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Latest Market News

Japan's Nippon Steel shuts Muroran mill because of fire

  • Spanish Market: Metals
  • 01/12/25

Japan's largest steel producer by capacity Nippon Steel stopped operating the Muroran blast furnace in the northern prefecture of Hokkaido today because of a fire.

Fire hit Muroran steel mill's hot blast stove, a part of the blast furnace, early on 1 December, the company said. The fire was extinguished, but Nippon Steel is unsure when it can resume operation of the blast furnace.

Nippon Steel operates one blast furnace at the Muroran steel mill. The steel mill has a crude steel output capacity of 1.24mn t/yr. The mill mainly manufactures steel products for carmakers.

The company had only resumed normal operation of the Muroran blast furnace in late November, after repairing a steel slag leak in September.

Japan's crude steel demand to be 20.23mn t in October-December, 2.4pc lower than in the same period a year ago, according to the country's trade and industry ministry. Demand from the construction sector is expected to fall because of rising material costs and labour shortages, while a recovery in demand from carmakers is also unlikely, Meti said.

By Nanami Oki

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04/12/25

Glencore to raise global copper production by 2035

Glencore to raise global copper production by 2035

Sydney, 4 December (Argus) — Global metals producer Glencore expects to increase its copper output to 1.6mn t by 2035, on the back of mine expansions, but faces short-term copper challenges. It plans to produce 1.1mn t of copper in 2029, up from 850,000-875,000t in 2025, Glencore told investors in a capital markets day presentation on 3 December. It will then further increase production to around 1.6mn t by 2035, the company added. Glencore's copper growth will come largely from the planned mine developments and restart projects (see table) over the next few years, including the 2028 reopening of its Alumbrera mine in Argentina. Development work at the company's Collahuasi mine — a joint venture with UK-South African producer Anglo American and Mitsui-owned producer Japan Collahuasi — in Chile will also support its growth plan. The project will increase Glencore's long-term output but has dampened its short-term production outlook. The company cut its 2026 copper production guidance to 810,000–870,000t on 3 December, from 930,000t in February, because of mine plan changes at the site. Total production at Collahuasi fell by 31pc on the year in July-September, from 431,200t to 297,000t, because of lower ore grades, data from Chilean copper commission Chochilco show. The mine will operate at a reduced rate in 2026 because of development work, Anglo American told investors on 29 October. Glencore also cut the upper bound of its 2025 copper production guidance from 890,000t to 875,000t in late October because of operational and ore grade issues. It expects to produce at the lower end of its 850,000–875,000t range over the year. The company mined 583,500t of copper in January-September, down by 17pc on the year. By Avinash Govind Glencore Copper Projects Project Location Date Production (Average LOM, '000t) Alumbrera Restart Argentina 1H 2028 75 Collahuasi - LG stockpile leeching Chile 2028 22 Antapaccay - Coroccohuayco Peru 2H 2029 148 MUMI - Sulphides Democratic Republic of Congo 2031 97 Agua Rica Argentina 2H 2031 156 NewRange - stage 1 USA 2031 18 Collahuasi - New concentrator Chile 2H 2033 142 El Pachon Argentina 2034 338 NewRange - stage 2 USA 2037 55 Antapaccay district Peru 2037 201 *LOM: Life of mine Source: Glencore Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US services PMI rises in November

03/12/25
03/12/25

US services PMI rises in November

Houston, 3 December (Argus) — Economic activity in the US services sector, the biggest part of the economy, expanded further in November, as business activity and new orders rose, the Institute for Supply Management (ISM) reported today. The purchasing managers index (PMI) for services rose to 52.6 in November, up from 52.4 in October, marking the fifth consecutive month above 50, which is the divide between expansion and contraction. Still, the 12-month average of 51.7 was the lowest since August 2024. The business activity/production index rose in November by 0.2 points to 54.5. The new orders index slipped to 52.9, down by 3.3 percentage points from October but above its 12-month average. The backlog of orders approached expansion with a PMI at 49.1, up from 40.8 in October. The prices index fell to 65.4 in November, down from 70 the prior month, signaling slowing gains. The continued expansion in the business activity and new orders indexes and the rising backlog of orders "are positive signs of an emerging recovery for the services sector", ISM said. "On the downside, tariffs and the government shutdown continue to be noted by survey respondents as impacting both demand and costs." The employment PMI rose to 48.9 from 48.2 in October, signaling a slowing contraction. The supplier deliveries index rose by 3.3 points to 54.1, indicating slower deliveries by suppliers, "likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs," ISM said. A higher supplier delivery reading indicates slower deliveries, typically a sign of rising demand and an improving economy. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia loads more lithium in Nov on stronger prices

