Argus tungsten market update and outlook – June 2024
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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Export curbs on the rise as governments seek revenue
Export curbs on the rise as governments seek revenue
London, 30 April (Argus) — Export restrictions on critical raw materials — particularly for ores and concentrates — are tightening rapidly worldwide, as governments place greater store in their value as a strategic revenue source, according to the Organisation for Economic Co-operation and Development (OECD). There has been a five-fold increase in such restrictions since 2009, OECD research published on 29 April shows, covering significant shares of global supply — up to 70pc of cobalt and manganese exports, 47pc of graphite and 45pc of rare earth elements. Export taxes and licensing requirements remain the most common instruments. But more restrictive measures — such as export bans and quotas — are increasingly common, accounting for over a third of new measures in 2024. Levies on raw materials are particularly important for developing economies with limited alternative revenue streams. Since the early 2010s, these measures had formed part of industrial policy goals, such as securing domestic supply, promoting value addition and supporting downstream sectors. But in 2024, revenue generation drove nearly half of new restrictions — a notable shift. Export restrictions in 2024 were being imposed by a more diverse group of countries than in previous years, especially in Africa and Asia. But five countries — China, India, Argentina, Vietnam and Burundi — account for over half of all new measures introduced since 2009. This shift towards revenue generation has important implications for global supply and market stability, the OECD has warned. By tightening supply and raising price volatility, restrictions risk amplifying market concentration and distortions. International co-operation remains key to boosting investment and ensuring stable, diversified supply, the OECD research concludes. By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indonesia’s Huafei to cut MHP output on sulphur costs
Indonesia’s Huafei to cut MHP output on sulphur costs
Singapore, 29 April (Argus) — China's major battery materials producer Huayou will place half of its mixed hydroxide precipitate (MHP) capacity at its Indonesian subsidiary, Huafei Nickel Cobalt, into temporary care and maintenance from 1 May, citing elevated sulphur costs and prolonged high operating rates at the facilities, the company said on 28 April. The move is described as a short-term response to elevated input costs and deferred maintenance requirements following sustained high utilisation. The company does not expect the temporary suspension to adversely affect its long-term development but did not disclose a timeline for operations to resume. Sulphur prices have risen significantly because of the ongoing US-Iran war, as nearly half of global seaborne sulphur trade transits the strait of Hormuz. Argus -assessed granular sulphur cfr Indonesia prices at $948/t on a midpoint basis on 23 April, up by $434/t, or 84pc, from $514/t cfr on 26 February, before the outbreak of the war. Sulphur is now estimated to account for 35-40pc of high pressure acid leaching (HPAL) operating costs, up from a more typical 25pc. Indonesia is heavily exposed to the supply shock, having sourced around 75pc of its 5.34mn t of sulphur imports from the Middle East last year. The temporary suspension has supported MHP market sentiment and prices. Offers for MHP rose to 95pc of London Metal Exchange (LME) nickel prices for nickel payable on 28 April, from 91pc in March, although no deals have yet been concluded at this level. Huafei secured permits to import sulphuric acid from Jakarta in April, although approved volumes have not been disclosed. Huayou is also seeking to reduce its exposure to the sulphur market by accelerating process upgrades and expanding sulphur sourcing channels. The company aims to address the issue through the construction of acid production projects using pyrite and phosphogypsum, which are expected to come on stream by the end of 2026. Huayou has not specified which subsidiaries will deploy the technology. Huafei began production at Weda Bay in North Maluku province in 2023 and has a capacity of 120,000 t/yr of nickel equivalent in the form of MHP. Huafei is Huayou's second MHP project in Indonesia, following Huayue in Morowali, Sulawesi province, which started production in 2021 and has 60,000 t/yr of nickel-equivalent capacity in the form of MHP. Output at the two projects has exceeded their nameplate capacities. Huayou's MHP shipments reached 236,500 t in 2025, up by 30pc year-on-year, while total nickel production across all products rose by 59pc on the year to 292,500t in nickel metal equivalent. Huayou's KNI MHP project remains under construction. The project is a joint venture between Huayou, Brazilian multi-metals mining group Vale and US automaker Ford, with planned capacity of 120,000 t/yr in nickel metal equivalent and start-up scheduled for December. By Deon Ngee, Sheih Li Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rio Tinto raises global copper output, cuts lithium
Rio Tinto raises global copper output, cuts lithium
