RE:RE:RE:china shuts down 35 of 50 magnesium smeltersspot magnesium prices going for between $4.50 and $6.36 US per pound in europe...
In Europe, remaining stocks are going for $10,000-$14,000 a tonne, up from $2,000 per tonne earlier this year, the industry groups said.
That would not have been a problem should Beijing not have recently ordered roughly 35 of its 50 magnesium smelters to close until the end of the year to conserve power supplies. This means current European inventories will be exhausted by the end of November, Germany’s association of metals producers WVM warned on Tuesday.
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