Singapore: Magnesium Market 2024

Magnesium Market Size in Singapore

The Singaporean magnesium market declined rapidly to $X in 2021, which is down by -44.9% against the previous year. Overall, consumption, however, continues to indicate prominent growth. As a result, consumption attained the peak level of $X, and then shrank notably in the following year.

Magnesium Production in Singapore

In value terms, magnesium production amounted to less than $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with a decrease of -19.4%. Magnesium production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Magnesium Exports

Exports from Singapore

In 2021, magnesium exports from Singapore surged to X tons, picking up by 56% on 2020. Over the period under review, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 294%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, magnesium exports surged to $X in 2021. In general, exports saw a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for magnesium exports from Singapore, with a 83% share of total exports. Moreover, magnesium exports to Canada exceeded the volume sent to the second major destination, India (X tons), ninefold. The third position in this ranking was taken by the United States (X tons), with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume to Canada stood at +24.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+5.0% per year) and the United States (+110.1% per year).

In value terms, Canada ($X) remains the key foreign market for magnesium exports from Singapore, comprising 68% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports. It was followed by the United States, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada totaled +29.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+22.6% per year) and the United States (+79.1% per year).

Export Prices by Country

The average magnesium export price stood at $X per ton in 2021, rising by 85% against the previous year. Over the period under review, the export price continues to indicate measured growth. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Indonesia ($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 Australia (+30.0%), while the prices for the other major destinations experienced more modest paces of growth.

Magnesium Imports

Imports into Singapore

In 2021, imports of magnesium into Singapore dropped markedly to X tons, which is down by -97% on the year before. Overall, imports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,405% against the previous year. Imports peaked at X tons in 2020, and then reduced sharply in the following year.

In value terms, magnesium imports soared to $X in 2021. Over the period under review, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 9,609%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest magnesium supplier to Singapore, accounting for a 85% share of total imports. Moreover, magnesium imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +44.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-18.1% per year) and the Czech Republic (+45.8% per year).

In value terms, the United States ($X) constituted the largest supplier of magnesium to Singapore, comprising 90% of total imports. The second position in the ranking was held by China ($X), with a 9.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +41.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+50.8% per year) and the Czech Republic (+40.8% per year).

Import Prices by Country

In 2021, the average magnesium import price amounted to $X per ton, rising by 4,508% against the previous year. Over the period under review, the import price recorded a significant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+73.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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