It was a busy year for established magnesia players such as RHI, Magnesita Refratarios, Magnezit and Kumas, as they became increasingly integrated with downstream refractories assets.
The reason was vertical integration and the driver was security of supply from non-Chinese sources of magnesia. Interestingly, there was a great deal of production expansion and start-up activity in central and eastern Europe.
Prices remained relatively stable for much of the year. However, come the autumn, dead burned magnesia (DBM) prices plummeted, prompting one consumer to describe it as a “magnesia fire sale”. This was prompted by exporters desperate to sell their unfulfilled 2011 export quotas.
January: devastating floods in Queensland, north-east Australia, impacted Queensland Magnesia Pty Ltd (QMAG), which closed its mine for two days...