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Magnesium production capacity outside China is forecast to expand to 24pc of global supply by 2032.

Several presenters pointed to new markets opening up for magnesium metal usage in lightweight die casting for EVs, battery housing and, further down the line, in the batteries themselves.

Steel, magnesium and its products, and coal are among the major exported commodities.

The United States Geological Survey has released a new list of 50 mineral commodities critical to the U.S. economy and national security after an extensive multi-agency assessment.

Cross-industry group of European metals-producing and -using industries and their workers warn against catastrophic impact of Chinese magnesium supply shortage.

Insiders believe the price increase of raw materials also contributes to the price fluctuation in the magnesium market.

Chinese magnesium metal prices have rebounded following a fall earlier this week as producers raised their offer prices in response to tighter spot availability.

China’s domestic magnesium price increased sharply after authorities in Zhongwei - a key ferro-alloy production hub in Ningxia Hui Autonomous Region - issued a production cut notice due to high energy-consuming enterprises on Thursday June 3.