“The Commission is aware of the current shortage of magnesium which is affecting global supply chains and is monitoring the situation closely,” a Commission spokesperson told Reuters by email.
Prices of magnesium in China have soared, more than doubling over the past year to $4,700 per tonne, the highest since 2008 according to Economic Times.
China supplies about 95% of the bloc’s demand for magnesium, a key ingredient in aluminium and steel.
“We are raising this issue with our Chinese counterparts in order to address immediate shortages and are assessing long-term solutions to tackle this strategic dependency,” Reuters reported.
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