• 27 June 2024
  • Market: Minor Metals, Metals

Tungsten prices are at highs not seen for some time. This short update will help you to understand the fundamental reasons behind these high prices and give you an insight into the near to medium term outlook for the tungsten market.

The insights provided in this 10 minute video are taken from the new edition of Argus Tungsten Analytics service, presented by Mark Seddon, Principal Consultant.

The video update explores:

• Tungsten prices are at 6-year highs, principally affected by near-term supply issues in China
• Demand for tungsten is generally muted, especially in Europe, but the defence sector is driving demand given the current geo-political issues in eastern Europe and the Middle East
• The medium-term supply picture is likely to be boosted by new projects coming on-stream in 2H 2024 and 2025

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Tokyo unlikely to yield on car levy despite US pressure


08/07/25
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08/07/25

Tokyo unlikely to yield on car levy despite US pressure

Tokyo, 8 July (Argus) — The Japanese government is unlikely to offer concessions to the US for an automobile deal in stalled trade talks between the countries, even after Washington announced plans to raise tariffs on Japanese imports. Each government has its own interests to defend, the country's minister for trade and industry (Meti) Yoji Muto said on 8 July, reiterating that the automobile sector is a key industry for the Japanese economy and is vital to national interests. Muto reiterated Tokyo's intention to pursue a resolution through negotiations, but without compromising its core economic priorities. This suggests that there is little space for Tokyo to accept auto tariffs imposed by the US. This comes after US president Donald Trump announced plans to impose additional tariffs of 25pc on all imports from Japan from 1 August, slightly higher than the initial rate of 24pc set in April. Trump threatened to impose an even higher levy if Tokyo moves to retaliate against the measure. "We have had years to discuss our trading relationship with Japan, and have concluded that we must move away from these long-term, and very persistent, trade deficits engendered by Japan's tariff, and non-tariff policies and trade barriers," Trump said in his official letter to the Japanese government. "Our relationship has been, unfortunately, far from reciprocal." Tokyo and Washington have held seven trade talks on the US tariff since mid-April without reaching an agreement. Japan was initially seen as a frontrunner among other US trading partners in the negotiation, but progress has stalled partly because of disagreements over the auto sector. The Trump administration has long expressed strong dissatisfaction against the imbalance in US-Japan car trade. Japan exported around 1.3mn automobile units to the US market in 2024, and only purchased 14,724 units of US vehicles during the same period, according to Japanese customs and industry group the Japan Automobile Manufacturers Association, respectively. Tokyo has declined to disclose the details of the ongoing negotiations, but the country's prime minister Shigeru Ishiba in mid-June reiterated that the automobile sector is vital to Japan's national interests, underscoring the car sector as a key sticking point in the trade talks. By Yusuke Maekawa and Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Foreign brands drive Japan’s domestic EV sales in June


04/07/25
News
04/07/25

Foreign brands drive Japan’s domestic EV sales in June

Tokyo, 4 July (Argus) — Japanese domestic sales of passenger electric vehicles (EVs) increased in June from a year earlier, largely driven by strong demand for foreign brand EVs. Sales totalled 5,507 units in June, up by around 10pc on the year and by 45.3pc on the month. This was according to data from three industry groups — the Japan Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). EV penetration remained modest, accounting for just 1.7pc of the country's total passenger car sales, largely unchanged from the same period last year. The increase in sales was mostly fuelled by robust demand for foreign brand EVs. Deliveries of these EVs to the Japanese market jumped by over 50pc on the year to 3,653 units. This marked the highest foreign EV sales in a single month, with year-on-year growth increasing for eight consecutive months since November 2024, a JAIA representative told Argus. Foreign auto manufactures are expanding their offerings in Japan, introducing a wider variety of new EV models to the Japanese market, JAIA said. Some of those models can compete with popular domestic EVs on price, it added. Sales of domestic brand EVs in Japan remained sluggish, with seven out of eight major manufacturers reporting a fall in deliveries — Subaru being the exception. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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China’s Ganfeng takes full control of Mali Lithium


