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Lithium Americas increases Thacker Pass reserve

  • Spanish Market: Battery materials, Metals
  • 07/01/25

US lithium producer Lithium Americas raised its estimated mineral resource and reserves for the Thacker Pass lithium project, supporting an expansion that could boost its battery grade lithium carbonate capacity up to 160,000 metric tonnes (t)/yr.

The updated proven and probable mineral reserve estimate for the Thacker Pass project now stands at 14.3mn t of lithium carbonate equivalent (LCE), marking a 286pc increase since the November 2022 feasibility study, according to the latest technical report.

Thacker Pass is now the largest measured lithium reserve and resource in the world and has the potential to become an unmatched district, generating American jobs and helping the US regain independence of its energy supply, president and chief executive Jonathan Evans said.

The increase enables a phased expansion with an 85-year life of mine (LOM), targeting 160,000 t LCE/year, split into four phases of 40,000 t LCE/yr each. Construction of each of Phases 1 through 4 is expected to be spaced four years apart.

US automaker General Motors (GM) holds a 38pc ownership stake in the project. GM has secured an offtake agreement for 100pc of Phase 1 output for 20 years, and 38pc of Phase 2 output for 20 years, with a right of first offer on the remaining Phase 2 volumes.

The updated operating costs (OPEX) are $6,238/t LCE under the production scenario, optimized for the first 25 years of the 85-year LOM; and $8,039/t LCE in the base case, which covers the entire 85-year LOM.


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29/01/25

US Fed holds rate flat, signals vigilance on inflation

US Fed holds rate flat, signals vigilance on inflation

Houston, 29 January (Argus) — The US Federal Reserve held its target interest rate unchanged today, pausing its cycle of rate cuts begun last year while signaling it would be on guard against any outbreak of renewed inflationary pressures as policies enacted by President Donald Trump — ranging from tariffs to expulsions of foreign farm workers — are widely expected to spur inflation. In its first meeting of 2025, the Fed's Federal Open Market Committee (FOMC) held its federal funds rate unchanged at 4.25-4.50pc after cutting it by a quarter point each in December and November last year following a half-point cut in mid-September, the first cut since 2020. "The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid," The FOMC said in its statement. "Inflation remains somewhat elevated." "In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook," it said, repeating stock language from prior statements. "The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge" that could impede attainment of achieving the goal of 2pc annual inflation and low unemployment. In December, the Fed penciled in 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. But Fed fund futures have since indicated the likelihood of only 50 basis points of rate cuts this year on strong job growth and an uptick in inflation at the end of last year, along with Trump's plans to hike tariffs, expel illegal immigrants — many of whom work in agriculture, construction and services industries — and cut taxes. Those are all measures economists say are likely to unleash inflation and boost interest rates. Trump during his first term was openly critical of the Fed chief Jerome Powell and has made remarks signaling he wants a "say" in making monetary policy. "With oil prices going down, I'll demand that interest rates drop immediately, and likewise they should be dropping all over the world," Trump told the World Economic Forum last week in Davos, Switzerland. The consumer price index (CPI) accelerated to an annual 2.9pc in December, a third month of gains from 2.4pc in September, which was the lowest since early 2021 before the economic reopening after Covid-19 lockdowns caused a supply-chain shock that sent CPI as high as 9.1pc in June 2022. The Fed, slow to react, began a series of rate hikes in March 2022 that took the target rate from near zero to more than five percentage points higher by July 2023, keeping it at 5.25-5.5pc through August 2024. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK service centre USP announces £50/t sheet increase


29/01/25
29/01/25

UK service centre USP announces £50/t sheet increase

London, 29 January (Argus) — Large UK service centre USP Steels will increase its sheet prices by £50/t, with the first increments effective from 3 February. The company cited rising hot-rolled coil (HRC) offers and Eurofer's request for the European Commission to cut flat steel import quotas by 50pc as drivers of its increase. Prices could rise "rapidly" once the safeguard changes take place, USP said. Taiwanese mills have already cut their allocations for the UK in expectation of higher EU prices, the company added. Argus ' benchmark northwest EU HRC index rose to €587.25/t ex-works yesterday, up by €29/t since the start of January. The weekly UK HRC assessment has nudged up by £10/t over the same period, to £530/t ddp. While coil prices have been increasing, largely on the back of perceived supply cuts, end-consumption remains low, which has constrained sheet prices and massively squeezed service centre margins. Service centres still report losing business around £550-560/t ddp West Midlands in some instances, if not slightly below. Several service centres suggest some gaps are starting to appear, especially on higher grades such as S355, where a domestic producer appears to have reduced availability. EU mill offers, on the whole, have moved up, with prices now around £540-550/t ddp, although some are offering at higher prices. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Italian market lambasts lagging HRC contracts


