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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EV charger rollout now held back by ‘cost not coverage’
EV charger rollout now held back by ‘cost not coverage’
London, 30 July (Argus) — The main barrier to electric vehicle (EV) adoption in the UK is affordability, not availability, as operators continue to build infrastructure ahead of demand, charging industry group ChargeUK head of communications Ian McKee said in an interview with Argus . Around one-third of UK households are still without off-street parking, while a much smaller share of current EV owners rely solely on public charging. That gap has become more visible as policy attention shifts from the number of chargers to charging costs, following recent concern that tax changes could further widen the advantage enjoyed by drivers who are able to charge thjeir EVS at home. Concern about charger availability was far more common 3-5 years ago than it is today, and the public charging network has roughly doubled over the past three years, McKee said. Recent analysis found near-home charging provision was around 1½ years ahead of projected demand and motorway charging around six years ahead, according to research firm Cenex. But Cenex does not suggest the issue is solved, estimating that rollout last year achieved only around two-thirds of the pace needed to preserve that lead and that a further 110,000 near-home chargepoints will be needed by 2030. Households without driveways also remain less well served, with only 23pc within a short walk of a public charger, up from 20pc on the year, it added. Cost gap grows, despite charger buildout Availability may be improving, but drivers without home charging still face substantially higher costs. Charging a battery-electric vehicle at home costs around 7p/mile , compared with about 26p/mile using ultra-rapid public charging. Public charging also continues to attract 20pc value-added tax, compared with 5pc on domestic electricity, a difference ChargeUK estimates costs drivers without home charging around £145/yr. The industry's main complaint is not charger hardware, metals or wholesale electricity prices, McKee said, but network and standing charges. Energy costs at rapid and ultra-rapid charging sites have risen by 79pc since 2021, while network charges have risen by around 300pc and standing charges by 462pc over the same period (see graph) , according to analysis done for ChargeUK by consultancy Cornwall Insight. Standing charges are fixed payments for maintaining grid connections and available capacity, regardless of electricity use. They now contribute around 20-30p/kWh at many rapid-charging sites and can account for roughly 70pc of energy bills, ChargeUK said. Costs for power-dense silicon carbide and gallium nitride semiconductors are becoming more important in EV charging equipment and 800V vehicle architectures, but operators are not identifying those materials as major drivers of charging costs. The Argus gallium min 99.9999pc fob China has risen by around 50pc since September to $530-560/kg, while N-type polysilicon has fallen by roughly 40pc to Yn31-33/kg ($4.58-4.88/kg) For copper, despite fast chargers requiring in excess of 60kg of the metal, operators have raised more concerns over theft than procurement costs, McKee said. Operators are increasingly installing battery energy storage systems alongside charging hubs. The systems can reduce required grid-connection sizes, lower exposure to capacity charges and help manage one of the industry's other persistent concerns — access to grid capacity itself. Investment depends on EV sales The charging sector argues it has largely built ahead of demand and now needs EV uptake to catch up. The sector could attract almost £30bn of investment by 2035 under current projections, according to ChargeUK-commissioned analysis by consultancy LCP Delta. That investment case depends heavily on the UK's zero-emission vehicle mandate, which provides confidence that EV demand will continue to grow. Weakening the mandate could remove £1.5bn-2bn of future charging investment, based on ChargeUK modelling cited by McKee. He argued that the effect would fall most heavily on less commercially attractive regions and sites, rather than on the busiest charging corridors. That dependence on future vehicle demand closely mirrors upstream battery-materials markets, where investment decisions in lithium, nickel and other supply chains similarly rest on expectations for future EV sales. The number of UK public chargers increased by 13pc in 2025, while electricity delivered rose by 21pc, but utilisation remained broadly unchanged. Ultra-rapid chargers were occupied only around 13pc of the time, despite a 40pc increase in charger numbers, according to Zapmap. That stability suggests operators are still building ahead of demand, rather than benefiting from sharply higher throughput. It also helps to explain why charging companies remain focused on EV adoption rates, utilisation and policy support, despite continued charger rollout. For the industry, the question is increasingly no longer whether enough chargers exist. For many drivers without a driveway, the bigger question is whether public charging can become cheap enough to compete with home charging. By Chris Welch UK energy costs, historic and forecast, archetypal small industrial user £/MWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US exempts aluminum scrap from 301 tariffs
US exempts aluminum scrap from 301 tariffs
Houston, 24 July (Argus) — The US exempted aluminum scrap imports from new forced-labor tariffs levied under Section 301 authority of the 1974 Trade Expansion Act, effectively removing a temporary 10pc tax that had been imposed on most countries under prior trade-remedy action. The new tariffs , which are meant to replace duties implemented under Section 122 authority of the same act in February, have a carve-out for "certain aluminum scrap and waste", the US Trade Representative said late Thursday. The USTR agreed with stakeholders who commented that scrap is a "key feedstock" for the US aluminum industry and that imposing tariffs would "disrupt the supply chain", which would trim production and harm downstream industries. The Section 301 regime is scheduled to take effect on Saturday following the planned expiration of the Section 122 duties on Friday. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Recovery in aluminum demand accelerating: Kaiser
