China's Permanent Magnet Industry: Comprehensive Market Analysis, Projections, and Trend Insights
China Records Modest Increase in Permanent Magnet Exports, Totaling $373M in June 2023
China Permanent Magnet Exports In June 2023, the amount of permanent magnets exported from China rose to 25K tons, increasing by 4.8% on the previous month's figure. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when exports increased by 64% month-to-month. In value terms, permanent magnet exports stood at $373M (IndexBox estimates) in June 2023. In general, exports, however, saw a perceptible downturn. The pace of growth was the most pronounced in March 2023 when exports increased by 42% month-to-month.
Exports by Country
India (3.5K tons), the United States (2.3K tons) and Vietnam (2.2K tons) were the main destinations of permanent magnet exports from China, together accounting for 33% of total exports. These countries were followed by Germany, Mexico, South Korea and Italy, which together accounted for a further 21%. From June 2022 to June 2023, the biggest increases were in Mexico (with a CAGR of +1.1%), while shipments for the other leaders experienced mixed trend patterns. In value terms, the largest markets for permanent magnet exported from China were Germany ($61M), the United States ($53M) and South Korea ($49M), together comprising 43% of total exports. In terms of the main countries of destination, Germany, with a CAGR of -0.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.
Exports by Type
Non-metal permanent magnets (14K tons) and metal permanent magnets (11K tons) were the main products of permanent magnet exports from China. From June 2022 to June 2023, the biggest increases were in metal permanent magnet (with a CAGR of +0.3%). In value terms, metal permanent magnets ($331M) remains the largest type of permanent magnet exported from China, comprising 89% of total exports. The second position in the ranking was held by non-metal permanent magnets ($42M), with an 11% share of total exports. From June 2022 to June 2023, the average monthly rate of growth in terms of the export volume of metal permanent magnets totaled -2.2%.
Export Prices by Country
In June 2023, the permanent magnet price stood at $15,097 per ton (FOB, China), reducing by -2.7% against the previous month. Over the period under review, the export price saw a mild contraction. The pace of growth was the most pronounced in February 2023 when the average export price increased by 28% month-to-month. The export price peaked at $21,351 per ton in August 2022; however, from September 2022 to June 2023, the export prices stood at a somewhat lower figure. Prices varied noticeably by the country of destination: the country with the highest price was South Korea ($36,037 per ton), while the average price for exports to India ($4,217 per ton) was amongst the lowest. From June 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+0.6%), while the prices for the other major destinations experienced mixed trend patterns