Platts reported that a lack of spot market activity has left magnesium market participants unsure of where prices are headed. They are waiting on 2013 contract negotiations for direction.
As quoted in the market news:
Most buyers appear to be in no hurry to book deals for 2013, though a few said that primary producers have reached out early to try to get talks started.
Primary producers have reported continued strong contracted volumes for 2012, but virtually no spot activity. One primary producer reported a single spot sale Friday — the first in a couple of months — at $2.25/lb, in warehouse, for delivery in late August.