Recovery in aluminum demand accelerating: Kaiser
Houston, 24 July (Argus) — US-based semi-finished aluminum manufacturer Kaiser Aluminum boosted its second-quarter shipments from the prior year, attributing the growth to customers' stronger-than-anticipated inventory drawdowns, restocking activity and onshoring efforts — trends that the company expects to persist well into 2027. "The most notable development was the continued strengthening demand across most of our key end markets," Kaiser chief executive Keith Harvey said. "Activity accelerated throughout the period at a pace that exceeded our expectations." The Tennessee-based company now expects to reach the top end of its full-year delivery forecast, which it revised in April for some of its product segments because of the improved demand signals from consumers. Total sales volumes in April-June rose by 6pc to nearly 306mn lbs on the year, reflecting increased aerospace, packaging and general engineering shipments, Kaiser said on Thursday in its latest earnings report. Only automotive deliveries declined, reflecting challenges in the wider industry because of high borrowing costs for consumers and tariff dynamics, it added. Quarterly aerospace deliveries increased by 1.5pc to nearly 61mn lbs on the year, with order activity picking up as airframers ramp up their build rates for narrowbody and widebody platforms. Kaiser anticipates that industry destocking, which has beset commercial aerospace supply chains in recent years, is "largely behind us", except for certain plate products. Still, the company found outlets for those flat-rolled goods in the broader aerospace industry, such as for business/regional jets, and defense and space applications. Kaiser also was able to utilize its expanded capacity at its Trentwood mill in Spokane Valley, Washington, because of stronger demand from the semiconductor industry for "value-added" plate. Packaging sales volumes in April-June grew by 10pc to 156mn lbs on the year, with Kaiser ramping up production from its newest coating line for lid stock at its Warrick plant in Newburgh, Indiana, and improving delivery timing to customers as Fifa world cup festivities and "typical summer growth" drove demand. The company reached an 80pc utilization rate from that line, adding that it is still working on optimizing the equipment to reach its target production capacity in 2027. Quarterly general engineering shipments rose by 6.8pc to 68mn lbs from the prior-year period, as both original equipment manufacturers and distributors increased bookings to replenish stocks after operating with lean inventories for multiple years, Kaiser said. "The themes we've discussed over the last several quarters — reshoring domestic manufacturing investment, semiconductor expansion and increasing demand for specialized plate products — are no longer just anecdotes," Harvey said. "They have become structural changes in our markets." Automotive deliveries in the second quarter fell by 11pc to approximately 21mn lbs on the year, which Kaiser attributed to "fluctuations in consumer demand and industry build schedules". Still, the company sees demand remaining firm for pickup trucks and SUVs, which are "the platforms most aligned" with its product portfolio. The company delayed some "major" maintenance projects from the second quarter and is expecting a heavier amount of planned outages in the second half of 2026. Kaiser's quarterly profit more than quadrupled to $97mn on the year, as revenues increased by 53pc to nearly $1.3bn in the same period. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK's CleanTech turns to lithium DFS at Laguna Verde
UK's CleanTech turns to lithium DFS at Laguna Verde
London, 24 July (Argus) — UK-listed lithium developer CleanTech Lithium has produced lithium carbonate grading up to 99.91pc purity from its Laguna Verde project in Chile, as it carries out final process checks before a definitive feasibility study (DFS). US lithium processing firm Empower converted around 55,000 litres of eluate from CleanTech's direct lithium extraction (DLE) pilot plant in Copiapo into 330kg of lithium carbonate, CleanTech said. The campaign follows CleanTech's first pilot-scale production of lithium-rich eluate in Chile, which was shipped to the US for conversion into lithium carbonate. It also follows the award of a 40-year lithium operating contract for Laguna Verde in Chile. The ongoing process work is intended to confirm, not revise, the assumptions in CleanTech's pre-feasibility study, head of communications Nick Baxter told Argus . Assumed operating costs of $5,768/t, capital costs of $748mn, overall lithium recovery of 85.5pc and target commercial production of 15,000 t/yr remain unchanged at this stage. Focus shifts to scaling up The firm's focus is less about proving DLE can produce high-purity lithium carbonate and more about showing that the process assumptions used in the pre-feasibility study hold up ahead of the next stage of project development. Part of the latest campaign tested how effectively impurities could be removed from Laguna Verde brine. Boron is one of the main impurities that lithium-brine projects must remove to make a battery-grade product. Boron was initially present at Laguna Verde in relatively high levels, but Empower removed around 97pc of it during processing, the firm said. Part of the material was also processed by Chinese DLE technology firm Lanshen, whose flowsheet underpins the pre-feasibility study. Additional processing with Lanshen is under way to validate the study, and CleanTech expects to report those results shortly, Baxter said. CleanTech is also carrying out environmental studies and engineering work while seeking a partner to help fund and develop Laguna Verde. Several firms are reviewing the project. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.