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US services PMI rises in November
US services PMI rises in November
Houston, 3 December (Argus) — Economic activity in the US services sector, the biggest part of the economy, expanded further in November, as business activity and new orders rose, the Institute for Supply Management (ISM) reported today. The purchasing managers index (PMI) for services rose to 52.6 in November, up from 52.4 in October, marking the fifth consecutive month above 50, which is the divide between expansion and contraction. Still, the 12-month average of 51.7 was the lowest since August 2024. The business activity/production index rose in November by 0.2 points to 54.5. The new orders index slipped to 52.9, down by 3.3 percentage points from October but above its 12-month average. The backlog of orders approached expansion with a PMI at 49.1, up from 40.8 in October. The prices index fell to 65.4 in November, down from 70 the prior month, signaling slowing gains. The continued expansion in the business activity and new orders indexes and the rising backlog of orders "are positive signs of an emerging recovery for the services sector", ISM said. "On the downside, tariffs and the government shutdown continue to be noted by survey respondents as impacting both demand and costs." The employment PMI rose to 48.9 from 48.2 in October, signaling a slowing contraction. The supplier deliveries index rose by 3.3 points to 54.1, indicating slower deliveries by suppliers, "likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs," ISM said. A higher supplier delivery reading indicates slower deliveries, typically a sign of rising demand and an improving economy. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia loads more lithium in Nov on stronger prices
Australia loads more lithium in Nov on stronger prices
Singapore, 3 December (Argus) — Australian lithium loading tonnage edged up in November against October, according to data compiled by Argus , likely hitting the second-highest monthly volume this year on the back of stronger spodumene prices. Total bulk lithium shipments out of Australian ports were estimated around 402,300t in November, higher than a relatively weak October that followed a record level in September , according to data from vessel tracking firm Kpler compiled by Argus . The vast majority of the shipments are likely spodumene. China is historically Australia's primary spodumene consumer. Bunbury port and Port Hedland were estimated to have loaded near 155,700t and 122,000t of lithium, up by 21pc and 2.5pc on the month, respectively. Lithium producers such as PLS, Mineral Resources (MinRes), Covalent Lithium as well as the country's Greenbushes mine — run by Australian mining group IGO alongside major Chinese firm Tianqi Lithium and US-based producer Albemarle — transport their spodumene to the two ports for export. Australian lithium producer Liontown Resources' Kathleen Valley project sits near the Geraldton port, which was estimated to have shipped out more than 44,500t of lithium in November. Esperance port loaded about 61,400t of lithium, up by 87pc on the month. MinRes' Mount Marion operation, which is 50pc-owned by major Chinese lithium producer Ganfeng, sends its spodumene to Esperance for export. The Port of Fremantle shipped out more than 18,600t of lithium, according to Kpler data. As of 3 December, Australian ports are expected to load at least 271,400t of lithium in the month, the latest Kpler data show. This suggests a potentially stronger December loading volume, given the comparatively lower figure reported in early November. Argus -assessed prices for 6pc grade lithium concentrate (spodumene) rose from $920–980/t cif China on 4 November to $1,170–1,235/t on 2 December. Chinese salt plants were active in securing sufficient feedstock for the first quarter of 2026 and were in no hurry to finalise spodumene prices despite price uptrend. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Glencore to restart S African FeCr smelter in February
Glencore to restart S African FeCr smelter in February
London, 2 December (Argus) — Switzerland-based mining company Glencore plans to restart operations at its 720,000 t/yr South African Lion ferro-chrome smelter in February, the company told Argus on Tuesday. The Lion smelter will be Glencore and its local partner Merafe's sole operational ferro-chrome smelter in South Africa, after Merafe confirmed its plans on Tuesday to put the Boshoek and Wonderkop ferro-chrome smelters on care and maintenance from 1 January. The venture suspended operations at all three ferro-chrome smelters earlier this year, citing weak demand from the European steel industry, competition from lower-priced Chinese ferro-chrome and high electricity costs in South Africa. South African president Cyril Ramaphosa has set out an electricity tariff realignment programme to ease pressure on industrial power users, but these reforms are yet to be finalised despite being the most pressing requirement for the viability of the venture's ferro-chrome operations, Merafe said. South African utility Eskom proposed an electricity tariff arrangement to Merafe last week after the closures were announced, but Merafe said this did not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters. Merafe issued retrenchment notices to between 1,200 and 1,400 workers, which will become binding on 9 December if a solution is not reached with the South African government. Up to 300,000 direct and indirect jobs could be at risk at South African smelters and other related heavy industries from December to early 2026 after an inconclusive mediation process with the government, Labour union Solidarity chief executive Dirk Hermann warned last week . The country's other main ferro-chrome producer, Samancor Chrome, has told the union that up to 2,500 jobs are at risk from downsizing and closure procedures at its operations next year. By Gian Remnant Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia’s Qld coal exploration falls for fifth time
Australia’s Qld coal exploration falls for fifth time
Sydney, 2 December (Argus) — Australian developers spent A$55mn ($36mn) on coal exploration projects in Queensland — the country's main coking coal-producing region — over July-September, down 7.9pc on the year, marking the fifth consecutive quarterly decline, due to weak prices and high royalties. Mining firms have invested A$145mn in coal exploration projects since the start of 2025, down 22pc on the year, data from the Australian Bureau of Statistics show. Producers in the state have faced elevated royalty rates and coal price volatility this year, reducing incentives for new investment. Argus ' metallurgical coal premium hard low-volatile fob Australia price fell from $200.80/t on 2 January to $166/t on 20 March, before recovering to $189.25/t by the end of September. But the modest April-September price recovery has offered little relief. Australian miners QCoal and BHP both placed Queensland mines into care and maintenance in September, citing coal price weakness and high royalty rates. BHP — which operates mines through the BHP Mitsubishi Alliance joint venture — also told investors on 19 August that the state's royalty regime limits the financial benefit of price increases . The company halted new coal investments in Queensland soon after the government reformed its progressive royalty regime in 2022, which raised marginal royalty rates at most price levels . BHP may not been alone. Whitehaven Coal , which operates mines in Queensland and New South Wales, said in late August that the state's royalty regime encourages producers to invest outside Queensland. Three other producers (see table) have sought royalty relief or downsized operations since early 2025, citing royalty and cost pressures. More broadly, coal producers' spending on business purchases , community payments, and government payments fell by A$5.2bn in the 2024-25 financial year to 30 June. This likely reflects a minor investment decline, as royalty payments also dropped by about A$5bn over the year. Queensland's government has pledged to maintain the state's current royalty regime — introduced before it took office — until at least the next state election in 2028. "[Queensland's] Government is providing certainty for the coal industry in Queensland with faster decisions, streamlined approvals and a stable royalty regime, exactly as we committed before the election," state treasurer David Janetzki told Argus on 2 December. By Avinash Govind Queensland Coal Exploration A$mn Jul - Sep '25 Jul - Sep '24 y-o-y Change (%) Jan - Sep '25 Jan - Sep '24 y-o-y Change (%) Exploration 58 63 -7.9 145 187 -22 Australian Bureau of Statistics Responses to Queensland financial challenges Company Response BHP Placed Saraji South into care and maintanence, avoiding new developments QCoal Closed its Cook Colliery mine Whitehaven Coal Incentivised to direct investment towards New South Wales Coronado Sought royalty relief, negotiated $150mn thermal coal-based financing deal Bowen Coking Coal Sought royaty deferral, entered voluntary administration Bravus Agreed to invest A$50mn into Carmichael mine in exchange for a royalty deferral Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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