Quarterly Battery Materials market update – July 2024
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US sheds 23,000 jobs in July, revisions lower
US sheds 23,000 jobs in July, revisions lower
Houston, 7 August (Argus) — The US unexpectedly shed jobs in July and revisions halved gains in the prior two months, suggesting the labor market is weakening in the face of uncertainty spawned by rising energy costs linked to the Mideast Gulf war. The US unexpectedly lost 23,000 non-farm jobs in July, the Labor Department reported. That compared with a median average of about 80,000 job gains expected by economists surveyed by Trading Economics. Job gains in June were revised down to 20,000 from an initially reported 57,000, with May revised lower to 63,000 from an initially reported 129,000, for combined downward revisions of 103,000. "Looking ahead, we expect businesses to remain cautious about hiring in response to higher energy prices and uncertainty about how AI will affect staffing needs," Pantheon Macroeconomics said in a note. Total nonfarm employment averaged growth of 34,000/month for the 12 months prior to July. Average hourly earnings increased by 3.2pc in the 12 months to July, slowing from 3.4pc in June. The unemployment rate ticked lower to 4.1pc in July, the lowest since June last year, from 4.2pc the prior month. Retail trade lost 19,000 jobs in July, including 5,000 losses at gasoline stations and fuel dealers. Financial activities lost 14,000 jobs, and is down by 121,000 since a recent peak in May 2025. Health care added 22,000 jobs. Government jobs lost 53,000, partly reflecting lost teaching jobs as the school year ended. Following the report, odds of a quarter point Fed rate increase at the September meeting fell to 44pc in the CME's FedWatch tool from 55pc the prior day. The Fed has signaled it might hike rates to bring down inflation but signs of mounting labor market weakness could prompt it to hold longer. The report "is another nudge for the Fed to keep policy on hold for an extended period as inflation stemming from higher oil prices, tariffs and the AI buildout fades," Oxford Economics said in a note. Manufacturing added 5,000 jobs while construction added 22,000 jobs. Mining and logging shed 2,000 jobs. Transportation and warehousing added 9,700. Leisure and hospitality lost 40,000. The labor force participation rate, which tracks those employed and those actively seeking work, ticked lower to 61.4pc, the lowest since the Covid pandemic. The lower rate reflects rising retirements and discouraged workers. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU slaps 5.6-28pc AD duties on CRC imports
EU slaps 5.6-28pc AD duties on CRC imports
London, 6 August (Argus) — The EU is set to introduce anti-dumping (AD) duties on cold-rolled coil (CRC) steel ranging from 5.6-28pc on imports from India, Japan, Taiwan, Turkey and Vietnam, a document obtained by Argus shows ( see table ). No date is given for the implementation of the duties, with the measures expected to come into effect once they have been published in the EU's official journal. The probe into dumping began just under a year ago after European steel association Eurofer lodged a complaint, claiming that dumped CRC imports were detrimental to the EU steel industry. The period from 1 July 2024 to 30 June 2025 was examined. "Conclusions show that there were no compelling reasons that it was not in the Union's interest to impose measures on imports of CRC originating from the countries concerned," the document said. The EU started monitoring CRC imports in early December, leading market participants to believe that retroactive duties could be imposed, although the EU eventually decided against this. The European CRC market has been on an upward trajectory ever since the announcement of the AD investigation — mills have leveraged uncertainty and supply disruptions to hike prices. European CRC production capacity is limited after years of relying on imported material, with mills focusing production on more profitable hot-dipped galvanised material. This, coupled with the introduction of new stringent import measures that have cut CRC free allocation, has created a tight market environment, with buyers now seemingly at the mercy of European mills. Offers were last heard around €840/t ex-works in the northwest cold-rolled coil market, with some market participants projecting €900/t ex-works as a new potential target for mills in the coming months. By Carlo Da Cas EU CRC anti-dumping duties Country Company Dumping margin Injury margin Definitive