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Quarterly rare earths update - April 2024
Understand the drivers of rare earths with our April quarterly update video covering neodymium, praseodymium, dysprosium, terbium, lutetium, yttrium and more.
WhitePaper - 04/02/24Diversifying rare earths: Building a market, not just a supply chain
The race is on to develop new rare earth supply chains outside China. Read the latest white paper from the Argus team to understand the impact of rising geopolitical tensions and demand from the energy transition.
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Australia’s Newcastle coal ship queue eases
Australia’s Newcastle coal ship queue eases
Sydney, 10 September (Argus) — The shipping queue outside the key Australian coal port of Newcastle shrunk to 22 on 9 September from a two-year high of 41 vessels on 5 August, as throughput at the Port Waratah Coal Service (PWCS) terminals hit a seven-month high in August. The PWCS terminals' shipments rose to 9.09mn t in August from 8.61mn t in July and from 7.6mn t in August 2023, according to PWCS data. This is the most shipped in a calendar month since January. The average vessel turnaround time in August at PWCS eased to 6.95 days from 7.38 days in July but was up from 2.17 days in August 2023. There was a major rail maintenance programme over 3-6 August with none planned for September and the next during 1-4 October. Newcastle Coal Infrastructure (NCIG) does not release data for its terminal at Newcastle, while the Port Authority of New South Wales has not yet released overall data for August. Newcastle shipped 11.96mn t in July, down from 12.28mn t in June. This implies that NCIG shipped 3.35mn t in August, which is the least it has shipped since August 2024 when it also shipped 3.35mn t. Newcastle shipped 85.16mn t during January-July, up from 81.34mn t for January-July 2023, according to port data. By Jo Clarke PWCS coal loading data Aug '24 Jul '24 Aug '23 Jan-Jul '24* Jan- Jul '23* PWCS loadings (mn t) 9.09 8.61 7.60 65.48 60.52 PWCS stocks (mn t) 1.28 2.25 1.39 1.54 1.45 PWCS turnaround time (days) 6.95 7.38 2.17 4.95 2.26 Newcastle ship queue (vessels) 22 41 14 23 11 Source: PWCS * PWCS loadings is a total YTD, all others are average per month YTD Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Indian state approves chip, EV manufacturing plants
Indian state approves chip, EV manufacturing plants
London, 6 September (Argus) — The Maharashtra state cabinet in India has approved three foreign investment manufacturing projects — a $1bn semiconductor plant and two battery electric vehicle (EV) and hybrid vehicle factories. The semiconductor chip plant, a joint venture between Israel-based Tower Semiconductor and Indian industrial conglomerate Adani Group, is planned to be built in two phases. The 587.63bn rupees ($7bn) first phase will have a production capacity of 40,000 wafers/month and the Rs251.84bn second phase will add another 40,000 wafers/month, the state's deputy chief minister, Devendra Fadnavis, announced. The facility, to be located outside Mumbai, will be the second semiconductor fabrication plant in the country. The project still needs approval from the central government and Ministry of Electronics and IT, which plans to revise its semiconductor incentives. The project is designed to capitalise on the Indian government's plans to establish a domestic semiconductor manufacturing supply chain, driven by strong local demand in the electronics, EV and manufacturing sectors. Earlier this week, the Indian cabinet approved a proposal from Kaynes Semicon to set up a chip assembly, testing and packaging plant in Gujarat. The Rs33bn plant will have a capacity to handle 6mn chips/d. The governments of India and Singapore on Thursday signed an agreement to co-operate on semiconductor industry development and supply chain resilience, with an eye to Singaporean companies investing in Indian production. The two automotive plants that were also approved by Maharashtra state will be built by Skoda Auto Volkswagen India and Toyota Kirloskar, which is a joint venture between Japan's Toyota Motor and local firm Kirloskar Systems. The Rs150bn Skoda facility in the city of Pune will produce battery electric and hybrid cars. The company already has plants in Pune and Chhatrapati Sambhaji Nagar (previously named Aurangabad), which produce 180,000 cars and 60,000 cars, respectively. The Rs212.73bn Toyota plant will be built in Chhatrapati Sambhaji Nagar and will manufacture battery EVs, hybrids, plug-in hybrids and fuel cell vehicles. The announcement comes after the company signed an initial agreement with the Government of Maharashtra in July to explore setting up a new manufacturing plant in the city. The company operates two automotive plants in Bidadi in the state of Karnataka with an annual installed capacity of 3.42mn vehicles/yr and plans to build a third plant in the town to start operations in 2026 with a capacity of 1mn units/yr. The new plants reflect Toyota Kirloskar's growing product portfolio at it expands into EV manufacturing, rising consumer demand and an increase in exports, the company said. By Nicole Willing Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US adds 142,000 jobs in August, unemployment at 4.2pc