Singapore, 21 April (Argus) — UK-Australian mining firm Rio Tinto raised alumina and copper output in January-March but reported a sharp drop in lithium production due to weather-related disruptions, it said today. Aluminium and alumina Rio Tinto's attributable primary aluminium output in January-March rose by 1pc on the year, but fell by 2pc on the quarter, to 835,000t. The company's alumina production increased by 6pc on the year to 2.04mn t over the same period. Bauxite production fell by 11pc to 13.28mn t, primarily owing to heavy rainfall at Weipa mine in Queensland, Australia, in January and February and cyclone-related shutdowns at Weipa and Gove mine in Northern Territory, Australia, in March. Rio Tinto's recycled aluminium production declined by 8pc on the year to 61,000t. Rio Tinto has kept its 2026 production guidance unchanged for primary aluminium at 3.25mn-3.45mn t, alumina at 7.6mn-8mn t and bauxite at 58mn-61mn t. Copper Rio Tinto's consolidated copper production rose by 9pc from a year earlier to 229,000t in January-March, driven by the continued ramp-up of copper in concentrates output from Oyu Tolgoi in Mongolia, which increased by 56pc to 102,000t over the same period. Refined copper output at Escondida in Chile rose by 21pc to 16,000t, while concentrates output declined by 14pc to 77,000t in the first quarter compared with a year earlier. Refined copper production at Kennecott in the US fell by 20pc from a year earlier to 34,000t, owing to lower anode inventories following unplanned smelter maintenance and lower concentrator throughput caused by geotechnical constraints. Drilling has also begun at the Resolution Copper project in Arizona following completion of the land exchange in March. Rio Tinto maintained its full-year copper production guidance at 800,000-870,000t. Lithium Rio Tinto's attributable lithium carbonate equivalent (LCE) production fell by 26pc on the year to 12,700t in the first quarter, because heavy rainfall and weather events disrupted operations at its Olaroz and Fenix sites in Argentina. But the continued ramp-up at the Rincón starter plant in Argentina partly offset the production impacts. Rio Tinto maintained its 2026 LCE production guidance at 61,000-64,000t, with first production from Fenix 1B and Sal de Vida on track for the second half of 2026. By Candice Luo Rio Tinto's 1Q26 metals output attributable basis, '000t Production Q1 2026 Q1 2025 y-o-y Q4 2025 Q-o-Q 2026 guidance Iron ore 70,045 62,408 12% 80,515 -13% NA Primary aluminium 835 829 1% 852 -2% 3,250 – 3,450 Alumina 2,038 1,921 6% 1,969 4% 7,600 – 8,000 Bauxite 13,281 14,966 -11% 15,397 -14% 58,000 – 61,000 Copper (consolidated basis) 229 210 9% 240 -5% 800 – 870 Lithium carbonate equivalent (LCE) 12.7 17.2 -26% 15.4 -18% 61 – 64 Source: Rio Tinto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan to boost recycled materials supply
Japan to boost recycled materials supply
Tokyo, 21 April (Argus) — The Japanese government has adopted a circular economy action plan to strengthen recycling of critical minerals, metals and plastics, aiming to expand domestic supply of recycled materials and reduce reliance on overseas resources, it announced today. The plan targets around ¥1 trillion ($7bn) in combined public and private investment by 2030, as Tokyo seeks to enhance economic security and industrial competitiveness. The government positions the shift to a circular economy as an urgent national priority that goes beyond environmental protection. In the metals sector, the plan sets targets for recycled material supply by 2030. It aims for recycled aluminium to account for around 40pc of domestic production of rolled aluminium products. Recycled sources are expected to make up about 30pc of domestically produced electrolytic copper, while around 30pc of materials used in rare earth-based permanent magnets will be supplied through recycling. For steel, the government will expand the availability of high-grade scrap used as feedstock for "green steel", which is produced with lower greenhouse gas emissions. Processing capacity to produce such high-quality scrap will be increased by around 2mn t/yr, while collection of scrap and industrial offcuts will also be strengthened. In plastics, Japan will promote the use of recycled materials to reduce dependence on imported feedstocks such as crude oil and naphtha. The government will require manufacturers to formulate and report usage plans, and will consider phased mandates on recycled content by the 2028 fiscal year. The plan also calls for strengthening recycling infrastructure, including investment in facilities and the development of AI-based sorting technologies to improve quality and reduce costs. It includes support for recycling hubs, networks, and processing, storage and smelting capacity. The move comes on the back of intensifying global competition for resources. Countries are increasingly seeking to secure not only primary resources but also recycled materials. China has tightened export controls on critical minerals while strengthening domestic recycling, and the EU has introduced stricter rules on exports of electronic scrap and expanded the use of recycled plastics. In rare earth supply chains, export controls by certain countries have raised concerns over supply stability, prompting Japan to accelerate efforts to secure domestic resources. The government will incorporate the plan into its upcoming growth strategy and basic policy on economic and fiscal management to be released this summer. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.