Hungary: Magnesite Market Overview 2021

Magnesite Market Size in Hungary

After three years of growth, the Hungarian magnesite market decreased by -X% to $X in 2020. In general, consumption recorded a mild decline. The most prominent rate of growth was recorded in 2019 when the market value increased by X% year-to-year. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Magnesite Exports

Exports from Hungary

In 2020, shipments abroad of magnesite decreased by -X% to X kg, falling for the fourth year in a row after three years of growth. In general, exports saw a sharp contraction. The pace of growth was the most pronounced in 2010 when exports increased by X% against the previous year. Over the period under review, exports attained the peak figure at X tonnes in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

In value terms, magnesite exports reduced sharply to $X in 2020. Overall, exports recorded a precipitous slump. The pace of growth appeared the most rapid in 2010 when exports increased by X% against the previous year. Exports peaked at $X in 2007; however, from 2008 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Austria (X kg) was the main destination for magnesite exports from Hungary, accounting for a X% share of total exports. Moreover, magnesite exports to Austria exceeded the volume sent to the second major destination, Slovakia (X kg), twofold.

From 2007 to 2020, the average annual growth rate of volume to Austria stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-X% per year) and Serbia (-X% per year).

In value terms, Serbia ($X), Slovakia ($X) and Austria ($X) appeared to be the largest markets for magnesite exported from Hungary worldwide, together comprising X% of total exports.

Among the main countries of destination, Serbia recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average magnesite export price stood at $X per tonne in 2020, increasing by X% against the previous year. Over the period under review, the export price saw a buoyant expansion. As a result, export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Serbia ($X per tonne), while the average price for exports to Austria ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Serbia, while the prices for the other major destinations experienced mixed trend patterns.

Magnesite Imports

Imports into Hungary

In 2020, after two years of growth, there was significant decline in purchases abroad of magnesite, when their volume decreased by -X% to X tonnes. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tonnes in 2019, and then contracted remarkably in the following year.

In value terms, magnesite imports contracted significantly to $X in 2020. Over the period under review, imports recorded a noticeable setback. The most prominent rate of growth was recorded in 2012 with an increase of X% y-o-y. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, Saudi Arabia (X tonnes) constituted the largest magnesite supplier to Hungary, with a X% share of total imports. Moreover, magnesite imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Russia (X tonnes), threefold.

From 2007 to 2020, the average annual growth rate of volume from Saudi Arabia amounted to -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+X% per year) and Italy (+X% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of magnesite to Hungary, comprising X% of total imports. The second position in the ranking was occupied by Russia ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from Saudi Arabia stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+X% per year) and Italy (+X% per year).

Import Prices by Country

The average magnesite import price stood at $X per tonne in 2020, approximately reflecting the previous year. Over the period under review, the import price recorded a noticeable reduction. The pace of growth appeared the most rapid in 2012 an increase of X% y-o-y. The import price peaked at $X per tonne in 2014; however, from 2015 to 2020, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Saudi Arabia ($X per tonne), while the price for Italy ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Russia, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for magnesite in the world?

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China (216K tonnes) constituted the country with the largest volume of magnesite consumption, comprising approx. 35% of total volume. Moreover, magnesite consumption in China exceeded the figures recorded by the second-largest consumer, India (55K tonnes), fourfold. The third position in this ranking was occupied by the United Arab Emirates (37K tonnes), with a 6.1% share.

What are the largest producers of magnesite in the world?

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China (277K tonnes) constituted the country with the largest volume of magnesite production, accounting for 53% of total volume. Moreover, magnesite production in China exceeded the figures recorded by the second-largest producer, Turkey (62K tonnes), fourfold. The United Arab Emirates (39K tonnes) ranked third in terms of total production with a 7.5% share.

What are the leading suppliers of magnesite to Hungary?

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In value terms, Saudi Arabia ($478K) constituted the largest supplier of magnesite to Hungary, comprising 72% of total imports. The second position in the ranking was occupied by Russia ($147K), with a 22% share of total imports.

What are the leading importers of magnesite from Hungary?

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In value terms, the largest markets for magnesite exported from Hungary were Serbia ($565), Slovakia ($424) and Austria ($69), together comprising 100% of total exports.

What is the average export price for magnesite in Hungary?

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The average magnesite export price stood at $2,434 per tonne in 2020, surging by 339% against the previous year.

What is the average import price for magnesite in Hungary?

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The average magnesite import price stood at $524 per tonne in 2020, flattening at the previous year.