Shanghai Nonferrous Metals News
The trend of automobile light weighting is expected to result in continued growth of magnesium applications for vehicles. The outlook for magnesium building templates and magnesium-based hydrogen storage is also promising. The current price ratio of magnesium to aluminium has dropped to around 1.1, good for rapid development in magnesium usage.
CITIC Securities analysts anticipate global primary magnesium demand to reach 2.3 mln t by 2030, with a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030. In terms of supply, industry leader Baowu Magnesium Industry increased 400 ktpy of magnesium capacity over the past two years and magnesium capacity in Yulin Shaanxi is likely to increase over the mid-long term.
