Argus tungsten market update and outlook – June 2024
Tungsten prices are at highs not seen for some time. This short update will help you to understand the fundamental reasons behind these high prices and give you an insight into the near to medium term outlook for the tungsten market.
The insights provided in this 10 minute video are taken from the new edition of Argus Tungsten Analytics service, presented by Mark Seddon, Principal Consultant.
The video update explores:
• Tungsten prices are at 6-year highs, principally affected by near-term supply issues in China
• Demand for tungsten is generally muted, especially in Europe, but the defence sector is driving demand given the current geo-political issues in eastern Europe and the Middle East
• The medium-term supply picture is likely to be boosted by new projects coming on-stream in 2H 2024 and 2025
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China's CATL, Jianlong to scale truck electrification
China's CATL, Jianlong to scale truck electrification
Beijing, 13 April (Argus) — China's largest battery manufacturer CATL and private-sector steel group Jianlong signed a strategic co-operation agreement on 10 April, aimed at accelerating the decarbonisation of steelmaking and mining through greater electrification and renewable energy deployment. Under the agreement, the two companies will co-operate across areas including the electrification of steel industry operations, development of green and intelligent mines, and the electrification of logistics. They plan to deploy more than 3,000 electric heavy trucks during China's 15th five-year plan period (2026-30), roll out battery-swapping infrastructure along at least 16 logistics hub routes, and build and operate 100 battery-swapping stations. The partnership will also advance the development of centralised and distributed wind and solar projects, using Jianlong's industrial parks as pilot sites. The two sides aim to build a full-chain, zero-carbon model covering mining, transportation, energy and materials, creating a replicable template for industrial decarbonisation, CATL said. CATL and Jianlong said the initiative is intended to demonstrate integrated pathways for emissions reduction in heavy industry and logistics, supporting China's broader push to reduce industrial carbon intensity while promoting the large-scale adoption of electric heavy vehicles. CATL in November 2024 released its Tianxing series batteries used in heavy commercial vehicles. CATL's Tianxing heavy commercial vehicle ultra-fast-charging battery allows vehicles to replenish 70pc of energy within 15 minutes. The battery also offers an ultra-long lifespan of up to 1.2mn km, a maximum capacity of 600kWh, and a driving range of up to 500km. In short-haul applications such as mining transport and construction material mixing, the technology can significantly reduce charging time for electric heavy trucks, it said. China's new-energy heavy truck market maintained rapid growth in the first two months of 2026, extending last year's expansion and reinforcing pressure on the country's diesel demand just as domestic diesel prices surged in March. The country's sales of such trucks reached 233,200 units in 2025, almost tripling on the year, according to Chinese research institute EV Tank. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina sanctions glacier-protection reform
Argentina sanctions glacier-protection reform
Sao Paulo, 9 April (Argus) — Argentina's lower house has approved a wide-reaching reform to the country's glacier-protection law, which is expected to give a major boost to its copper industry. Argentina's lower house approved a reform that allows Argentinian provinces to decide which glaciers are important to their water resources and which are not. The "non-functional" glaciers would then be allowed to become mining sites, mostly benefiting copper mining. The approval was widely expected after the country's senate cleared the reform on 27 February. President Javier Milei strongly backed the reform, which ensured that his party and allies that usually side with the administration in big votes made up the necessary majority in both the Senate and in the lower house. The bill was approved late on 8 April by a 137-111 vote, with three abstentions. The bill needed 126 votes to pass. It is only a matter of time before Milei officially promulgates the law reform. The updated legislation is expected to be a major boost to Argentina's stagnant copper-mining industry , as several resources of the red metal are found within the glaciers' perimeters. The country's mining secretary released a report in early February forecasting that Argentina would account for 6.1pc of world' copper production by 2035 at over 1.5mn metric tonnes (t)/yr. This projection now becomes possible after the reform. Argentina's 20 most-advanced copper projects represent a combined $21.9bn in investment, and all are now positioned to significantly expand their resource bases as operators are permitted to work within glacier perimeters. Most of the country's copper reserves lie along the Andes mountain range on the border with Chile — an area that, on the Argentine side, is extensively glaciated. The reform, coupled with Argentina's intentions to bolster its incentive regime for large investments, could attract new foreign investment to the country's copper industry. Despite having 116mn t of copper resources, it was only able to export $4bn of the metal last year — while Chile, which is located on the other side of the Andes, sold $50bn, according to Milei. Javier Milei's office celebrated the approval, saying the reform eliminates "ideological distortions and artificial obstacles that hampered progress". His office had previously stated that the law, in its original form, allowed for misinterpretation that created legal uncertainty, curtailed investments and deprived provinces the right to regulate their natural resources. The original law, among other restrictions, forbade