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
Spotlight content
Related metals news
Japan’s Al imports rebound in October
Japan’s Al imports rebound in October
Shanghai, 29 November (Argus) — Japanese aluminium imports hit a peak for the year in October as buyers began restocking after a few months of inactivity. Imports of primary aluminium in October increased by 41.8pc from September and 20pc from the previous year, totalling 103,989t. This brought the total imports from January to October to 870,942t, marking a 0.6pc decrease compared with the same period last year, data from the Japanese finance ministry shows. India surpassed other major suppliers in October to become the largest supplier for the first time. Japanese buyers maintained low price expectations, pushing many suppliers to redirect their allocation to other markets owing to tight supply. Production of domestic aluminium goods in October decreased by 1.1pc year on year to 149,884t, according to the Japan Aluminium Association. Domestic shipments of aluminium products increased slightly by 1.1pc year on year to 151,077t, marking the first rise in three months. The car production and construction sectors remained quiet. Japan's domestic automobile production in October was largely stable year on year, but the number of new housing projects decreased by 0.6pc to 68,548 units in September, according to the latest industrial data. Japan's imports of secondary aluminium alloy ingots (ADC12) also hit a one-year high in October, increasing by 37.2pc year on year and reaching 110,680t, data from the finance ministry show. Japan's aluminium imports t Oct-24 Sep-24 ± % Jan-Oct 2024 Jan-Oct 2023 ± % India 22,897 1,466 1,461.6 93,753 68,942 36.0 Australia 22,830 21,997 3.8 235,745 245,798 -4.1 Brazil 14,895 11,302 31.8 142,514 137,261 3.8 UAE 10,481 5,973 75.5 93,544 76,189 22.8 New Zealand 7,983 8,497 -6.0 88,547 93,991 -5.8 South Africa 5,756 7,984 -27.9 63,314 56,827 11.4 Saudi Arabia 3,543 3,257 8.8 30,726 31,612 -2.8 Malaysia 3,199 5,807 -44.9 34,438 38,443 -10.4 Bahrain 2,207 878 151.3 15,645 30,463 -48.6 Russia 503 139 260.9 22,343 70,591 -68.3 Others 9,695 6,027 60.8 50,374 25,852 94.9 Total 103,989 73,327 41.8 870,942 875,969 -0.6 Source: Ministry of Finance Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Tharisa’s profits up on higher chrome production
Tharisa’s profits up on higher chrome production
London, 28 November (Argus) — South African platinum group metals (PGM) and chrome producer Tharisa's full-year 2024 profits rose as revenue from higher chrome production offset low PGM prices, the company announced in its annual results today. The company reported an operating profit of $119.6mn for the financial year. The increase of 26.3pc compared with 2023 was attributed to higher chrome prices that offset lower PGM prices and sales volumes. Chrome ore production contributed 68pc of Tharisa's revenue for the year. Specialty chemicals group Johnson Matthey priced platinum at $945/troy ounce (toz) today, down by 7pc since the start of the year. Palladium prices also fell, down by 14pc since the beginning of 2024 at $998/toz today. In Tharisa's October production report , the company said that chrome concentrate production over the 2024 financial year ending on 30 September was the highest in company history at 1.7mn t, up by 8pc from 2023. Tharisa produced 145,100oz PGM (6E), a 0.3pc increase from the previous financial year. The company is proceeding with plans to expand the Tharisa mine underground, with design, technical and feasibility studies expected to be finalised in the second quarter of 2025. The development is expected to extend the lifespan of the mine by 40 years. Tharisa also said it is continuing development of the Karo Platinum Project mine, although the challenging PGM price landscape led the company to slow the project timeline. By Ellanee Kruck Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Ambatovy to complete debt restructuring by Dec
Ambatovy to complete debt restructuring by Dec
London, 28 November (Argus) — Madagascan nickel project Ambatovy — one of the world's main sources of nickel briquette — has had a debt restructuring plan accepted by a British court, according to an announcement made today by Japanese nickel mining and trading group Sumitomo Corporation. The group expects to complete the restructuring in early December, it said, adding that it was considering all options for Ambatovy in lieu of the low nickel price environment as well as its social obligations. Production at Ambatovy was suspended in early October following damage to a slurry pipeline used to transport ore from its mine to its refinery. Operations resumed under close monitoring at the end of October, but future production plans are under review owing to the plant's high costs of production that are set against a sharp drop in nickel prices this year. In the six months to 30 September, Ambatovy experienced a nickel price drop of 19pc on a year-on-year basis to $7.87/lb, driving a decline in nickel output of 16pc to 16,000t. Benchmark nickel prices on the London Metal Exchange are currently hovering around $16,000/t, at least $10,000/t below Ambatovy's costs of production, traders surveyed by Argus said. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Hastings signs Saudi metals refinery agreement
Hastings signs Saudi metals refinery agreement
Sydney, 28 November (Argus) — Australian mineral mining company Hastings Technology Metals has signed an initial agreement with Saudi Arabia's Ministry of Investment to explore building a metal refinery in the kingdom in preparation for the opening of Hastings' Yangibana mine. Hastings is expecting to be able to produce up to 37,000 t/yr of rare earth concentrates at Yangibana in Australia's New South Wales, beginning in the second quarter of 2027. The development also houses 20.9mn t of proven and probable rare earth ores, making it Australia's third-largest planned rare earth mine. The ASX-listed company is planning to enter the downstream rare earth supply chain by constructing a concentrate processing plant in either Western Australia, Estonia or Saudi Arabia. The company has not committed to constructing refineries in any of those locations at this stage. The recent agreement between Hastings and the Saudi Arabian government commits the kingdom to providing regulatory guidance to the company and helping it to secure Saudi-based capital and joint-venture partners for the refinery. Hastings currently has plans to ship refined rare earth metals to Hong Kong-listed magnet maker JL Mag and Canada-listed rare earth processor Neo Performance Materials, after 2027. Chinese magnet producer Jinli Magnet bought a 9.8pc stake in Hastings earlier this year and agreed to support its New South Wales operations. Manufacturers across a range of sectors, including the electric vehicle, air conditioning, and wind turbine industries, use neodymium and praseodymium, two of the rare earth elements found at the Yangibana mine, to produce industrial-grade magnets. Since 2019, Argus ' praseodymium-neodymium oxide min 99pc fob China price has increased by more than 40pc, from $40,750/t to $57,150/t. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.