GWM to launch Brazilian EV plant by May 2024

Market: Metals
05/05/23

Chinese private-sector auto manufacturer Great Wall Motor (GWM) plans to launch a new energy vehicle (NEV) production plant in Brazil by 1 May 2024.

The plant is located in southwest Brazil's Iracemapolis in the state of Sao Paulo. It will have a design capacity of 100,000 units/yr at full capacity. GWM will launch a modernisation restructuring and expansion of the plant in the first half of this year.

"GWM's Brazil plant will be the first NEV plant in Brazil to specialise in hybrid and electric vehicles (EVs)," said Brazil's vice-president Geraldo Alckmin. "Brazil's new industrialisation must involve decarbonisation and innovation and create more sustainable and efficient production methods. There is a synergy between the Brazilian auto industry, represented by GWM, and the Brazilian government."

In addition to meeting Brazil's domestic demand for vehicle electrification and intellectualisation, GWM's Brazil plant will be the company's fourth-largest overseas production complex, aiming to expand its business to the whole NEV market in Latin America, GWM said.

GWM plans to roll out its pick-up model using hybrid ethanol fuel from its Brazilian plant. The firm's research and development teams have been working on combining the efficiency of electric motors with ethanol, which is prominent in Brazil. GWM will invest more than 10bn real ($2bn) in the next 10 years to finance its operations, including hydrogen-powered vehicles, in Brazil.

GWM has been accelerating its production capacity layout outside China in the past few years. It acquired the Iracemapolis plant in August 2021 from German vehicle manufacturer Daimler. It also launched in June 2021 a plant in Thailand with an 80,000 units/yr capacity for oil-fuelled vehicles, plug-in hybrid EVs and EVs, as well as the Tula complex in Russia with a capacity of 150,000 vehicles/yr.

GWM sold 1.06mn vehicles in 2022, down by 17pc from a year earlier, including 131,800 NEVs. Its overseas vehicle sales increased by 23pc to 172,200 units over the same period.

Argus forecast global EV sales will rise to more than 37mn units by 2028 from 18.1mn units in 2024, driven by decarbonisation targets set by national governments, with strong growth initially from the Asia-Pacific market and then from emerging markets.

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10/11/25

Mexico inflation eases to 3.57pc in October

Mexico City, 10 November (Argus) — Mexico's inflation eased to an annual 3.57pc in October, driven by further deceleration in fruit and vegetable prices with core inflation holding steady. The consumer price index (CPI) slowed from 3.76pc in September, statistics agency Inegi said on 7 November, after accelerating from 3.51pc in July, which was the lowest annual headline inflation rate since December 2020. Core inflation, which excludes volatile food and energy prices, held unchanged 4.28pc in October, was unchanged from September. This marked a sixth month above the 4pc level — the high-end of the central bank's target inflation range. Within core, consumer goods inflation eased to 4.12pc in October from 4.19pc in September, while services quickened to 4.44pc in October from 4.36pc in the previous month. The three largest contributors to CPI in October, as weighted by Inegi, were electricity rates — with the end of seasonal subsidies, single-family home prices and airfares, the latter two components falling under services. Non-core inflation decelerated in October to 1.18pc from 2.02pc in September, slowing again after a one-month acceleration and coming close to the 2025-low of 1.14pc set in July. Fruit and vegetable prices contracted by an annualized 10.27pc in October after a 4.86pc annual contraction in September, with produce prices much lower under this year's unusually favorable climate conditions compared to the elevated prices during last year's historic droughts. Annual energy inflation in October quickened to 1.07pc from 0.36pc in September, with 5.07pc annual inflation for electricity offset by a 1.2pc annual contraction for regular-grade gasoline. Energy prices continue to experience lower inflation after Mexican president Claudia Sheinbaum in early September renewed an agreement with fuel retailers to maintain a voluntary price cap of Ps24/l ($4.93/USG) on gasoline, extending the policy for six months. The October CPI result was even with the median estimate in Citi Research's latest analyst survey. And with the result, Mexican bank Banorte is maintaining its end-2025 forecasts for headline and core inflation at 3.7pc and 4.3pc, respectively. Noting the central bank's quarter-point cut to its target interest rate on 6 November to 7.25pc and the October CPI data, Banorte said it expects cuts of similar magnitude in the December, February and March decisions, moving the target interest rate to 6.5pc. On a monthly basis, headline CPI sped up to 0.36pc in October compared to 0.23pc in September, in line with analyst expectations. Core prices accelerated to 0.29pc in October after a 0.33pc reading in September. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia shifts to lumps to keep iron ore prices firm

