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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Integrated steelmaker Cleveland-Cliffs lowered its published hot-rolled coil (HRC) spot price by $65/short ton (st) today.
Cliffs' HRC price now stands at $910/st — falling from the $975/st price in its April price letter, which itself was a $40/st increase from March.
Cliffs also opened up its June spot order book.
London, 18 July (Argus) — European aircraft manufacturer Airbus has agreed to provide an additional $94mn support package to US parts supplier Spirit AeroSystems, to enable the company to stabilise its production on Airbus programmes ahead of the acquisition process closing. The initial agreement between Airbus and Spirit issues $94mn to the parts supplier for exclusive use on specified Airbus contracts. This batch of financial assistance follows funds of $29mn issued within three days of the original agreement on 28 June 2024, and a further $29mn paid to Spirit on 1 August 2024, bringing total support to $152mn. US aircraft maker Boeing is currently in the process of reacquiring its former subsidiary Spirit in a bid to stabilise its supply chain and financial position. The merger agreement also divested to Airbus various work packages carried out by Spirit for its European customer. The agreement specifies the following contracts to be eligible for the financial support: A350 wing, A350 fuselage, A321 NEO XLR inboard flap, Short Brothers GTA, A220 mid-fuselage, A220 pylon, A220 wing and business agreement. Any assets purchased with the financial support will be directly or indirectly assumed by Airbus once the acquisition transaction closes, which is expected in the third quarter. In addition to the $152mn support package, Airbus has also provided Spirit with non-interest bearing lines of credit of $200mn. Spirit confirmed earlier this month that Airbus will also take on mid-fuselage production in Belfast , having originally only committed to the A220 wing and A350 programmes. Shorts Brothers, which operates the Belfast site as a subsidiary of Spirit, reported a loss of $504mn in 2024 owing to adverse inflationary pressures on its supply chain and challenges with hiring and retaining a skilled workforce. Following the divestment to Airbus and acquisition by Boeing, Short Brothers will continue to supply structural aircraft components and spare parts to Canadian business jet manufacturer Bombardier, and UK engine firm Rolls-Royce. By Samuel Wood Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Singapore, 18 July (Argus) — Major South Korean lithium-ion battery cathode active material (CAM) manufacturer EcoPro on Thursday signed an agreement to supply battery producer SK On 6,000t of lithium hydroxide by the end of this year. The contracted volume is sufficient to produce batteries for about 100,000 electric vehicles, EcoPro said. In addition to this agreement, the firms are planning to sign another contract before December for additional supply for the next 2-3 years. Demand for non-Chinese lithium raw materials is expected to increase on the back of the revised Trump administration's One Big Beautiful Bill Act, and EcoPro will use this agreement to secure more customers in North America and Europe, EcoPro's chief executive Kim Yoon-tae said. EcoPro signed an agreement in March to partner with Canada's Hydro Quebec to expand its business portfolio to development and production of CAM for all solid state batteries. But EcoPro has cut down domestic investment in South Korea because of "deferral of customer demand". EcoPro cut its planned investment in new facilities by over 20pc in June to 755.3bn Korean won ($543mn) from the original sum of W957.3bn announced in 2024. It also extended the commitment period to 30 September 2026 from 31 August 2025. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Sydney, 18 July (Argus) — Australian iron ore producer BHP mined 263mn t of iron ore in the July 2024-June 2025 financial year, beating expectations, and despite facing severe weather challenges over the year. BHP had expected to produce at the lower end of its 255mn-265mn t range guidance because of disruptions due to February cyclones in Western Australia (WA) . But its final output sat firmly on the upper end of the guidance, the company's 18 July production report shows. BHP has set its 2025-26 financial year production guidance at 258mn-269mn t, on an equity basis. The increased guidance comes from both its WA mines and its 30mn t/yr Samarco mine in Brazil , which is currently ramping up to full capacity. BHP expects to produce 7mn-7.5mn t of ore at Samarco in the 2025-26 financial year, up from 6.4mn t last year. It will also produce 251mn-262mn t of ore at its WA mines — in-line with the 257mn t mined in the 2024-25 financial year. BHP's total iron ore output rose 1.6pc on the year in the April-June quarter to 70mn t (see table), driven by the ongoing ramp-up of Samarco. Production at the Brazilian mine hit 2mn t over the quarter, up 91pc on the year. The company produced 68mn t of ore at its larger WA mines in April-June, up 0.3pc on the year. BHP's output in WA increased in the 2024-25 financial year despite facing weather-related disruptions in early 2025. The company had shuttered many of its WA mines in mid-February, as Cyclone Zelia approached the state's coast. But operations resumed just days after the storm passed through the hub and had minimal impact on iron ore production. Elevated production at the company's 80mn t/yr South Flank mine fully offset the weather impacts. Production at BHP's Area C joint venture — including both South Flank and its Mining Area C operations — rose 13pc on the year in 2024-25 to 119mn t. BHP's sales were flat on the year in 2024-25, declining just 0.1pc to 