27/01/25
27/01/25

Italian market lambasts lagging HRC contracts

London, 27 January (Argus) — Italian steel sellers are increasingly displeased by lagging index-linked contracts, particularly for hot-rolled coils (HRC) and derivative products, as they position for an upturn in prices on the back of constrained import supply. Service centres are currently shunning spot purchases in favour of contractual index-linked volumes, to mitigate against rising spot prices. Some sellers have actively tried to move away from index deals in recent years where they have perceived them as lagging fair market value. Argus ' domestic Italian index, which tracks spot market movements on a daily basis, has risen by €18.75/t so far in January, and a total of €29/t since the start of December. The market reached bottom at the end of September-start of October period, when it came close to €530/t ex-works, and in the last quarter was cautiously moving up, driven by signals of tightening import trade measures, to which Italian prices are particularly reactive, given the exposure to imported coils. And mills see prices increasing further on reduced import penetration caused by the European Commission's safeguard review, the results of which are expected later this quarter. European steel association Eurofer has requested a 50pc cut in flat steel import quotas as well as a melt and pour clause on Chinese steel, to protect against global overcapacity. It is not only sellers that are displeased with the lag in indices — buyers of coils said that while they see the spot market moving up, and therefore try to align their offers to end-users, they are unable to pass on the expected increase in costs. By Lora Stoyanova and Colin Richardson Steel HRC ex-works Italy €/mt Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump's wind order threatens US steel demand


24/01/25
24/01/25

Trump's wind order threatens US steel demand

Houston, 24 January (Argus) — An executive order signed by President Donald Trump this week threatens steel consumption by the burgeoning US offshore wind industry. Trump on Monday ordered that the offshore continental shelf be withdrawn from new wind energy leasing, effective 21 January until the order is revoked. While the order theoretically protects existing leases, Trump also ordered the secretary of the interior, in consultation with the US attorney general, to conduct ecological, economic, and environmental reviews to determine if the leases should be terminated or amended. "We're not going to do the wind thing," Trump said. Trump's withdrawal targets only wind energy leasing on federal property, and leaves leasing for oil and gas, mineral exploration and environmental conservation untouched. The order could cut demand for US platemakers such as Nucor and JSW USA, who have made investments in their operations to target the offshore wind industry. A single monopile can require upwards of 2,500 metric tonnes (t) (2,756 short tons) of steel, according to German-based producer EEW Group, which has been building a monopile production facility in Paulsboro, New Jersey, to serve the US offshore wind industry. Japanese trading company Mitsui, Spanish wind turbine manufacturer GRI Renewable Industries and Nucor announced in August that they were considering developing a joint venture wind tower plant on the US east coast. Nucor recently built a 1.2mn short tons (st)/yr plate mill in Brandenburg, Kentucky, that the steelmaker wants to use to supply plate to monopile structure production. JSW Steel, an Indian steelmaker, announced in June it would invest $110mn to upgrade its Baytown, Texas, plate mill so it could make plates for offshore monopiles. The Baytown mill produced nearly 121,000st of plate and pipe in the fourth quarter, up by 15pc from a year earlier. Trump is also attempting to halt at least one onshore wind project, pausing activities around the Lava Ridge Wind Project, a potentially 1,000MW system on public lands in Idaho. Trump called the Bureau of Land Management's approval in December "allegedly contrary to the public interest" and subject to "legal deficiencies". Interior will evaluate the project's record of decision and possibly conduct new analysis on the system. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Port of Nola reopens after winter storm


24/01/25
24/01/25

Port of Nola reopens after winter storm

Houston, 24 January (Argus) — The port of New Orleans reopened today after a prolonged shut-down propelled by a heavy winter storm that swept through the US Gulf earlier this week. Nola and Ports America reopened today to begin working on the backlog of movement caused by the storm. The port had been officially closed since 19 January in anticipation of the wintry temperatures, heavy precipitation and winds. Several inches of snow fell across New Orleans beginning Tuesday morning, according to the National Weather Service, with freezing conditions lasting through Thursday. Both ship and barge loadings and unloadings were significantly delayed across terminals. Several shipping and barge companies announced force majeures before the storm but are expected to reopen within the next couple of days, subject to safety conditions. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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