10/11/25

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10/11/25

Australia shifts to lumps to keep iron ore prices firm

Sydney, 10 November (Argus) — Australian iron ore producers are maintaining their realised ore prices during a period of declining ore grades by shifting sales from iron ore fines to lumps. Four of the country's largest iron ore miners — BHP, Rio Tinto, Fortescue, and Mineral Resources — have faced ore grade challenges over recent years. Fortescue in late-October announced plans to replace its 60pc Fe West Pilbara Fines product with a 55pc Fe ore product in the 2026-27 financial year to 30 June. Rio Tinto similarly adjusted the iron content specification of its Pilbara Blend ore from 61.6pc Fe to 60.8pc Fe in May. But Australian producers' reported iron ore prices have remained stable — relative to market prices — over the last year, partly because of their shift towards iron ore lumps over fines. Iron ore lumps tend to trade above similarly graded fines products, because they require less processing. Argus ' iron ore lump 62pc Fe cfr Qingdao price has traded $7.45/t-$12.40/t above its iron ore fines 62pc Fe (ICX) cfr Qingdao price. Rio Tinto Rio Tinto's SP10 fines sales — which comes from low-grade orebodies in Pilbara — rose by 37pc on the year over January-June, to 24mn t from 17mn t a year earlier, while its higher-grade Pilbara Blend fines sales fell by 16pc. But company's average, fob-basis realised iron ore price fell by just 1pc point — relative to Argus ' 62pc Fe fines cfr Qingdao price — from 90pc to 89pc, over the same period. Rio Tinto's average realised ore price held up because its lump sales rose on the year, while its fines sales fell ( see table ). Rio Tinto's shift towards lower-graded lumps over higher-graded fines continued over July-September, likely supporting its average realised ore price. Its iron ore lump sales rose by 3.7pc and its fines sales fell by 3.5pc over the same period, as it started selling downgraded Pilbara Blend products. Other companies have dealt with ore grade declines in similar ways. Mineral Resources Mineral Resources' ore from the Pilbara Hub complex had an average grade of 56.9pc Fe over July-September, down from 57.3pc a year earlier. Its share of lump sales, on the other hand, rose from 28pc to 37pc over the same period. Its lump share of sales previously rose over January-June ( see table ). Mineral Resources' rapid increase in lump sales fully offset its falling ore grade, lifting its average realised Pilbara Hub price to 98pc of Argus ' 58pc Fe fines cfr Qingdao over July-September 2025, from 93pc a year earlier. Even Australia's largest iron ore miner is maintaining its average realised ore price by increasing its lump sales. BHP BHP's typical ore grades have declined to below 62pc Fe over recent years, but its lump share of sales has grown quarter-over-quarter since July-September 2024. The company's lump shipments accounted for 32pc of its total shipments over July-September 2025, up from 30pc a year earlier. Its lump share of sales also rose over January-June ( see table ). The company's shift towards lumps over 2025 pushed up its average realised iron ore price by 5pc on the year over July-September, from $80.10/wet metric tonne (wmt) to $84.04/wmt, as Argus ' average iron ore fines 62pc Fe cfr Qingdao price rose 2pc on the year in the quarter. New mines Australian producers are also trying to hold up their realised prices and grades by developing new mines, both domestically and abroad. BHP's iron ore production growth over July-September came exclusively from its developing 65-67pc Fe Samarco project in Brazil. Rio Tinto is also developing a similarly graded Simandou mine in Guinea. Domestically, Rio Tinto has invested in a raft of Australian mine replacement and expansion projects. It will lift its production capacity by 130mn t/yr over time, though this will not translate into a production boost. The company plans to use its new mines to hold ore grades and production levels steady, as older mines close. Building new mines may be more sustainable than shifting towards lump sales. Australian producers' recent move towards lumps has not been exclusively driven by supply-side factors. Chinese steelmakers have begun to favour lower-grade lump products over recent months, partly because of concerns about sintering restrictions . But this is not guaranteed to continue, creating a need for higher grade ore. By Avinash Govind Iron Ore analysis Jan - June '25 Jan - June '24 Change (%) Rio Tinto Shipments Lumps (mn t) 40 37 7.0 Fines (mn t) 89 95 -6.3 Lump Share (%) 31 28 9.8 Fines Share (%) 69 72 -3.9 Rio Tinto Prices Average Realised Price ($/t) 90 106 -15 Argus' Average Realised Price ($/t) 100 118 -15 Average realised price, relative to Argus (%) 89 90 -0.6 Mineral Resources Shipments Lumps (mn t) 1.4 1.0 41 Fines (mn t) 3.4 2.8 21 Lump Share (%) 30 27 12 Fines Share (%) 70 73 -4 Average Realised Grade (%) 57 58 -1 BHP Shipments Lumps (mn t) 40 38 5.4 Fines (mn t) 87 84 3.4 Lump Share (%) 32 31 1.3 Fines Share (%) 68 69 -0.6 BHP, Rio Tinto, Mineral Resources, Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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W Australia announces low-CO2 steel support plan

