Steel raw materials
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Argus’ comprehensive coverage of the global ferrous markets provide independent price assessments, news and market analysis for iron ore, coking coal, ferrous scrap, pig iron and steel.
Our global team of experts in China, Singapore, the UK and US deliver over 300 domestic and seaborne price assessments along with detailed market commentary on a daily basis to ensure our clients have complete mine to mill price coverage.
The ferrous portfolio includes established Argus price indices for 62pc and 65pc iron ore fines, Turkish ferrous scrap imports, and our fob Australia and cfr China premium hard coking coal indices.
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Japan's ferrous scrap exports slip in March
Japan's ferrous scrap exports slip in March
Shanghai, 29 April (Argus) — Japan's ferrous scrap exports declined sharply in March as import demand from Vietnam diminished, while the South Korean market remained bearish. Total exports in March retreated by 17pc on the month and by 10pc from the previous year, reaching 516,000t, according to Japan's customs data. Total exports dropped by 4.6pc on the year to 1.6mn t in the first quarter. Japanese scrap exporters encountered challenges because of declining overseas demand since March, as buyers became more cautious in the face of weaker-than-expected downstream demand recovery. Scrap exports will likely remain subdued in the coming months, according to trade sources. Vietnamese buyers were active in the seaborne market at the beginning of the year, but rising inventory levels and uncertainties in the steel sector outlook led them to step back after February. Exports to Vietnam in March dropped by 21pc on the month. The South Korean market is not expected to rise significantly in the near term as domestic scrap prices continued to fall, dropping by $50-60/t over the past three months. "South Korean buyers only fulfilled long-term contracts and stayed away from the spot market," a Japanese trader said. Exports to South Korea plummeted by 38pc to 470,000t in the first quarter. Exports to Taiwan dropped significantly by 41pc from the previous month as buyers were more focused on purchases of containerised scrap. Exports to Malaysia remained steady above 30,000t in March, while exports to the Philippines decreased from 34,000t in February to 13,000t. But a depreciation of the Japanese yen allowed exporters to offer relatively more competitive prices compared to other suppliers, with buyers price sensitive given a sluggish steel market. The yen started to weaken in March, reaching above ¥155:$1 at the end of April from $146.8:$1 in mid-March. Japan ferrous scrap exports (t) Country March % ± vs Feb % ± vs Mar '23 Jan-Mar % ± on year Vietnam 210,014 -20.7 20.7 683,821 48.0 South Korea 156,851 -9.8 -32.2 469,644 -38.1 Bangladesh 43,755 13.8 N/A 91,205 79.0 Taiwan 35,329 -40.8 -62.8 140,755 -28.8 Others 70,023 -20.6 -7.2 213,587 3.0 Total 515,971 -17.4 -10.4 1,599,011 -4.6 Source: Japan customs Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
IEA forecasts slower demand growth for EVs
IEA forecasts slower demand growth for EVs
London, 26 April (Argus) — Sales of electric vehicles (EVs) will continue to grow in most major markets this year, but at a slower rate, the IEA says. Global EV sales are due to top 17mn, more than a fifth of total global vehicle sales, but growth is expected to slow on 2023 in major markets. Almost 14mn new EVs were registered last year , up by 35pc on 2022, with 95pc of EV sales in China, Europe and the US. China will account for over half of global EV sales this year, with sales growing by 25pc on the year in 2024, passing 10mn for the first time. Under the IEA's stated policies scenario, EVs make up half of all car sales by 2035, reducing oil demand by 10mn b/d. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan’s JBIC to finance Chilean copper mine development
Japan’s JBIC to finance Chilean copper mine development