04/07/25
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04/07/25

China’s Ganfeng takes full control of Mali Lithium

Beijing, 4 July (Argus) — Major Chinese lithium producer Ganfeng Lithium bought the remaining 40pc interest in Mali Lithium for $342.7mn, the company said on 3 July. It bought the remaining stake from Australian mining company Leo Lithium. This raises the Chinese producer's stake in Mali Lithium to 100pc. The move aims to increase control of Mali's Goulamina lithium mine. The company spent $138mn in September 2023 to buy a 55pc stake in Mali Lithium. It spent $65mn in January 2024 for another 5pc interest. Goulamina project's total resources include 7.14mn t of lithium carbonate equivalent (LCE), containing an average grade of 1.37pc lithium oxide. Ganfeng is developing the Goulamina project in two phases. The firm started construction of the first phase in 2022, with a capacity of 506,000 t/yr of spodumene concentrate. It began production in December 2024. The second phase will raise the project's total capacity to 1mn t/yr. Further details, including construction schedules and the second phase's launch dates, were not disclosed. Ganfeng completed loading the first batch of lithium concentrate from its Goulamina project in Mali on 24 June. The cargo has left for China and is expected to arrive at the country's ports in early August. Ganfeng produced 130,253t lithium carbonate equivalent of lithium chemical products — including carbonate, hydroxide, chloride and metal — in 2024. This was up by 25pc from 2023. The firm is ramping up production at the Cauchari-Olaroz project in Argentina. The development has a capacity of 40,000 t/yr of lithium carbonate. The project's output surged to 25,400t in 2024 from 6,000t in 2023, when it started production. Its output is expected to rise to 30,000-35,000t in 2025. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

EU CBAM export plan only partial solution: Industry


03/07/25
News
03/07/25

EU CBAM export plan only partial solution: Industry

Brussels, 3 July (Argus) — Industry has continued to urge a more comprehensive export adjustment under the EU carbon border adjustment mechanism (CBAM) following the European Commission's announcement of a forthcoming proposal yesterday, with some calling for full free emissions trading system (ETS) allocations for production destined for exports. Norwegian fertilizer firm Yara said the CBAM solution is "not good enough". The commission yesterday announced plans to reduce the risk of carbon leakage for goods exported from the EU in CBAM sectors under proposals to be presented by the end of the year, with the aim of providing equal treatment for all goods, whether produced, sold in the EU, or imported and exported. The commission's stated plans are "not good enough" for Monica Andres, Yara's executive vice-president for Europe. "We need a watertight and timely CBAM implementation to level the playing field with more carbon-intensive imports," Andres added, noting the commission's new proposal does not offer sufficient predictability and leads to an "incomplete" CBAM applying from 1 January 2026. "We would have preferred a solution which maintains full free allocations for the part of the production destined for exports," said BusinessEurope director general Markus Beyrer, adding CBAM is "untested and still incomplete" in its design. European steel association Eurofer said the commission's announcement on CBAM exports lacks the actual legal proposal and details on its design. CBAM sectors had proposed a simple mechanism based on free allocation for exports, Eurofer said, noting a "very limited" impact in reversing industrial decarbonisation given the proposed EU greenhouse gas reduction target of 90pc by 2040 against 1990 levels. Refinery industry association FuelsEurope has similarly called for any CBAM changes to maintain sufficient levels of free carbon allowance allocations and include measures to protect exports, if the measure's scope is extended to the refining sector. The scope of the mechanism so far includes cement, iron and steel, aluminium, fertilisers, electricity and hydrogen. The commission is consulting until 26 August on extending CBAM's scope to some downstream products and on circumvention risks. EU states and the European Parliament recently agreed to CBAM revisions exempting some 90pc of originally covered EU companies from reporting obligations. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.