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US magnesium price may slump ahead: market
February 13, 2012 - 23:43 GMT
Magnesium spot prices may drop below $2 per pound later this year on increased imports and an oversupply in the United States, according to market sources.
While material continues to
trade in or close to AMM's range-a second buyer priced
the majority of his deals at between $2.05 and $2.20 per pound
recently, while a producer closed one truckload sale at $2.30
per pound last week-sources agree that the capacity increase,
coupled with imports, could send the magnesium price below the
$2 mark later this year.
US Magnesium expects to increase annual capacity at its
Rowley, Utah, facility to 63,500 tonnes in mid-2012 from 42,000
tonnes previously (AMM, Oct. 10). Today, it is operating at a
capacity of 60,000 tonnes, a...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
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