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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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