US adds 142,000 jobs in August, unemployment at 4.2pc
Houston, 6 September (Argus) — The US added 142,000 nonfarm jobs in August, fewer than forecast, raising the odds of a half-point rate cut at the Federal Reserve's policy meeting in two weeks. The job gains followed downwardly revised gains of 118,000 for June and 89,000 for July, for combined losses of 86,000 for the two prior months, according to the Labor Department. The gains in August were below the average monthly gain of 202,000 for the prior 12 months. The unemployment rate ticked down to 4.2pc in August from 4.3pc in July, still near five-decade lows of 3.4pc reached in early 2023. The gains were slightly lower than the 160,000 job gains forecast in a survey by Trading Economics, increasing the odds of a 50 basis point cut in the target rate to 45pc probability today from 40pc Thursday, according to the CME FedWatch tool. Odds of a quarter point cut fell to 55pc today from 60pc the day prior. Fed policy makers in late July kept their target rate unchanged at a 23-year high, but Fed chair Jerome Powell told a bankers symposium last month that the "time has come for policy to adjust," his clearest signal that the Fed is ready to begin lowering borrowing costs as inflation has slowed markedly and the labor market was beginning to show signs of weakening. A rate cut after the 18 September Fed meeting would come less than two months before the US presidential election on 5 November. Job gains were reported in construction and health care. Health care added 31,000 jobs in August, about half the monthly gain in the prior year. Construction added 34,000 jobs, more than the average. Manufacturing jobs fell by 24,000 in August. Employment was little changed in other major industries, including mining and oil and gas extraction. Average hourly earnings increased by 3.8pc over the 12 months ending in August, up from 3.6pc through July. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
PCC BakkiSilicon calls for trade defence on Chinese Si
PCC BakkiSilicon calls for trade defence on Chinese Si
London, 6 September (Argus) — Iceland's PCC BakkiSilicon has renewed its call for political support to apply increased anti-dumping duties on silicon metal from China, produced at lower prices with higher emissions, after PCC received an International Sustainability and Carbon Certification (ISCC) certifying its CO2 equivalent footprint. PCC BakkiSilicon — the Icelandic subsidiary of Germany's PCC SE — is discussing protective measures on an EU level through industry association Euroalliages, and directly with the German and Icelandic governments, a company representative told Argus . "Protective measures for the silicon industry should consist of an increase of anti-dumping duties from China," the representative said. "As well as stronger measures to comply with supply chain law requirements to prevent imports of material that is being produced under violation of human rights, work safety and environmental standards," they added. Silicon metal imported into the EU from China is already subject to an anti-dumping duty of 16.8pc (or 16.3pc for Datong Jinneng Industrial Silicon) originally imposed on 1 July 2016, and renewed on 11 August 2022 after a request for review from Euroalliages. Anti-dumping measures are usually imposed for five years, but interested parties may ask for an interim review provided that there is sufficient evidence of changed circumstances. Interim reviews usually concern the level of duty in force, but can also extend to injury, scope and form of measures. Whether an interim review can be requested remains open at the time being, the PCC representative said. The renewed political plea comes as PCC is the first silicon producer to receive ISCC Carbon Footprint Certification, confirming a footprint of 3,102.56kg CO2 equivalent (CO2e) per t of silicon metal — as produced in the reference period from 1 July 2022 to 30 June 2023. This is compared with a global industry average of 10,900kg CO2e/t of silicon metal, according to PCC, and the company estimates that Chinese manufacturers are operating far above this number. "The material produced so efficiently in environmental terms by PCC in Iceland is rarely measured by customers in Europe against criteria such as sustainability or climate protection, but still only against price," PCC SE chief executive Peter Wenzel said. By Samuel Wood Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
