Generic Hero BannerGeneric Hero Banner
Latest market news

GM invests $50mn in lithium company EnergyX

  • Market: Battery materials, Metals
  • 13/04/23

US automaker General Motors (GM) is investing $50mn into lithium extraction company Energy Exploration Technologies (EnergyX).

The Series B financing includes GM entering into a strategic agreement with EnergyX to develop the company's lithium extraction and refinery technology, according to an 11 April news release.

EnergyX's direct lithium extraction technology allows it to pull lithium metal directly from brine and could process it directly into anode-ready material for electric vehicle (EV) batteries.

The process could be used in conjunction with evaporation ponds, or could replace that process entirely.

EnergyX is currently building a 40,000ft2 research and development and manufacturing facility in Austin, Texas, and plans to double its headcount to 100 in the coming months.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
31/01/25

Trump tariffs to hit Canada, Mexico, China on 1 Feb

Trump tariffs to hit Canada, Mexico, China on 1 Feb

Washington, 31 January (Argus) — President Donald Trump will proceed with plans to impose 25pc tariffs on imports from Canada and Mexico and 10pc on imports from China on 1 February, the White House said today. The White House pushed back on reports that the tariffs would be delayed and declined to confirm whether Trump made a decision on whether to exclude Canadian and Mexican crude from the tariffs. "Those tariffs will be for public consumption in about 24 hours tomorrow, so you can read them then," the White House said. The looming face-off on tariffs has unnerved US oil producers and refiners, which are warning of severe impacts to the integrated North American energy markets if taxes are imposed on flows from Canada and Mexico. Industry trade group the American Petroleum Institute has lobbied the administration to exclude crude from the planned tariffs. Trump on Thursday acknowledged a debate over the application of tariffs to oil but said he had yet to make a decision on exemptions. The White House dismissed concerns about potential inflationary effects of Trump's tariffs. "Americans who are concerned about increased prices should look at what President Trump did in his first term," it said. Canadian prime minister Justin Trudeau reiterated today that Ottawa would retaliate against US tariffs. Nearly all of Mexico's roughly 500,000 b/d of crude shipments to the US in January-November 2024 were waterborne cargoes sent to US Gulf coast refiners. Those shipments in the future could be diverted to Asia or Europe. Canadian producers have much less flexibility, as more than 4mn b/d of Canada's exports are wholly dependent on pipeline routes to and through the US. Canadian crude that flows through the US for export from Gulf coast ports would be exempt from tariffs under current trade rules, providing another potential outlet for Alberta producers — unless Trump's potential executive action on Canada tariffs eliminates that loophole. Tariffs on imports from Canada and Mexico would most likely have the greatest impact on US Atlantic coast motor fuel markets. New York Harbor spot market gasoline prices are around $2/USG, meaning a 25pc tariff on Canadian imports could up that price by as much as 50¢/USG. This could prompt buyers in New England or other US east coast markets to look to other supply options. Canadian refiners could also start sending their product to west Africa or Latin America. US refiner Valero said that the tariffs could cause a 10pc cut in refinery runs depending on how the tariffs are implemented and how long they last. The tariffs may affect regional natural gas price spreads and increase costs for downstream consumers, but there is limited scope for a reduction in gas flows between the two countries — at least in the short term. The US is a net gas importer from Canada, with gross imports of 8.36 Bcf/d (86.35bn m³/yr) in January-October, according to the US Energy Information Administration (EIA). The US' Canadian imports far exceeded the 2.63 Bcf/d it delivered across its northern border over the same period, EIA data show. Tariffs on Canadian and Mexican imports also will disrupt years of free flowing polyethylene (PE) and polypropylene (PP) trade between the three countries, market sources said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Saudi 2mn t/yr steel mill to be sold


30/01/25
News
30/01/25

Saudi 2mn t/yr steel mill to be sold

London, 30 January (Argus) — A 2mn t/yr long and flat steel production plant in Dammam, Saudi Arabia, is up for sale, US-based global asset management company Gordon Brothers said. The mill, which has not operated for nearly two decades, houses two billet casters, a thin slab caster, a 5-stand 4-high hot strip mill, an induction furnace, an electric arc furnace, a ladle refining furnace, and diesel power generators. The plant was previously operated by Saudi steelmaker Al Tuwairqi. The company in 2006 contracted South Korea's Posco Engineering to supply machinery and equipment to the plant, but the equipment has remained unused since its shipment, coinciding with the global financial crisis in 2008. Al Tuwairqi has a 1.85mn t/yr long steel mill in Makkah, a billet and rebar production site with 1.5mn t/yr capacity in Dammam, and 500,000 t/yr of direct-reduced iron (DRI) capacity. The equipment in Dammam dates from 1994-2008 but could be upgraded if necessary, and the company could potentially commence production soon after, market sources said. Once the mill is operational, it is expected to increase domestic output. Market participants would welcome the additional capacity, given strong current demand bolstered by large-scale construction and infrastructure projects in the region. The addition of flat steel capacity is particularly attractive because the Gulf Co-operation Council region imports most of its flat steel and has few producers. A US steel company is considering purchasing the mill, market participants have suggested, although no official statements have been made. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Recent deep-sea and short-sea cfr Turkey scrap deals


