Former Fed economist Stephen Roach sounds the stagflation alarm: ‘The markets are not even close to discounting the full extent’

Reuters

Exclusive-Europe aims to revive magnesium output by 2025 to cut China reliance

EU policymakers have launched a drive to restart domestic output of magnesium, used in aluminium and steel products, with at least three firms working on projects, according to documents and officials. A European Commission staff working document made available to Reuters places a new emphasis on magnesium and a target of cutting dependence on major producer China, saying investment of up to 2 billion euros ($2.12 billion) will be needed to restart smelting activity in Europe by 2025. The issue has gained importance for Europe, which consumes a fifth of the global magnesium supply, since the West imposed sanctions on Russia following its invasion of Ukraine on Feb. 24.