Magnesium – Uses, Prices, and Production

This blog highlights information and data I have found on the Internet related to magnesium uses, prices, and production.   Price and production amounts represent global data

Uses.  Natural occurrence of magnesium is found only when it is bonded to other elements, primarily in the mineral magnesite, consisting mostly of magnesium carbonate.  The mined magnesium carbonate is converted, chemically, to magnesium oxide from which the metal magnesium is produced.   Due to the magnesium metal’s strength and lightweight, it finds uses as a structural metal, for example, in automobiles and wind turbines.   Magnesium is also extensively used as an alloying agent, especially with aluminum, to increase metal properties.   Magnesium oxide and other compounds (for example, magnesium carbonate, hydroxide, sulfate, and chloride) have such uses as: a fire-retardant additive; a heat resistance additive in bricks and ceramics; as a plant and human nutrient; in animal feeds; as a construction material; as a cement additive; in soil and ground water remediation; and in other ways.   Magnesium has the property of a strong reducing agent and is used in that way to remove sulfur during steel making and to remove chlorine during titanium manufacturing.

Prices.  Three prices relevant to magnesium are the prices of magnesite, magnesium oxide (magnesia), and magnesium metal.   Searching the Internet, I found it difficult to find multiple sources upon which average prices over a course of a year, for example, 2018, can easily be determined.  Based on what was found, I am using an average 2018 price for magnesite of $275 per metric ton (mt); for magnesium oxide, $500 per mt; and for magnesium metal, $2,300 per mt.

Production.  Internet data suggests that in 2018 approximately 29 million mt of magnesite was produced.  If the average 2018 price of magnesite was $275 per mt, this gives a 2018 magnesite production value of approximately $8 billion (29 million mt times $275 per mt).

Internet data also suggests that in 2018 approximately 9 million mt of magnesium oxide was produced.   Assuming the average 2018 price of magnesium oxide was $500 mt, this gives a 2018 magnesium oxide production value of approximately $4.5 billion (9 million mt times $500 per mt).

And internet data suggests that in 2018 approximately 1 million mt of magnesium was produced.  Assuming the average 2018 price of magnesium metal was $2,300 per mt, this gives a 2018 magnesium metal production value of approximately $2.3 billion (1 million mt times $2,300 per mt).

Assuming the above data is approximately correct, the 2018 production value that the magnesium element adds to the global economy in terms of sales revenues is approximately $14.8 billion ($8 billion for magnesite; $4.5 billion for magnesium oxide; and $2.3 billion for magnesium metal).