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Magnesium prices rise following higher offers from China

May 02, 2012 - 15:49 GMT Location: London

KEYWORDS: Magnesium , Europe , China

Global magnesium prices rose in the past week even as demand remains weak after higher offer prices from Chinese sellers in March fed through to the European market.

Metal Bulletin’s European magnesium price climbed to $3,100-3,400 per tonne on April 27 from $3,100-3,200 previously, while the fob China price reached $3000-3,200 per tonne on Wednesday May 2 from $2,900-2,950. Producers in China’s Shanxi and Shaanxi provinces jointly raised their ex-works magnesium prices without acid pickling treatment to a minimum of 16,500 yuan ($2,614) per tonne on a cash payment basis, and to 17,000 yuan per tonne on money order basis, in mid-March. It was a joint effort to curb losses which widened following higher taxes on surface coal and coke...

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