Quarterly battery materials market update – November 2024
Thomas Kavanagh, Editor - Battery Materials, provides an overview of battery materials market with key updates on electric vehicles, lithium, cobalt, nickel and more, including:
- EV market update: tariff wars heat up
- Lithium: production cuts
- Cobalt: Chinese exports increase
- Nickel: uncertainty reigns
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US House clears hurdle to pass permitting bill
US House clears hurdle to pass permitting bill
Washington, 16 December (Argus) — Republicans in the US House of Representatives have overcome an initial obstacle to passing a marquee permitting overhaul bill after committing to vote on key amendments that would strip out potential benefits for offshore wind. Republicans in the House voted 215-209 in a vote on Tuesday to approve a rule that will dictate the terms of debate for votes later this week on the SPEED Act, which has become the focus of bipartisan efforts to fast-track the permitting process for pipelines, electric transmission lines, railroads and other infrastructure. A group of far-right conservatives initially voted against the rule, but most reversed course during the vote in exchange for revisions that have yet to be made public. The Tuesday vote was one of the last remaining hurdles to House passage of the SPEED Act, which is expected to pick up some Democratic votes when it comes up for a final vote later this week. The House majority typically is responsible for putting up all the votes for a rule, meaning it would only take a few Republicans to block bill debate. Republicans were uncertain they would have enough votes for the rule, as far-right conservatives such as US representative Andy Harris (R-Maryland) and others were lobbying for changes. On Monday, US representative August Pfluger (R-Texas) urged attendees of a conference to put as "much effort as you possibly can" into persuading wavering Republicans to support the permitting bill. Pfluger is the chair of the Republican Study Commission, a caucus that represents a majority of House Republicans. "Go talk to them and let them know how important this is," Pfluger said during an event organized by the think tank the Conservative Coalition for Climate Solutions. Ahead of the vote, an industry coalition on Tuesday released a joint letter offering "strong support" for the bill. Among the signatories were the American Petroleum Institute, the US Chamber of Commerce, the Association of American Railroads and the US LNG Association. President Donald Trump has yet to take an explicit position on the SPEED Act, but administration officials are optimistic permitting legislation could be enacted. "I think we are at a time where the chance of a real permitting reform bill is higher maybe than it's ever been," US energy secretary Chris Wright said at the event on Monday. The SPEED Act would focus on the implementation of the National Environmental Policy Act (NEPA), a decades-old law that requires federal agencies to prepare environmental reviews of infrastructure projects. Pipeline companies and renewable energy developers alike blame the law for costly delays, both because of the time it takes for agencies to issue reviews and then the risks that permits will be thrown out because of lawsuits. The bill would narrow the scope of environmental reviews, aligning with a unanimous US Supreme Court ruling this summer. But the bill's most significant changes would make permits more durable. Even if a court found a NEPA review was flawed, the bill would keep permits intact during further analysis. And in a last-minute change, the bill would offer more permit "certainty" by limiting the government's ability to rescind prior approvals. That could protect pipeline permits such as the now-canceled Keystone XL pipeline, while also stopping Trump from halting more offshore wind projects. But the permit certainty language drew concern from far-right conservatives who oppose offshore wind. House Republicans in response agreed to vote on an amendment sponsored by Harris and others that would remove the "permit certainty" changes. Two other amendment votes also backed by Harris would stop expedited permitting treatment in the SPEED Act for offshore wind or any project that Trump has sought to block. Passage of those amendments could cost some Democratic support for the bill. Even if the bill passes, it is expected to be subject to major changes in the US Senate to attract enough support from Democrats to prevent a filibuster. Senate Democrats are hoping to insert language that would prevent what they describe as a "solar ban" being enforced by the Trump administration. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US adds 64,000 jobs in November, jobless rate climbs
US adds 64,000 jobs in November, jobless rate climbs
Houston, 16 December (Argus) — The US added more jobs than expected in November after sharp losses in October fueled by government job cuts, while the unemployment rate rose to its highest in four years. The US added 64,000 nonfarm jobs in November, more than the 50,000 anticipated by economists surveyed by Trading Economics. The unemployment rate rose to 4.6pc, up from 4.4pc in September and the highest since September 2021, the Bureau of Labor Statistics (BLS) reported. The US lost 105,000 jobs in October, largely due to earlier federal job cuts, according to data that had been delayed because of the 43-day government shutdown that ended on 12 November. Job creation in November was largely in line with average growth since April, BLS said, marking an ongoing slowdown in hiring from earlier in the year. "The labor market remains weak, but the pace of deterioration probably is too slow to spur the [Federal Reserve's Federal Open Market Committee] FOMC to ease again in January," Pantheon Macroeconomics said in a note after the report was released. After the report, CME's FedWatch Tool showed a 26.6pc probability the FOMC will cut its target rate by a quarter point at its next meeting in January, compared with 24.4pc odds on Monday. The FOMC cut its target rate by a quarter point last week to 3.5-3.75pc, its third such cut of the year, and it penciled in only one such cut each for 2026 and 2027. Employment rose in health care and construction in