South Africa: Magnesite Market 2024

Magnesite Market Size in South Africa

In 2021, the South African magnesite market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, faced a abrupt shrinkage. Magnesite consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Magnesite Production in South Africa

In value terms, magnesite production declined dramatically to $X in 2021 estimated in export price. Overall, production, however, showed a sharp slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 121%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Magnesite Exports

Exports from South Africa

In 2021, after four years of decline, there was significant growth in overseas shipments of magnesite, when their volume increased by 182% to X tons. Overall, exports, however, recorded a abrupt downturn. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, magnesite exports skyrocketed to $X in 2021. In general, exports, however, faced a sharp descent. The most prominent rate of growth was recorded in 2016 when exports increased by 97%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Swaziland (X tons) was the main destination for magnesite exports from South Africa, with a 87% share of total exports. Moreover, magnesite exports to Swaziland exceeded the volume sent to the second major destination, Democratic Republic of the Congo (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a 1.6% share.

From 2012 to 2021, the average annual growth rate of volume to Swaziland amounted to +16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (-30.2% per year) and Australia (0.0% per year).

In value terms, Democratic Republic of the Congo ($X) remains the key foreign market for magnesite exports from South Africa, comprising 63% of total exports. The second position in the ranking was held by Swaziland ($X), with a 21% share of total exports. It was followed by Australia, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value to Democratic Republic of the Congo totaled -21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Swaziland (+11.9% per year) and Australia (0.0% per year).

Export Prices by Country

The average magnesite export price stood at $X per ton in 2021, waning by -39.8% against the previous year. In general, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by 217%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the average price for exports to Swaziland ($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 Democratic Republic of the Congo (+13.0%), while the prices for the other major destinations experienced mixed trend patterns.

Magnesite Imports

Imports into South Africa

In 2021, after three years of decline, there was significant growth in overseas purchases of magnesite, when their volume increased by 20% to X tons. In general, imports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, magnesite imports skyrocketed to $X in 2021. Overall, imports, however, showed a perceptible decrease. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of magnesite to South Africa, accounting for a 94% share of total imports. Moreover, magnesite imports from China exceeded the figures recorded by the second-largest supplier, Zimbabwe (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +60.9%.

In value terms, China ($X) constituted the largest supplier of magnesite to South Africa, comprising 93% of total imports. The second position in the ranking was held by Zimbabwe ($X), with a 3.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +60.2%.

Import Prices by Country

In 2021, the average magnesite import price amounted to $X per ton, jumping by 23% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2019 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Zimbabwe totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Zimbabwe (+0.6%).

Source: IndexBox Platform

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