Europe’s fight to build a local EV and battery supply chain
The recent announcement of funding for 47 strategic project, in line with the EU’s CO2 targets for carmakers in force this year, suggests progress. But after the EU’s tariffs on Chinese EVs, and the US waging its own trade war with China, is Europe’s road to electrification faltering?
Join the Argus Battery Materials team — editor Tom Kavanagh, reporter Chris Welch and analyst Dylan Khoo — in discussing what lies ahead in this fast-evolving market.
Key topics covered:
- The EU’s €22.5bn for 47 critical minerals projects
- China’s investments in Europe’s EV supply chain
- What might a US-China trade war mean for Europe?
- Will the EU meet its CO2 targets for 2035?
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Australia’s Yancoal to shut Ashton coking coal mine
Australia’s Yancoal to shut Ashton coking coal mine
Sydney, 30 June (Argus) — Chinese-owned Australian producer Yancoal will close its Ashton underground coking coal mine in early 2028 due to geotechnical issues and market pressures, the company said on 30 June. Yancoal is commencing a staged closure of the mine because of significant technical challenges, operational risks and evolving market conditions, a spokesperson told Argus . The company has started an 18-month phased shutdown process, which it plans to complete in early 2028. Increasing input and regulatory costs will also impact Ashton's financial performance into the future, and combined, these factors are undermining the mine's viability as a sustainable ongoing operation, the spokesperson added. Ashton, situated in the Hunter Valley region of New South Wales, produced 1.1mn t of run-of-mine (ROM) coal in 2025. Yancoal produced 6.1mn t of coking coal in Australia in 2025. The closure process involves an initial reduction in planning and development activities, the completion of development mining in early 2027, and the shutdown of longwall mining in early 2028, the spokesperson said. About 60 mine workers face immediate job losses, the Mining and Energy Union (MEU) said on 30 June. Around 280 workers will lose their jobs because of the mine shutdown, Argus understands. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
S Korea’s Samsung, SK unveil $2.3 trillion chip plans
S Korea’s Samsung, SK unveil $2.3 trillion chip plans
Singapore, 29 June (Argus) — South Korean chipmakers Samsung Electronics and SK Hynix will invest 2,655 trillion Korean won ($1.62 trillion) and W1,100 trillion, respectively, in a massive chipmaking expansion push to meet artificial intelligence (AI) demand, the firms said today. Samsung will allocate W2,030 trillion of investment for semiconductor clusters, including at its Pyeongtaek city campus as well as the Yongin national industrial complex, which sits just south of Seoul. The other W625 trillion will focus on areas such as AI semiconductors, robots and batteries, with W425 trillion going to the Honam region that is located in the southwest of the country. Samsung plans to allocate W60 trillion into integrating AI transformation and robot transformation for its manufacturing business that spans from smartphones to solid-state battery and energy storage systems (ESS), the latter of which is located in the Ulsan region. SK Hynix expects to channel its investments into multiple sites. W600 trillion will go to the Yongin semiconductor cluster where it will complete a fourth fab by 2033, 12 years ahead of schedule. Around W100 trillion will go into a Cheongju production base that includes building new fabs. The other W400 trillion will go towards a cluster in the country's southwest region, where it will be used to secure and build new production base, according to SK. SK Hynix will also invest W1,000 trillion to build an AI data centre with a total capacity of 15GW, starting with 5GW in phase 1 before adding another 10GW by 2035, it said. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico central bank holds rates at 4-year low
Mexico central bank holds rates at 4-year low
Mexico City, 26 June (Argus) — Mexico's central bank (Banxico) on Thursday held its target interest rate at 6.5pc, its lowest level in more than four years, and signaled support for keeping rates unchanged through its outlook horizon as inflation slows. The unanimous decision to hold rates unchanged was the first since Banxico cut rates to 6.5pc on 7 May. The bank reduced the benchmark rate 450 basis points over 18 half- and quarter- point rate cuts made from a cyclical high of 11.25pc in March 2024. "The document confirmed the neutral stance by the central bank," said Mexican bank Banorte, as such, the bank affirmed its "call that the reference rate will remain unchanged at 6.50pc in the remainder of 2026 and throughout 2027." T he central bank made minimal changes to its statement, retaining forward guidance that underscores a neutral policy stance. "Looking ahead, the governing board believes it will be appropriate to maintain the reference