42.6%, 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

In 2021, the average magnesite export price amounted to $X per ton, with an increase of 44% against the previous year. In general, the export price enjoyed strong growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 66%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Egypt ($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 the UK (+28.4%), while the prices for the other major destinations experienced a decline.

Magnesite Imports

Imports into Mexico

In 2021, magnesite imports into Mexico surged to X tons, increasing by 33% against the previous year's figure. In general, imports, however, continue to indicate a pronounced contraction. The growth pace was the most rapid in 2019 when imports increased by 301%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, magnesite imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a deep setback. The pace of growth was the most pronounced in 2019 with an increase of 114% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Guatemala (X tons) constituted the largest magnesite supplier to Mexico, accounting for a 59% share of total imports. Moreover, magnesite imports from Guatemala exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Greece (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Guatemala stood at +50.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (0.0% per year) and Greece (+33.7% per year).

In value terms, the largest magnesite suppliers to Mexico were Guatemala ($X), Greece ($X) and China ($X), with a combined 76% share of total imports.

China, with a CAGR of +67.5%, recorded the highest growth rate of 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

The average magnesite import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price recorded a abrupt decline. The most prominent rate of growth was recorded in 2018 an increase of 40% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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