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US Fed holds target rate steady on oil
US Fed holds target rate steady on oil
Houston, 29 April (Argus) — Federal Reserve policymakers held their target interest rate unchanged Wednesday, noting that inflation is "elevated, in part reflecting the recent increases in global energy prices." The Fed's Federal Open Market Committee (FOMC) kept the federal funds rate at 3.5-3.75pc in its third meeting of 2026, following quarter-point cuts in September, October and December last year. "Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," the statement said. "The Committee is attentive to the risks to both sides of its dual mandate." "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook," the statement said, echoing recent language. Of the 12 members four voted against the decision, with one voting to cut the rate and three who voted against the "easing bias" language in the statement. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan’s ferrous scrap exports dip in March
Japan’s ferrous scrap exports dip in March
Shanghai, 29 April (Argus) — Japan's ferrous scrap exports declined in March from a year earlier, because suppliers prioritised domestic sales on higher prices and sought to avoid logistical uncertainties in the export market. Exports fell by 5.1pc on the month and 7.5pc on the year to 597,000t in March, Japan's customs data show. Total exports in the first quarter declined by 9.8pc on the year to 1.68mn t. Exports to Vietnam, the largest destination in March, rose by 6.9pc on the month to 263,000t. The shipments rebounded from the previous month because of a low base given the lunar new year holiday in February. First-quarter exports to Vietnam fell by 9pc on the year, because mills were cautious about the steel market after the lunar new year holiday. Buying activity picked up in March when the domestic steel market began to recover. Exports to Bangladesh decreased by 16pc from February to 132,000t in March, but were still 29pc higher than a year earlier. Bangladeshi mills returned to the seaborne market for both deep-sea bulk and Japanese scrap because of an expansion in steelmaking capacity. South Korea slipped to the third-largest destination so far this year, because its steel sector continued to face pressure from competitively priced seaborne steel imports. Domestic scrap prices in South Korea remained below Japanese export levels, resulting in minimal trade flows. The decline in exports was largely in line with market expectations, because Japan's domestic scrap market strengthened significantly from early March to mid-April, with prices rising by ¥7,000/t ($43.85/t). Japanese suppliers shifted more volumes to local buyers because of aggressive domestic mill procurement and increased uncertainty in the seaborne market stemming from the Middle East conflict. Export volumes may decline further in April, with overseas buyers showing greater resistance to higher Japanese offers and preferring to wait for stronger steel prices to justify increased raw material costs. Japanese ferrous scrap exports t Country March % ± vs Feb % ± vs Mar '25 Jan-Mar % ± on year Vietnam 263,036 6.9 -8.6 763,397 -9 Bangladesh 131,881 -15.9 28.9 311,271 13.6 South Korea 80,291 -24.4 -28.3 288,424 -18.4 Thailand 39,565 -33.3 122.0 111,069 90.3 Others 81,830 36.1 -34.8 209,782 -38.7 Total 596,604 -5.1 -7.5 1,683,942 -9.8 — Japan Customs Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indonesia’s Huafei to cut MHP output on sulphur costs
Indonesia’s Huafei to cut MHP output on sulphur costs
Singapore, 29 April (Argus) — China's major battery materials producer Huayou will place half of its mixed hydroxide precipitate (MHP) capacity at its Indonesian subsidiary, Huafei Nickel Cobalt, into temporary care and maintenance from 1 May, citing elevated sulphur costs and prolonged high operating rates at the facilities, the company said on 28 April. The move is described as a short-term response to elevated input costs and deferred maintenance requirements following sustained high utilisation. The company does not expect the temporary suspension to adversely affect its long-term development but did not disclose a timeline for operations to resume. Sulphur prices have risen significantly because of the ongoing US-Iran war, as nearly half of global seaborne sulphur trade transits the strait of Hormuz. Argus -assessed granular sulphur cfr Indonesia prices at $948/t on a midpoint basis on 23 April, up by $434/t, or 84pc, from $514/t cfr on 26 February, before the outbreak of the war. Sulphur is now estimated to account for 35-40pc of high pressure acid leaching (HPAL) operating costs, up from a more typical 25pc. Indonesia is heavily exposed to the supply shock, having sourced around 75pc of its 5.34mn t of sulphur imports from the Middle East last year. The temporary suspension has supported MHP market sentiment and prices. Offers for MHP rose to 95pc of London Metal Exchange (LME) nickel prices for nickel payable on 28 April, from 91pc in March, although no deals have yet been concluded at this level. Huafei secured permits to import sulphuric acid from Jakarta in April, although approved volumes have not been disclosed. Huayou is also seeking to reduce its exposure to the sulphur market by accelerating process upgrades and expanding sulphur sourcing channels. The company aims to address the issue through the construction of acid production projects using pyrite and phosphogypsum, which are expected to come on stream by the end of 2026. Huayou has not specified which subsidiaries will deploy the technology. Huafei began production at Weda Bay in North Maluku province in 2023 and has a capacity of 120,000 t/yr of nickel equivalent in the form of MHP. Huafei is Huayou's second MHP project in Indonesia, following Huayue in Morowali, Sulawesi province, which started production in 2021 and has 60,000 t/yr of nickel-equivalent capacity in the form of MHP. Output at the two projects has exceeded their nameplate capacities. Huayou's MHP shipments reached 236,500 t in 2025, up by 30pc year-on-year, while total nickel production across all products rose by 59pc on the year to 292,500t in nickel metal equivalent. Huayou's KNI MHP project remains under construction. The project is a joint venture between Huayou, Brazilian multi-metals mining group Vale and US automaker Ford, with planned capacity of 120,000 t/yr in nickel metal equivalent and start-up scheduled for December. By Deon Ngee, Sheih Li Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
General Motors pencils in $500mn tariff refund
General Motors pencils in $500mn tariff refund
Pittsburgh, 28 April (Argus) — US automaker General Motors (GM) expects to receive a $500mn refund for a tranche of tariffs annulled by the US Supreme Court this year. The refund will lower GM's 2026 tariff bill from $3bn-4bn to $2.5bn-3.5bn, the Detroit-based automaker said in its first-quarter earnings call on 28 April. While some of the tariffs imposed by US president Donald Trump's International Emergency Economic Powers Act (IEEPA) have been struck down, automobile and metals tariffs remain in place and account for GM's considerable expected tariff bill. The US-Israel conflict with Iran is also a major factor affecting costs, GM chief executive Mary Barra said during Tuesday's earnings call. Prices for energy, metals and freight have gone up because of the war, adding about $500mn in expected costs for GM this year, Barra said. However, rising gas prices as a result of the war have not yet had an impact on demand for full-size pickup trucks and other internal combustion engine vehicles, GM said. But the longer the war goes on, the more likely demand wanes for large gas-powered trucks, the company said. GM's total vehicle sales in the first quarter fell to 1.3mn units, down by 11pc compared with the first three months of 2025. US sales fell by 10pc to 626,000 vehicles in the quarter compared with a year earlier. GM attributed part of the US sales decline to maintenance downtime at one of its full-size pickup plants, as well as to lower imports into the US of GM vehicles assembled in South Korea. GM reported a $2.6bn profit in the first quarter, down from $2.8bn in the first quarter of 2025. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.