256mn t. Its product mix remained similarly stagnant, with iron ore lumps accounting for 31pc of sales, up from 30pc a year earlier, and iron ore fines accounting for 69pc of sales, down from 70pc. By Avinash Govind BHP iron ore quarterly results mn t Apr-Jun '25 Apr-Jun '24 y-o-y Change (%) FY25 (July '24 - June '25) FY24 (July '23 - June '24) YTD Change (%) Production Western Australia 68 68 0.3 257 255 0.7 Samarco 2.0 1.0 91 6.4 4.7 34 Total 70 69 1.6 263 260 1.3 Sales Lumps 21 20 5.1 80 80 0.3 Fines 47 47 -1.1 176 176 -0.3 Total 68 67 0.8 256 256 -0.1 Source: BHP Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Houston, 17 July (Argus) — US President Donald Trump's planned 50pc tariffs on copper imports could drive significant changes in the domestic industry. Argus spoke with American Pacific Mining chief executive Warwick Smith and managing director of exploration Eric Saderholm — owners of several copper assets in the US — on the short and long-term copper outlook. Edited highlights follow : Will the expected 50pc copper import tariffs play a lasting role in changing US production and smelting capacity? Saderholm : Copper tariffs will greatly impact copper-centric companies. Both miners and downstream users will certainly be affected. The overall tariff moves are somewhat founded but I do not know if they will work across the board, especially for producing and refining domestic copper. The problem lies in the fact that while the US has significant copper reserves, it will take a long time to build new mines. The US really has no way to keep up with the copper production needed to be self-reliant. We must have smelting capabilities as well. Our processing techniques have been compromised over the last several decades, especially with smelters. We have allowed many US smelters to be blown up, removed, or become nonfunctional. The US government will have to think about funding the construction of smelters. Smith : The copper "tariff talk" from the White House has already started to play a role, as prices drastically increased following the tariff announcement. Larger US refined copper producers, such as Freeport-McMoRan and Rio Tinto, will likely need to start acquiring new copper sources under development. As larger companies scramble to look for US-based copper assets to build new mines, smaller companies with assets in the US will see stronger demand. Considering the inverse US dollar/copper price relationship and the falling dollar in the last year, do you see further incentives for more investment? Smith : I think this area of investment to move these assets forward has been under appreciated and under financed for at least a decade, up until the last two months. More money will continue to come into the market out of necessity, not because of a sudden shift. The world is heading in an increasingly "green" direction, which requires copper. We are seeing that partially play out now. I think there will be more significant investment into both major mid-tier and smaller mining companies that focus on copper as well. With the IEA and others warning of a copper deficit by 2035, do you expect the US to run into supply issues with current production capabilities? Smith : I think the short answer is yes because of an escalating supply-demand imbalance. The US will need to catch up in terms of production and finding new assets. Expediting permitting timelines will also be key to catching up on production. Not only is there a need to find new mines, but a need to permit them quickly enough to get them into production and drive those assets forward. What efforts by the current administration to shorten permitting, construction and start up times would contribute the most to additional capacity? Smith : They have come up with the FAST 41 transparency list focused on expediting strategic metal projects. The FAST 41 list is quite smart. Anecdotally speaking, getting exploration permits has become a lot quicker than under the Biden administration. We have worked since the Obama administration and Republicans do make things move a lot quicker. There is a project that we own in Nevada that under Obama, took us 6.5 weeks to get permits to drill. Under Trump, the first permit approval took four days. That is just exploration drilling now when you think about permitting in mind. You can extrapolate those timelines virtually the same way. It makes a big difference. From that standpoint, we like what they are doing. Some of the Department of Defense funding has also been very helpful. They have put a lot of money into that as well. I think they are doing a lot of the right things on that front. Saderholm : The expedited permitting initiatives are a bit of a double-edged sword. With Trump taking office at the beginning of the year, he wanted a lot of federal jobs to be eliminated. We have had issues with the lack of personnel. Even though they want to fast-track permits, there are not a whole lot of people to fast track them for you. Where do your Palmer VMS and Madison Mine projects stand currently? Smith : The Madison asset in Montana is our flagship. It is a really high-grade skarn surface with a porphyry underneath. We're wrapping up some drilling there and will lead another drill campaign shortly. The location is great as well. It is 40 miles from one of the largest porphyries in the world. It has the hallmarks that it could be a big winner for us. We also own 100pc of the Palmer project, a 16.7mn tonne volcanogenic massive sulfide (VMS) project up in Alaska. We have had many discussions about the project with other groups interested in the asset. The asset is probably 8-10 years away from production. By Reagan Patrowicz Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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