Osaka, 26 April (Argus) — Japan is enhancing its financial support for the development of copper mines in Chile, as part of efforts to increase its self-efficiency of base metals. State-owned Japan Bank for International Co-operation (JBIC) on 25 April signed a $248mn loan agreement with Chile-based joint-venture Compania Minera Arqueros (CMAQ) to finance development of its Arqueros copper project in Chile. CMAQ is 80pc owned by Japanese copper producer Nittetsu Mining and 20pc by Chilean firm Fondo de Inversion Privado Talcuna. The load will be co-financed by other Japanese private-sector financial firms, including Sumitomo Mitsui Banking, Mizuho Bank and MUFG Bank. The total co-funding will be $355mn. CMAQ plans to use the funding to develop Arqueros, located 35km northeast of La Serena. The mine is expected to produce 1.8mn t/yr of crude ore and 55,000 t/yr of copper concentrates for 15 years. The company aims to start operations in 2026. Nittetsu is to secure all the output from the project. The latest deal follows last month's loan agreement by JBIC and other financial institutes to provide $2.5bn to develop the Centinela copper mine in Chile . Japan relies on all its copper concentrates demand from imports, which has prompted the government to secure long-term and stable supplies of copper resources. The country's strategic energy plan has a target to achieve at least an 80pc self-sufficiency for base metals, including copper, by 2030. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia's MinRes posts higher 1Q spodumene output
Australia's MinRes posts higher 1Q spodumene output
Singapore, 25 April (Argus) — Perth-based major lithium and iron ore producer Mineral Resources (MinRes) has reported higher total spodumene concentrate output from its sites in January-March, and higher spodumene prices later in the quarter. Total attributable spodumene concentrate production of the firm across its assets rose to 170,000 dry metric tonnes (dmt) (see table for detailed breakdown), up by 3.7pc on the quarter and by 63pc on the year, according to the firm's latest quarterly activity report. Total attributable spodumene concentrate shipped volumes fell by 2.9pc on the quarter but rose by 50pc on the year to 166,000dmt. MinRes has an ambitious target of 1mn t/yr of lithium attributable within the next four years, said its managing director Chris Ellison last month during the firm's half-year results presentation. The firm has been aggressively expanding, several delegates told Argus at the Tribeca Future Facing Commodities conference held in Singapore on 26 March. The firm last month agreed to buy fellow developer Poseidon Nickel's concentrator plant in Western Australia as it seeks to retrofit it for lithium processing. MinRes' Mount Marion site saw higher output, driven by higher plant utilisation and improved ore recoveries as the firm continues to advance its plant improvement initiatives. The realised price for spodumene concentrate out of its Mount Marion site was at $718/dmt on a 4.2pc-grade basis, which was above the product's year-to-date fob costs of A$518/dmt ($338/dmt). The realised price translates to $1,048/dmt for 6pc-grade lithium concentrate (spodumene), said the firm. The firm did not process the spodumene concentrate produced from its Wodgina site during the quarter into lithium battery chemicals, citing "prevailing pricing dynamics", but instead resumed spodumene concentrate spot sales. The realised spodumene concentrate price at the site came in at $974/dmt on 5.6pc-grade basis, which translates to $1,028/dmt for 6pc-grade lithium concentrate (spodumene). The lithium battery chemical realised price, excluding value added tax, came in at $11,098/t. MinRes in November 2023 finalised the acquisition of the Bald Hill lithium mine from Alita Resources. January-March was the mine's first full production quarter, hence output was dragged down by limited availability of higher-grade feed, but this is expected to recover in April-June, said the firm. The realised spodumene concentrate price at the Bald Hill site was $878/dmt on 5.1pc-grade basis, which translates to $1,016/dmt for 6pc-grade spodumene concentrate. Argus -assessed prices for 6pc grade spodumene concentrate dipped to $1,080-1,180/t cif China on 23 April, from $1,100-1,200/t cif China a week earlier. Salts producers reduced spodumene bid prices because of a fall in salts prices two weeks earlier. By Joseph Ho MinRes lithium performance Jan-Mar '24 Oct-Dec '23 Jan-Mar '23 Spodumene concentrate production (k dmt) Mt Marion (50pc attributable basis) 91 83 60 Wodgina (50pc attributable basis) 49 55 44 Bald Hill (100pc attributable basis) 30 26 NA Total 170 164 104 Spodumene concentrate shipments (k dmt) Mt Marion (50pc attributable basis) 76 86 62 Wodgina (50pc attributable basis) 64 65 49 Bald Hill (100pc attributable basis) 26 20 NA Total 166 171 111 Lithium battery chemical (t) Wodgina production (50pc attributable basis) 6,793 6,798 3,246 Wodgina sales (50pc attributable basis) 6,954 6,474 1,504 Source: MinRes MinRes previously owned 40pc of the Wodgina project, which increased to 50pc starting from 18 October 2023. Figures for Wodgina before 18 October 2023 were on 40pc attributable basis. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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