anti-dumping duty India JSW Steel; JSW Steel Coated Products 9.5% 25.5% 9.5% Other co-operating companies (see annex) 9.5% 25.5% 9.5% All other imports originating in India 9.5% 25.5% 9.5% Japan Nippon Steel; Daido Steel 56.0% 28.0% 28.0% Other co-operating companies (see annex) 56.0% 28.0% 28.0% All other imports originating in Japan 56.0% 28.0% 28.0% Taiwan China Steel; Chung Hung Steel 36.5% 20.7% 20.7% Other co0operating companies (see annex) 36.5% 20.7% 20.7% All other imports originating in Taiwan 59.6% 27.0% 27.0% Turkey Borcelik Celik Sanayi Ticaret 9.7% 12.9% 9.7% Tatmetal Celik Sanayi ve Ticaret 5.6% 17.7% 5.6% Other co-operating companies (see annex) 7.3% 16.3% 7.3% All other imports originating in Turkey 9.7% 17.7% 9.7% Vietnam Posco Vietnam 16.0% 25.8% 16.0% Other co-operating companies (see annex) 16.0% 25.8% 16.0% All other imports originating in Vietnam 16.0% 25.8% 16.0% — EC Annex Country Company India Tata Steel Japan JFE Steel Proterial Taiwan Synn Industrial Turkey Erdemir Group: — Eregli Demir ve Celik Fab — Erdemir Celik Servis Merkezi San. ve Tic Atakas Celik Sanayi Ve Ticaret Anonim Sirketi Yıldız Entegre Agac Sanayi ve Ticaret Gazi Metal Mamulleri Sanayi ve Ticaret Vietnam China Steel and Nippon Steel Joint Stock Hoa Sen Group Jont Stock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Aerolloy Technologies to supply Ti castings to Airbus
Aerolloy Technologies to supply Ti castings to Airbus
London, 6 August (Argus) — India's Aerolloy Technologies has signed an agreement to develop and supply titanium castings to European airframer Airbus. Aerolloy — a wholly owned subsidiary of PTC Industries — will produce titanium castings for Airbus' A320neo narrowbody jet and its A330neo and A350 widebody aircraft. The castings will be fully machined and ready to fit. The agreement establishes a pathway to serial production, subject to Airbus' qualification and programme requirements. Casting provides a near net-shape product, resulting in lower scrap material generated during machining to yield a finished part. PTC did not disclose the titanium grade, component type or volume of castings, and had not responded to Argus' request for details by publication. In March 2025, Aerolloy signed an agreement with France's Safran Aircraft Engines for supply of cast engine components for CFM Leap-1A and 1B engines. The 1A variant is an engine option for the A320neo. By Samuel Wood Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
LME nickel prices fall on expectations of higher supply
LME nickel prices fall on expectations of higher supply
Singapore, 6 August (Argus) — London Metal Exchange (LME) nickel prices dipped below $17,000/t in Asian trading hours today, pressured by market expectations that Indonesian nickel ore supply could increase. There were expectations that the nickel mining quota (RKAB) for a major Indonesian nickel operation has more than trebled from its initial allocation at the start of the year. The details remain unconfirmed, but the news fuelled expectations of higher nickel supply in 2026, weighing on market sentiment and prices. The LME three-month nickel price on LMEselect, LME's electronic trading platform, and interoffice telephone market fell to $16,760/t as of 09:21 UTC, down by $369/t from the closing price of $17,114/t on 5 August. Indonesia set the 2026 nickel RKAB quota at 260mn-270mn wet metric tonnes (wmt) in February and is expected to review the figure in the third quarter. Mining companies were allowed to submit revision applications by 31 July. The ministry of energy and mineral resources (ESDM) has indicated that any increase is unlikely to be significant and that additional allocations would mainly be directed towards smelters facing ore shortages. Although uncertainty remains over the final quota level, most market participants had expected only a modest increase of around 10pc, which would raise the 2026 RKAB quota to about 290mn-300mn wmt. But the potentially substantial increase for one mine has raised concerns that the broader quota revision could be larger than expected, boosting supply and putting further pressure on prices. Earlier this week, there was also market discussions of the possibility that additional RKAB allocations would favour companies paying higher royalties. Indonesia's energy minister Bahlil Lahadalia said firms contributing larger royalty payments would receive priority because policy decisions should deliver the greatest benefit to the state and the public, according to state news agency Antara . Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.