2024 Magnesium Market Annual Review: SMM Analysis
Looking back at the magnesium market in 2024, this past year has been a bit uncertain, but the future is definitely looking bright. With a focus on achieving carbon neutrality, the automotive industry is turning to lightweight materials to help reduce energy consumption and emissions. Magnesium, weighing in at just two-thirds of the weight of aluminum, is becoming more popular for its use in lightweighting automotive components, putting magnesium in the spotlight.
The importance of minor metals often gets overshadowed by larger base metals like copper and aluminum, but they play a crucial role in various industrial applications. Metals like indium, gallium, germanium, and tantalum are essential for advanced manufacturing processes and technology.
In recent news, gallium prices have experienced a slight dip as manufacturers worked to reduce inventory towards the end of the year. But in a surprising turn of events, selenium prices have actually seen a slight increase as we approach the year-end. Antimony prices, on the other hand, have remained stable due to sluggish trading in the market, with manufacturers closing accounts and suspending sales as we head into the final week of the year.
China saw a 15.01% increase in antimony ingot production in December 2024 compared to November, indicating some positive movement in the market. Meanwhile, Tungsten prices have been on the rise due to suppliers holding back on selling, and there has been a rebound in rare earth permanent magnet stocks following a slight restocking before the holidays.
Exciting developments are also happening in the industry, with Terra Metals uncovering new results from the Dante Reefs in Western Australia, indicating a potential Bushveld-type deposit. Baowu Magnesium Industry and Estun Automation launching a new magnesium alloy robot at the 2024 World Intelligent Manufacturing Conference in Nanjing, setting the stage for a new era of intelligent manufacturing.
Overall, as we navigate the uncertainties of the market in the short term, there is undeniable potential for growth and innovation in the long term. Keep an eye on these market trends and developments as we move forward into 2024. If you have any questions or need more information, feel free to reach out to the team.