30/01/25
News
30/01/25

Recent deep-sea and short-sea cfr Turkey scrap deals

London, 30 January (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 27-Jan 3,000 350 February Marmara Romania Bonus Y 24-Jan 3,000 329 January Marmara Romania HMS 1/2 90:10 N 22-Jan 3,000 325 January Marmara Bulgaria HMS 1/2 90:10 Y Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 29-Jan 30,000 349 (80:20) February Iskenderun USA HMS 1/2 80:20, P&S, shred Y 28-Jan 40,000 340 (80:20) March Izmir UK HMS 1/2 80:20, bonus Y 28-Jan 30,000 342.50 (80:20) February Izmir Scandinavia HMS 1/2 80:20, P&S, bonus Y 28-Jan 30,000 342.50 (80:20) February Izmir USA Shred, bonus Y 22-Jan 18,000 332.50 (80:20) February Iskenderun Cont. Europe HMS 1/2 80:20, shred, bonus N 22-Jan 30,000 345 (90:10) February Iskenderun USA HMS 1/2 90:10, bonus (option) Y Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US growth slowed to 2.3pc in 4Q


30/01/25
News
30/01/25

US growth slowed to 2.3pc in 4Q

Houston, 30 January (Argus) — US economic growth slowed in the fourth quarter as falling private investment and exports offset gains in consumer spending. Growth in gross domestic product (GDP) slowed to a 2.3pc annual pace in the fourth quarter, down from 3.1pc in the third quarter, the Bureau of Economic Analysis reported Thursday. Consumer spending in the fourth quarter rose to a 4.2pc annual pace, up from 3.7pc in the prior quarter and the highest rate since the first quarter of 2023. Spending on goods rose by 6.6pc from a year earlier and spending on services rose by 3.1pc. Private investment fell by 5.6pc following an annual gain of 0.8pc in the third quarter. Residential investment rose at a 5.3pc annual pace after a 4.3pc drop in the prior quarter. Spending on equipment fell by 7.8pc after gaining 11pc in the prior quarter. Government spending and investment slowed to a 2.5pc annual gain from 5.1pc in the prior quarter. Defense spending rose by 3.3pc after climbing at a 13pc pace in the third quarter. Net exports in the fourth quarter fell by 0.8pc from a year earlier after a gain of 9.6pc in the prior quarter. Net imports fell on the year by 0.8pc. US economic growth for full-year 2024 slowed to 2.8pc from 2.9pc in 2023. GDP in 2022 rose by 2.5pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Open interest hits record high on CME EU HRC contract


30/01/25
News
30/01/25

Open interest hits record high on CME EU HRC contract

London, 30 January (Argus) — Open interest reached a record on the CME Group's north European hot-rolled coil contract yesterday. The equivalent of just over 250,000t, 12,503 lots, was outstanding yesterday, according to exchange data. The forward curve has been quite flat of late, after a sustained period in contango, but is starting to firm on the expectation of reduced import penetration. The European Commission is currently conducting a review of its safeguard measures and Eurofer has requested a 50pc cut to flat steel quotas , as well as a melt-and-pour clause on Chinese product. Two February-March strips traded in the brokered market at €615-635/t today, while a 2,000t April trade concluded at €640/t, up €7/t from the last trade yesterday. February traded at €615/t on screen today, March at €635/t, April at 640/t and June at €650/t on screen. Traded volume on the CME contract has increased by over 76pc this month compared with December, with over 125,000t trading as of today, also up from 105,380t in January 2024. The latest US CFTC Commitment of Traders report showed short positions from producers, merchants, processors and users increasing by 519 lots in the week to 21 January, while the long positions of managed money — funds on the other side of the trade — rose by 560 lots. Short positions are bets the settlement price, determined by the monthly average of Argus ' daily north EU HRC index, will fall, while long positions are taken in expectation of increases. A lot of the short interest is driven by traders and others hedging their inventories, while a good chunk of volume is also driven by participants in the wind turbine supply chain hedging plate exposure. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more