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
Related products
Spotlight content
Aerospace Minor Metals Outlook: Disruption and Volatility
Copper’s Volatile New Landscape
Strait of Hormuz: How Sulphur is Impacting the Copperbelt
Related news
Calif. advances metal shredder regulation bill
Calif. advances metal shredder regulation bill
Pittsburgh, 1 July (Argus) — A California legislative panel advanced a bill on 30 June to centralize metal shredder regulations with a single agency while not classifying metal shredding sites as hazardous waste facilities. The bill would make the Department of Toxic Substances Control (DTSC) the central regulatory authority over metal shredding facilities and force metal shredders to get a permit with the agency. And, importantly, metal shredding facilities would not be classified as hazardous waste sites under the bill. An environmental committee in California's lower house approved the bill on 30 June, sending it to the appropriations panel. The full state assembly would have to approve it before it reaches the governor's desk. Metal shredders and California regulators have tussled for years over DTSC's hazardous waste authority at shredding facilities. The state's largest shredders, including SA Recycling, Sims Metal, Radius Recycling, and American Iron & Metal, support the bill because it clarifies the current regulations and largely excludes shredding facilities from hazardous waste laws. A handful of smaller shredders voiced opposition to the bill at a hearing on 30 June because it would put in place another layer of regulation that they view as more suited toward mega-shredders at coastal export yards. Environmental groups, including the Natural Resource Defense Council, opposed the bill because they said it would exempt shredders from hazardous waste laws and put looser standards into place. A key point of contention is the disposal of a waste byproduct of shredding. Larger shredders that can process automobiles tend to treat their shredder byproduct with chemicals before disposing of it. DTSC has scrutinized the proper chemical treatment and disposal of that waste in the past. Smaller shredders, which recycle substantially less scrap, do not shred autos and typically process cleaner metal. They containerize their shredder residue and ship it to disposal sites. The governor vetoed a similar bill last year because it lacked "clear definitions regarding the materials processed at these facilities, including what ‘hazardous waste' requirements are applicable," he wrote in the veto note. The current version of the bill attempts to clarify that discrepancy. "There is no state in the nation that utilizes hazardous waste as the standard from which they regulate metal shredders," bill author Sen. Anna Caballero (D) said. "This will be the highest standard anywhere in the country." By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US targets Ti plate with IperionX award
US targets Ti plate with IperionX award
Houston, 1 July (Argus) — The US Defense Department (DoD) awarded titanium producer IperionX up to $6.6mn to support production of titanium plate and other components for use in military applications. Financing will be delivered in two phases, with the company receiving $200,000 up front for project scoping and test work before potentially getting the balance to pay for new equipment to scale output at IperionX's manufacturing facility in Virginia, the North Carolina-based company said on Wednesday. IperionX expects to complete both phases within two years. The award is funded through the Defense secretary's submarine workforce and industrial base program and forms part of a broader DoD initiative to onshore domestic titanium manufacturing, IperionX said. The company expanded its research and development facility in Utah earlier this year to hold additional equipment that will be used to demonstrate its processes in making titanium plate. IperionX utilizes both sintering and additive manufacturing technology to produce near-net-shape components and intermediate products from scrap-based titanium powder. IperionX also received an order to produce prototype titanium fasteners for use on the US Army's joint light tactical vehicle. The company did not disclose the value of the order, considering it immaterial, but noted that validation of the prototype program could lead to wider adoption on land-based military vehicles. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU’s Al scrap export measure unlikely in 2026
EU’s Al scrap export measure unlikely in 2026
London, 1 July (Argus) — EU plans to impose restrictions on the export of aluminium scrap will probably be delayed until at least next year, despite initial hopes that such a measure would be introduced in the second quarter. The European Commission announced in November last year that it had began preparatory work on a new measure aimed at ensuring that Europe's aluminium recycling industry has access to adequate aluminium scrap, and launched a public consultation on this in December. Trade and economic security commissioner Maros Sefcovic said at the time that the measure was likely to be adopted in spring this year. But the EU now looks set to make an official proposal to impose a 15pc tariff on aluminium scrap exports on 9 September, sources confirmed to Argus . A further consultation process will surely follow such a proposal, probably pushing the implementation of any tariff into next year even if EU member states agree to it. "Knowing how EU mechanisms work, you can't expect anything to happen this year," one scrap trader said. EU aluminium scrap exports rose by 50pc from 2019 to 1.2mn t in 2024 and reached 1.27mn t last year, with the bulk going to India and other buyers in Asia. The consequent increase in aluminium scrap prices in Europe has squeezed the margins of secondary aluminium producers. Scrap traders that have sold increasing volumes of aluminium scrap for export that are able to pay higher prices than their European peers will stand in opposition to any export restriction. Sources have also questioned whether the proposed measure will significantly lower exports, given that the prices offered by Indian buyers in recent years have regularly been more than 15pc above domestic European prices. Nevertheless, sources representing the European recycling industry expressed optimism over the proposed tariff, noting that such a step for the EU would have been "unimaginable" just a few years ago. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
CBAM certificate price at €75.28/t CO2e in 2Q26
CBAM certificate price at €75.28/t CO2e in 2Q26
London, 30 June (Argus) — The EU's carbon border adjustment mechanism (CBAM) certificate price is calculated at €75.28/t of CO2 equivalent (CO2e) for the second quarter of 2026, just slightly lower than the price for the first quarter. This was calculated using a weighted average of the EU emissions trading system (ETS) auction clearing prices over the period and is a touch below the price for the first quarter, which stood at €75.36/t CO2e. The European Commission is set to formally confirm the second-quarter price on 6 July. The commission will use the same methodology to calculate certificate prices for the remaining quarters of 2026, but from 2027 it will switch to a weekly average auction-based calculation. The CBAM certificate price for the third quarter will be published on 5 October and for the fourth quarter on 4 January. The CBAM certificate price reflects the costs for embedded emissions that importers need to pay for CBAM goods. The mechanism was implemented at the beginning of 2026 and is aimed at creating a level playing field between EU producers of the same goods — that are obligated under the EU ETS — and importers that operate in jurisdictions with weaker or no carbon prices. But CBAM declarants will be able to deduct any effective carbon price paid in a non-EU country. The commission opened a related draft implementing act in May for consultation. The commission proposed including all forms of compliance options allowed in the relevant country in the calculation, including carbon credits. But while domestic credits could be counted with no additional criteria, only international credits issued under Article 6 of the Paris agreement should be counted, according to the draft, with the latter allowed to count for only up to 10pc of total embedded emissions. Some industrial firms urged the commission to publish a country-by-country list of carbon pricing instruments eligible for deductions to boost transparency, citing uneven development of global carbon markets and the need for consistent treatment across jurisdictions. The bloc is working on acts proposed in late December that will address some of the loopholes in the CBAM scheme, such as extending the CBAM rules to downstream products, maintaining export competitiveness and including pre-consumer scrap in the CBAM goods list for steel and aluminium. EU member states agreed on 12 June to extend the scope of CBAM to 200 more downstream products in addition to the 180 goods proposed in December . The changes are expected to become effective from the start of 2028 and the commission will conduct an annual review to assess additional downstream products for possible inclusion, it said. The European Council also formalised its position regarding the addition of Article 27a to the CBAM regulation, which would allow for goods in a specific sector to be made exempt from the CBAM goods list if facing "unforeseen and serious" circumstances that severely harm the bloc's internal market. Such a measure could be triggered if prices exceed the 10-year average by more than 50pc for at least six months, the council said. Both EU member states and the European Parliament must negotiate a final text before the changes can come into force. By Kiara Campagne Nieva and Erisa Senerdem Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.