China produces most of the world magnesium supply. Production is down due to electrical power shortages and they have restricted exports in order to ensure supply for domestic needs.
OTOH, it's not used in huge quantities (vs. oil, coal, iron, etc.) - so it seem plausible that China could kinda corner the market. At a reasonable cost (for them). Especially if they're the ~only country bothering to run a strategy...
I sense something else going on here. The mineral dolomite is hardly scarce, and the Pigeon Process (to produce magnesium from dolomite) was invented in Canada in the 1940's.
There's an ongoing theme with certain non-rare industrial materials like Aluminum/Aluminium, magnesium, and not-so-rare "rare" earths elements.
The materials are abundant in nature, however it's the ability or willingness to process those materials in country which is rare. For example, rare earths are dirty to process so developed countries have outsourced their pollution to China.
https://www.abc.net.au/news/2021-10-27/magnesium-shortage-in...