mineral exploration and extraction within the glaciers' perimeters, which was then set by the Argentinian institute of nivology, glaciology and environmental sciences (IANIGLA) based on unclear criteria, Milei said on 14 November. Major backlash ensues Changes to the glacier-protection law have caused a major backlash from political adversaries of Milei and the general public in Argentina. Greenpeace activists carried out peaceful protests in front of the lower house building, in Buenos Aires, and clashed with the police. Congress members, lawmakers and environmental organizations that oppose the reform all agree that easing the protection of glaciers could threaten Argentina's water security. Greenpeace said during the 8 April protests that this would be opening a path to destroy most of Argentina's glacial environment, putting the country's water security at risk. The glaciers' meltwater regulates rivers all across the country and serves as the primary feedstock for several agricultural projects. "We demand that this reform does not move forward, as it puts Argentina's main drinking water reserves at risk," Greenpeace said in a statement. Nevertheless, the reform was approved, and its supporters insist that no province will permit glaciers vital to the nation's water resources to be turned into mining sites, which remains to be seen. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
South Korea's Kia cuts 2030 EV sales target
South Korea's Kia cuts 2030 EV sales target
Singapore, 9 April (Argus) — South Korean major automaker Kia has slashed its 2030 annual battery electric vehicle (EV) sales target to 1mn units, after cutting the target to 1.26mn in 2025 while expanding hybrid lineups. The company is lowering its EV sales target and expanding its internal combustion engine (ICE) and hybrid models considering the speed of the electrification transition, it said on 9 April. The carmaker previously targeted a relatively ambitious 1.6mn units/yr of EV sales, which was announced in 2024 . Kia plans to launch up to nine new ICE models and operate 13 hybrid models in 2030. It aims to sell 3.35mn car units in 2026, including 691,000 hybrids and 400,000 EVs, which would mark around 7pc of year-on-year sales growth. It has also set a global target of 4.13mn units/yr in 2030, comprised of 1.98mn ICE cars, 1.15mn hybrids and the remainder being EVs. Kia's factories in South Korea, China, India and Mexico will supply ICE and hybrid cars to meet corresponding expanding demand in emerging markets, said Kia. But it also plans to further localise EV production strategies in response to market demand and policies in certain regions, such as producing EV2 and EV4 models in Europe, EV6 and EV9 in the stagnating US, as well as the Syros and Carens EV models in India. Growing European and ex-China Asian demand partially offset a rocky start to the global EV market this year, given slower Chinese and US demand owing to policy changes in China and the US , according to South Korean consultancy firm SNE Research. Global EV deliveries came in at 2.28mn units in January-February, down by 7pc compared with the same period a year earlier, with EV receipts for China and the US falling by 23pc and 30pc, respectively. But a resurgence in the push for electrification following the Middle East war has since prompted at least southeast Asian countries to back a swifter EV transition. Global EV demand will see a "dramatic recovery" this year given oil price uncertainties, accelerating the EV penetration rate by 9 percentage points by 2030, according to SNE Research. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Metallium advances US gallium recovery project
Metallium advances US gallium recovery project
London, 7 April (Argus) — Australian metals recycling firm Metallium has advanced plans to recover gallium from complex waste streams after completing the first phase of a contract with the US Department of Defense (DoD) ahead of schedule. Metallium is developing a process to recover gallium from waste streams, including semiconductor scrap and electronic waste, using its proprietary Flash Joule Heating (FJH) process. The FJH process is a hydrometallurgical recycling method used to extract trace amounts of gallium from steel or alloy scrap. The company also aims to recover germanium and other critical minerals in future phases with this method. Metallium can now apply for Phase II funding of up to $1mn to advance pilot-scale operations. It expects to start full commercial operations at its Texas facility this year. In addition to government funding, Metallium raised $55mn from investors in June to accelerate scaling. Global producer Glencore will supply 2,400 t/yr of electronic waste, becoming the major feedstock supplier and offtaker for Metallium. Metallium signed a deal last week to supply US-based metals refiner and manufacturer Indium with several metals recovered from its US recycling operations. Gallium has been designated as a critical material by the US and other governments because of its importance in military systems, semiconductors and optics. Global supply remains highly concentrated, with China accounting for nearly all primary gallium production, according to the US Geological Survey. China's export controls, introduced in 2023, have intensified competition for non-Chinese supply, prompting investment in recovery methods. End-of-life recycling of gallium remains difficult to scale because the metal is present only in very small quantities once integrated into finished products. But higher prices and process improvements are making recovery projects increasingly viable as niche or strategic supply sources, particularly for defence-related demand, market sources told Argus . Gallium prices have risen by 175pc year on year. Prices remained steady today at $1,850-2,000/kg cif main airport on firm demand and limited supply outside China. By Cristina Belda and Harrison Holloway Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.