10/11/25

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10/11/25

W Australia announces low-CO2 steel support plan

Sydney, 10 November (Argus) — Western Australia's (WA) state government will buy low-emission steel from local producers to support the developing industry. The state has issued an expression of interest for offtake-ready low-emission steel products, it said today. WA's government will use the steel in infrastructure and government works projects, it added. The government has also announced plans to change procurement rules to favour local steelmakers. There is currently only one low-emission steel project in WA. Australian producer Green Steel of WA (GSWA) got approval to build an electric arc furnace-based mini mill in April. It will start building the plant in 2026 and produce 450,000 t/yr of rebar using scrap steel from 2027. WA's low-emission steelmaking effort has been focusing on hydrogen and natural gas-based direct reduction iron (DRI) and hot-briquetted iron (HBI) — rather than scrap-based EAF projects — over recent years. DRI and HBI are iron inputs into the steel production process. The WA government's new plan will create confidence in building out the state's green iron industry, Australian think tank the Superpower Institute said today. Australian state and federal governments have directly supported multiple WA-based HBI and DRI projects over the last year. WA's government invested A$75mn ($49mn) into Australian green iron consortium NeoSmelt — made up of five major metal and energy companies — in late-2024, to support a 30,000-40,000 t/yr DRI plant. The federal government similarly awarded NeoSmelt a A$19.8mn grant in June. It also created a A$1bn Green Iron Investment Fund to support early-stage projects in February. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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USWC sells rare bulk scrap cargo to Turkey: Correction

07/11/25

News

07/11/25

USWC sells rare bulk scrap cargo to Turkey: Correction

Corrects price for US east shred in paragraph 8. Pittsburgh, 7 November (Argus) — A US exporter in the Pacific Northwest sold a bulk ferrous scrap cargo to a Turkish steelmaker this week, highlighting tight liquidity on the west coast and a fresh arbitrage opportunity for shippers. The 50,000 metric tonne (t) mixed-composition cargo included HMS 1/2 90:10 and shred for December shipment at an undisclosed price. Market participants said the HMS portion of the cargo was around $350/t and shred $370/t . Argus was not able to confirm the cargo price or the freight rate for this uncommon voyage from Vancouver, Washington, to Turkey. The deal coincides with limited sale opportunities on the west coast because of a reduced demand from Asian buyers and a recent rebound in the Turkish ferrous scrap market. West coast bulk scrap export volumes for October fell to the lowest level since at least 2016, according to Argus estimates of VesselFinder tracking data. Argus only recorded one 36,000t shipment off the west coast for the month and three cargoes in September which totaled 90,000t, compared with 12 cargoes totaling 384,000t during the same period last year. Prolonged monsoon rains in Bangladesh and India through mid-October stalled a seasonal rebound in construction activity and demand for scrap-intensive long steel products. Bangladeshi buyers also face growing challenges financing cargoes because of a liquidity crunch in lending ahead of national elections to replace the existing interim government. Indian mills have been absent from the deep-sea market as buyers increase consumption of cheaper domestically sourced iron metallic units. By contrast, the Turkish ferrous scrap market is rebounding on stronger rebar demand and insufficient scrap supply. At the root of the arbitrage is the cost advantage of shipping a larger vessel combined with the higher value placed on shred in Turkey compared to south Asia. Turkish steelmakers have consistently paid a $20/t premium for shred to HMS 1/2 80:20, versus a $5/t premium in Bangladesh. A Turkish mill paid $375.50/t cfr for US east shred this week compared to recent deals to Bangladesh slightly below $360/t cfr. A US west coast exporter last sold a cargo to Turkey in 2021 , which shipped from Los Angeles and weighed 47,055t, according to US customs data. Of the seven bulk cargoes sold to Turkey from the west coast over the last 10 years, five exceeded 42,000t, reflecting freight cost advantages for larger vessels. West coast shippers usually sell cargoes weighing around 32,000t. Structural shifts in Asian bulk scrap demand over the last decade and a surge in Chinese steel exports has exposed US west coast exporters to increased reliance on Bangladesh . While sales to Mediterranean remain uncommon, diverging pricing and demand trends between Asia and Turkey could open up a new outlet for west coast exporters. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Canadian steel companies announce price increases

06/11/25

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06/11/25

Canadian steel companies announce price increases

Pittsburgh, 6 November (Argus) — Steelmakers Stelco and ArcelorMittal announced price increases on 5-6 November for their Canadian products. Both companies raised the price of their Canadian steel products by C$100/short ton (st), in letters sent to customers during the week. The price increases come after months of mounting concern about the state of the Canadian steel industry. Canadian steelmaker Algoma said in its most recent earnings that Canadian steel pricing was 40pc lower than US pricing levels in the third quarter of 2025, but that tariff costs had significantly restricted access to the previously important US market. US flat steel prices ranged from $848.50/st to $1,025.50/st during the week of 27-31 October depending on the grade of steel, according to Argus . Canadian mills sought to bolster domestic operations and profitability as its steel was increasingly cut off from the US market. Canadian buyers said through the summer and autumn that demand was fairly steady but quiet, however, with some firms focused on simply maintaining operations and employment levels because of the lack of new business opportunities. By Aaron May Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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GWM to launch Brazilian EV plant by May 2024

Related news posts

Mexico inflation eases to 3.57pc in October

Mexico inflation eases to 3.57pc in October

Australia shifts to lumps to keep iron ore prices firm

Australia shifts to lumps to keep iron ore prices firm

W Australia announces low-CO2 steel support plan

W Australia announces low-CO2 steel support plan

USWC sells rare bulk scrap cargo to Turkey: Correction

USWC sells rare bulk scrap cargo to Turkey: Correction

Canadian steel companies announce price increases

Canadian steel companies announce price increases

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