rate at its current level," bank governors said. Banxico noted that headline inflation slowed to 3.55pc in mid-June from 4.45pc in April, with both core and non-core inflation easing. Banxico kept its forecast for both headline and core inflation to converge to its 3pc target in the second quarter of 2027. Banxico also toned down its discussion of risks from the US-Iran conflict, saying "recent negotiations suggest a solution is underway." The bank made only minor revisions to its inflation forecasts, lifting its headline estimate for the current quarter to 4.1pc from 4pc and making small upward adjustments to core inflation forecasts for the final three quarters of 2026. The board said inflation risks remain skewed to the upside. Mexican bank Banorte noted "a slight rearrangement" of those risks, highlighting the greater weight given to climate-related impacts, consistent with the formation of El Nino. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India starts AD probe into hot-rolled steel imports
India starts AD probe into hot-rolled steel imports
Mumbai, 26 June (Argus) — India has opened an anti-dumping (AD) investigation into hot-rolled flat steel products originating in or exported from China, Japan and Russia. The investigation was launched following an application by domestic producers JSW Steel, JSW Vijayanagar Metallics and Jindal Steel Odisha, a notification from the Directorate General of Trade Remedies (DGTR) dated 25 June said. The producers claimed that import volumes from the three origins had increased sharply and were undercutting domestic prices. The producers submitted prima facie evidence of dumping, which the DGTR found satisfactory. The agency will now investigate "the existence, degree, and effect of the dumping," the notice said. Indian finished steel imports increased over 2023 and 2024 because of surplus supply and weak domestic demand in other major steel producing countries, particularly China. But imports fell in 2025 after India imposed safeguard duties on a provisional basis from April, followed by a three-year extension in December. Inflows rebounded in April and May 2026 as a sharp rise in domestic steel prices opened arbitrage opportunities and pipe makers booked overseas material for re-export. China and Japan doubled their exports to India during this period. The products under the current AD investigation fall under the HS codes 7208, 7211, 7225 and 7226, the DGTR notification said. The products are alloy or non-alloy steel of thickness up to 25mm and width up to 2100mm. Steel imports under these HS codes stood at 4.7mn t, down 23pc on year, in 2025, with South Korea, China, Japan and Russia accounting for 89pc of the volumes, data from global trade tracker (GTT) show. But in January-April 2026, inflows rose 4pc on year to 1.5mn t, according to GTT data. The domestic producers who filed the application have proposed January-December 2025 as the investigation period, the DGTR said. The agency also plans to investigate injury to the domestic industry over the financial years ended March 2023, 2024 and 2025 as well as the investigation period. India has strengthened trade barriers to limit inflows of cheaper seaborne steel and shield the domestic industry over the last year. Alongside safeguard measures, India also imposed AD duties on Vietnamese hot-rolled flat steel and on Chinese cold-rolled non-oriented steel imports. Earlier this week, India started an investigation into imports of cold-rolled grain-oriented electrical steel from multiple-countries. The impact of the latest AD investigation on Indian coil prices is expected to be limited, though it could stoke some restocking interest. While imports will be increasingly unviable, seasonally weak demand during the monsoons coupled with rising local availability could keep hot-rolled coil (HRC) prices under pressure, market participants said. The Argus weekly Indian domestic HRC assessment for 2.5-4.0mm material stood at 57,600 rupees/t ($610/t) ex-Mumbai, excluding goods and services tax on 19 June. Prices have retreated from a recent peak of Rs59,000/t reached at the start of April because of sluggish demand, though tighter supply owing to mill maintenance activity prevented a steeper decline. But now most mills have finished maintenance work and JSW Steel has restarted its blast furnace in June after a prolonged shutdown for capacity upgradation, raising supply of HRC in the domestic market. Some Indian steel consumers may continue importing under the advance authorization scheme which allows imports without duties or Bureau of Indian Standard (BIS) certifications if the goods are re-exported, a trader said. Chinese HRC was entering India primarily under the re-export policy, because of the absence of BIS certifications required for customs clearance. But a major domestic steel mill, which regularly buys coils from Japan, could be impacted, industry participants said. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.