Supply crunch fuels magnesium
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Magnesium prices in Europe have jumped to 12-year highs around $3,800 a tonne this month, the highest since 1995 as supplies from China dwindled and consumers jostled for material, traders said. Magnesium was quoted between $3,750 and $3,850 a tonne compared with $3,350 in October.
Prices are nearly double the level they were at in January. The metal is used to help harden aluminium for use in car parts such as brakes and steering wheels and in electronic equipment such as mobile telephone and computers. “There is no material anywhere in Europe and there are negligible amounts coming out of China,” a UK-based trader said.
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Source : Business Line |
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