November. Federal government jobs fell by 6,000 in November, following estimated job losses of 162,000 in October, as some employees who accepted deferred resignation came off payrolls. Federal government employment was down by 271,000 from a peak in January after the administration of President Donald Trump began slashing jobs as part of his effort to cut the federal workforce, even as courts and federal unions pushed back, delaying and limiting the impacts. Manufacturing lost 5,000 jobs in November following losses of 9,000 in October, BLS said. Transportation and warehousing lost 18,000 jobs in November. Leisure and hospitality lost 12,000 jobs after gains of 16,000 in October. Construction added 28,000 jobs in November. Mining and construction lost 4,000 jobs in November. Changes in nonfarm job growth for August and September were revised lower by a combined 33,000 jobs, with September revised down to 108,000 jobs added from 119,000 in the initial estimate. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Canadian authorities approve Anglo, Teck mining merger
Canadian authorities approve Anglo, Teck mining merger
Sydney, 16 December (Argus) — Canadian regulators have approved the merger of UK-South African producer Anglo American and Canadian producer Teck Resources, allowing the pair to form a Canadian-based global iron ore, copper, zinc, and coking coal business. Anglo Teck — the merged firm — will spend C$4.5bn ($3.3bn) in Canada over the next five years and C$10bn over 15 years under binding Investment Canada Act commitments, Anglo American told investors on 16 December. The merged firm's short-term spending will support germanium, copper, and other critical mineral projects (see table) , as well as research and community projects. Anglo Teck will also hold its Canadian employment levels constant for an unspecified period and list itself on the Toronto Stock Exchange, Anglo American said. Anglo American and Teck Resources shareholders approved the $53bn merger on 11 December. But the deal still faces competition reviews in multiple countries, where the two firms operate. Anglo Teck will be a top five global copper producer, Teck Resources' chief executive Jonathan Price said on 9 September, when he announced the deal. Teck Resources plans to produce 415,000-465,000t of copper , 525,000-575,000t of zinc, 3,500–4,800t of molybdenum, and other metals in 2025, it said on 8 October. Anglo American also plans to produce 690,000–750,000t of copper and 57mn–61mn t of iron ore over the year. Anglo American intends to advance plans to divest from its diamond, coking coal, and nickel businesses before the deal closes, a move supported by Teck Resources. US producer Peabody Energy pulled out of a $3.8bn deal to buy Anglo American's Australian coking coal assets in August. Anglo Teck's merger approval also comes less than a month after Australian producer BHP submitted and withdrew an offer to buy Anglo American. By Avinash Govind Anglo Teck's spending commitments Commitment Value* (C$mn) Mineral Proceed with Highland Valley Copper Mine Life Extension 2100 - 2400 Copper Enhance critical minerals processing capacity at Teck's Trail Operations 850 Germanium and other critical minerals Develop Galore Creek and Schaft Creek copper projects 750 Copper Support Canadian critical mienral exploration and junior miners 300 Critical Minerals Maintain and enhance commitments to Indigenous governments, communities, conservation, and other initiatives 200 - Establish Global Institute for Critical Minerals Research and Innvoation 100 Critical Minerals Continue and maintain Teck's remediation and reclamation activities Copper Explore increasing copper production at Trail Operations and building a copper smelter in British Columbia Copper *Spending up to Anglo American Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU’s post-safeguard steel measure set for 1 July start
EU’s post-safeguard steel measure set for 1 July start
London, 15 December (Argus) — The EU's new post-safeguard steel regulation is scheduled to take effect on 1 July, applying to imports from all third countries, as widely expected, according to the latest draft of the regulation. Only Norway, Iceland and Liechtenstein will be exempt under a European Economic Area agreement. The International Trade Committee plans to vote on the draft at the end of January, paving the way for inter-institutional negotiations early next year. Under the framework, importers will be required to provide evidence of the country where steel was melted and poured from 1 October 2026. Within two years of the regulation coming into force, the European Commission will also assess whether this "melt and pour" origin should become the basis for allocating tariff quotas by country. This could lead to a new legislative proposal, potentially reshaping quota distribution. The regulation indicates that quotas may be allocated on a per-country basis, factoring in 2013 import volumes, current and future free trade agreements, and previous allocations such as those applied to UK-origin material. There are also minor adjustments to CN codes under certain product categories, although these appear to have a limited effect. As previously reported , the measure will reintroduce the carry-over of unused quarterly quotas within the same annual period. These volumes will remain available for 20 working days into the following quarter. The first review of the measure will be fast-tracked, with the product scope assessment due 18 months after coming into force. The commission plans to launch consultations by 1 October 2026. A broader evaluation will follow four years after implementation, with subsequent reviews every two years. "The council has also added a new element for consideration when quotas are amended, ensuring attention to potential substantial price increases that could seriously undermine the competitiveness of downstream industries," the European Council said. The draft also said that the commission should assess the necessity of adding steel-intensive goods 18 months after the implementation of this regulation,. There is no mention of any ban on Russian steel in the current draft, as had been proposed in an earlier iteration. By Lora Stoyanova and Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.