03/12/25
03/12/25

Australia loads more lithium in Nov on stronger prices

Singapore, 3 December (Argus) — Australian lithium loading tonnage edged up in November against October, according to data compiled by Argus , likely hitting the second-highest monthly volume this year on the back of stronger spodumene prices. Total bulk lithium shipments out of Australian ports were estimated around 402,300t in November, higher than a relatively weak October that followed a record level in September , according to data from vessel tracking firm Kpler compiled by Argus . The vast majority of the shipments are likely spodumene. China is historically Australia's primary spodumene consumer. Bunbury port and Port Hedland were estimated to have loaded near 155,700t and 122,000t of lithium, up by 21pc and 2.5pc on the month, respectively. Lithium producers such as PLS, Mineral Resources (MinRes), Covalent Lithium as well as the country's Greenbushes mine — run by Australian mining group IGO alongside major Chinese firm Tianqi Lithium and US-based producer Albemarle — transport their spodumene to the two ports for export. Australian lithium producer Liontown Resources' Kathleen Valley project sits near the Geraldton port, which was estimated to have shipped out more than 44,500t of lithium in November. Esperance port loaded about 61,400t of lithium, up by 87pc on the month. MinRes' Mount Marion operation, which is 50pc-owned by major Chinese lithium producer Ganfeng, sends its spodumene to Esperance for export. The Port of Fremantle shipped out more than 18,600t of lithium, according to Kpler data. As of 3 December, Australian ports are expected to load at least 271,400t of lithium in the month, the latest Kpler data show. This suggests a potentially stronger December loading volume, given the comparatively lower figure reported in early November. Argus -assessed prices for 6pc grade lithium concentrate (spodumene) rose from $920–980/t cif China on 4 November to $1,170–1,235/t on 2 December. Chinese salt plants were active in securing sufficient feedstock for the first quarter of 2026 and were in no hurry to finalise spodumene prices despite price uptrend. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Glencore to restart S African FeCr smelter in February

02/12/25
02/12/25

Glencore to restart S African FeCr smelter in February

London, 2 December (Argus) — Switzerland-based mining company Glencore plans to restart operations at its 720,000 t/yr South African Lion ferro-chrome smelter in February, the company told Argus on Tuesday. The Lion smelter will be Glencore and its local partner Merafe's sole operational ferro-chrome smelter in South Africa, after Merafe confirmed its plans on Tuesday to put the Boshoek and Wonderkop ferro-chrome smelters on care and maintenance from 1 January. The venture suspended operations at all three ferro-chrome smelters earlier this year, citing weak demand from the European steel industry, competition from lower-priced Chinese ferro-chrome and high electricity costs in South Africa. South African president Cyril Ramaphosa has set out an electricity tariff realignment programme to ease pressure on industrial power users, but these reforms are yet to be finalised despite being the most pressing requirement for the viability of the venture's ferro-chrome operations, Merafe said. South African utility Eskom proposed an electricity tariff arrangement to Merafe last week after the closures were announced, but Merafe said this did not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters. Merafe issued retrenchment notices to between 1,200 and 1,400 workers, which will become binding on 9 December if a solution is not reached with the South African government. Up to 300,000 direct and indirect jobs could be at risk at South African smelters and other related heavy industries from December to early 2026 after an inconclusive mediation process with the government, Labour union Solidarity chief executive Dirk Hermann warned last week . The country's other main ferro-chrome producer, Samancor Chrome, has told the union that up to 2,500 jobs are at risk from downsizing and closure procedures at its operations next year. By Gian Remnant Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EGA signs Al decarbonisation agreements

27/11/25
27/11/25

EGA signs Al decarbonisation agreements

London, 27 November (Argus) — Emirates Global Aluminium (EGA) has announced a series of agreements with local utility companies and investors to decarbonise its aluminium production and expand renewable and clean energy development in Abu Dhabi, it said today. Abu Dhabi National Energy Company (Taqa) and investment firm Dubal Holding will acquire EGA's Al Taweelah power and water assets for $1.9bn, while also signing a power purchase agreement with Emirates Water and Electricity Company (Ewec) for the Al Taweelah gas-fired power plant until 2049. Taqa Transmission will also acquire EGA's electricity transmission assets. EGA has signed Abu Dhabi's largest-ever electricity supply agreements with Ewec and Taqa Distribution for the supply of power over the next 24 years, with the share of renewable and clean energy increasing over that time as Ewec's solar electricity generation projects come on line. EGA is planning to "vastly increase" the production of its CelestiAL brand of aluminium produced using solar aluminium and its MinimAL brand of aluminium produced using nuclear power to almost half of its total primary aluminium output by the end of 2028, depending on market demand. "This initiative is one of the largest decarbonisation projects ever in the global aluminium industry," EGA chief executive Abdulnasser Bin Kalban said. "For our global customers, it significantly increases the availability of low-carbon ‘premium aluminium', strengthening the role of our metal as an essential material to make modern life possible." By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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