Year-by-year annual average price for magnesium in USD/kg, sourced from U.S. Geological Survey, Mineral Commodity Summaries 2025. Magnesium metal (99.8%); China 2021 energy crisis caused 300% price spike.
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Magnesium is essential for automotive lightweighting to improve fuel efficiency and reduce emissions. China's 85% production dominance creates a severe strategic supply vulnerability. Demand is driven primarily by Automotive lightweight structural components, Magnesium-aluminum alloy wheels and engine blocks, Electronics casings and laptop chassis. Supply is concentrated in China, Russia, Israel, so output disruptions or trade-policy shifts in those countries are the main long-run drivers of Magnesium prices.
Magnesium prices fell -14.3% from 2023's $2.80 per USD/kg to $2.40 per USD/kg in 2024.
Magnesium prices fell -26.3% from 2022's $3.80 per USD/kg to $2.80 per USD/kg in 2023.
Magnesium prices rose +8.6% from 2021's $3.50 per USD/kg to $3.80 per USD/kg in 2022. That made 2022 the highest annual average in the recorded series.
Magnesium prices rose +59.1% from 2020's $2.20 per USD/kg to $3.50 per USD/kg in 2021. That made 2021 the highest annual average in the recorded series.
Magnesium prices fell -4.3% from 2019's $2.30 per USD/kg to $2.20 per USD/kg in 2020.
Movement summaries above are calculated directly from the annual averages shown in the table. Critical Minerals HQ does not attribute price moves to specific events except where backed by sourced reporting.
| Year | Average Price (USD/kg) | YoY Change |
|---|---|---|
| 2024 | $2.40 | -14.3% |
| 2023 | $2.80 | -26.3% |
| 2022 | $3.80 | +8.6% |
| 2021 | $3.50 | +59.1% |
| 2020 | $2.20 | -4.3% |
| 2019 | $2.30 | -4.2% |
| 2018 | $2.40 | +4.3% |
| 2017 | $2.30 | +4.5% |
| 2016 | $2.20 | -4.3% |
| 2015 | $2.30 | -4.2% |
| 2014 | $2.40 | +0.0% |
| 2013 | $2.40 | -4.0% |
| 2012 | $2.50 | -3.8% |
| 2011 | $2.60 | +13.0% |
| 2010 | $2.30 | +4.5% |
| 2009 | $2.20 | -21.4% |
| 2008 | $2.80 | +16.7% |
| 2007 | $2.40 | +9.1% |
| 2006 | $2.20 | +4.8% |
| 2005 | $2.10 | +5.0% |
| 2004 | $2.00 | +11.1% |
| 2003 | $1.80 | +12.5% |
| 2002 | $1.60 | -11.1% |
| 2001 | $1.80 | +0.0% |
| 2000 | $1.80 | — |
Source: U.S. Geological Survey, Mineral Commodity Summaries 2025. Magnesium metal (99.8%); China 2021 energy crisis caused 300% price spike
The most recent annual average we track is $2.40 per USD/kg for 2024. Live spot prices are shown on the Magnesium live-price page.
down -14.3% — from $2.80 per USD/kg in 2023 to $2.40 per USD/kg in 2024.
up +4.3% — from $2.30 per USD/kg in 2019 to $2.40 per USD/kg in 2024.
up +0.0% — from $2.40 per USD/kg in 2014 to $2.40 per USD/kg in 2024.
Magnesium is essential for automotive lightweighting to improve fuel efficiency and reduce emissions. China's 85% production dominance creates a severe strategic supply vulnerability. Demand is driven primarily by Automotive lightweight structural components, Magnesium-aluminum alloy wheels and engine blocks, Electronics casings and laptop chassis. Supply is concentrated in China, Russia, Israel, so output disruptions or trade-policy shifts in those countries are the main long-run drivers of Magnesium prices.
The highest annual average magnesium price in our recorded series was $3.80 per USD/kg in 2022.
U.S. Geological Survey, Mineral Commodity Summaries 2025. Magnesium metal (99.8%); China 2021 energy crisis caused 300% price spike