At least three companies are now working on an initiative aimed at investing 2 billion euros in restarting European magnesium refinery production by 2025, according to a European Commission working paper, according to a European Commission working paper. related items.
In response to the fact that China’s supply of magnesium to the EU accounts for more than 90% of the EU’s total magnesium demand, the document not only emphasizes the importance of magnesium, but also proposes to reduce its dependence on China, a major producer. The European Commission is concerned that any drop in Chinese exports could depress production of cars, aircraft parts and other products that depend on magnesium. In late 2021, falling supplies from China triggered a fall in European prices and focused the EU’s attention on securing magnesium supplies within the bloc. The document said the EU should aim to obtain 15% of its domestic magnesium demand by 2030.