Quarterly rare earths update - April 2024
Ellie Saklatvala, Senior Editor — Nonferrous Metals, provides a bitesize overview of the key price movements that happened in Q1 and how supply and demand fundamentals are shaping up as we move through Q2.
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Greenland’s resources face extraction hurdles
Greenland’s resources face extraction hurdles
Houston, 16 January (Argus) — Greenland's natural resources have returned to the fore since US president Donald Trump renewed his interest in acquiring the Danish autonomous territory, but the island's rare earths (REEs) and "critical minerals" will likely remain mostly commercially untapped amid extraction challenges and a lack of commercial viability without significant government financing. Trump recently denied that rare earths and "critical minerals" are a major motive in the push to acquire the territory, stating, "we need Greenland for national security, not minerals". Still, members of his administration have previously noted some interest in its resources, including US ambassador to the UN and former national security advisor Mike Waltz, who told Fox News in a January 2025 interview that "this is about critical minerals" in addition to national security when asked about US interest in Greenland. Geopolitical tensions grow Trump's chief policy advisor, Stephen Miller, last week told CNN that the "formal position" of the US government is that it should control Greenland "to protect and defend Nato and Nato interests". The notion was opposed by Europe, causing leaders of six European nations to put their names to a 6 January statement , with Denmark defending the sovereignty of Greenland in the face of US threats. In the following days, Trump said the US aims to acquire Greenland "whether they like it or not", claiming that if the US does not acquire the territory "Russia or China will take over Greenland". US, Danish and Greenlandic officials met in Washington on 14 January, but talks ultimately ended without agreement . "It's clear that the [US] president has this wish of conquering Greenland," Danish foreign minister Lars Lokke Rasmussen told reporters after the meeting. The meeting left both sides "with a fundamental disagreement" about Greenland's future, and "we didn't manage to change the American position", Rasmussen said. Trump's push for the US' acquisition of Greenland now involves tariff threats against countries opposing the move, saying, "I may put a tariff on countries if they don't go along with Greenland, because we need Greenland for national security", during remarks on Friday at an event dedicated to improving healthcare in US rural areas. Known resources and extraction challenges Greenland holds significant reserves of REEs and other "critical minerals", many of which serve essential — and sometimes non-substitutable — roles in various applications across many sectors, including defense, energy and automotive, among many others. The territory holds an estimated 36.1mn metric tonnes (t) of light and heavy rare earths, though only 1.5mn t of resources are proven, according to the Geological Survey of Denmark and Greenland (GEUS) and the US Geological Survey (USGS), respectively. Greenland holds the eighth-largest proven REE resources in the world, according to the USGS, but, Greenland does not actively produce any rare earths. In addition to rare earths, Greenland is also home to a "high" resource potential of molybdenum, graphite, hafnium, niobium, platinum group metals, tantalum and titanium, among others, according to estimates from GEUS. The island holds significant reserves of uranium, though its government banned mining of that element in 2021. Despite the resource quantities, few companies participate in Greenland's mining industry as difficult geological and geographical factors, harsh weather and limited existing infrastructure imply high operational costs, according to GEUS. A few rare earths and "critical minerals" projects are in exploratory phases however, and have received significant interest in government funding to propel production. Current projects US-based Critical Metals owns the Tanbreez project in southern Greenland, which holds an estimated 27pc of global heavy rare earths, according to the company, but the project has yet to achieve commercial production. The company has signed several offtake agreements within the last year, including with REalloys , Ucore Rare Metals and Saudi firm Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company. As of Thursday, all of the project's rare earths concentrate production is now slated for offtake under long-term contract agreements, according to Critical Metals. Critical Metals received a letter of interest for $120mn from the US Export-Import Bank for its Tanbreez rare earths project in June, covering studies, pre-production and initial mining. Canadian firm Greenland Resources' was granted a 30-year exploitation permit for molybdenum and magnesium for its Malmberg project in east Greenland in June, but has yet to start commercial production. The company has signed long-term supply agreements from the project with Finland-based stainless steel producer Outokumpu , German metal supplier Hempel Metallurgical and Italian specialty steel manufacturer Cogne Acciai Speciali within the last year. Greenland Resources also has significant funding interest from European government agencies. The European Union said in December it will help fund the molybdenum project , noting the project could quickly deliver on the EU's needs for molybdenum for the defense sector. The project also received support from the European Raw Materials Association in 2022. By Reagan Patrowicz Estimated Contained Resources in Greenland metric tonnes (t) Element Resource Estimates (2023) Antimony 3,780 Chromium 560,000 Copper 108,000 Gallium 152,000 Graphite 6,000,000 Hafnium 108,000 Lithium 235,000 Molybdenum 324,000 Niobium 5,900,000 Platinum Group Metals 576 Rare Earth Elements 36,100,000 Silicon 2,800,000 Tantalum 916,000 Titanium 12,100,000 Tungsten 26,200 Vanadium 179,000 Zirconium 57,100,000 List not indicative of all resources. Totals summed by GEUS from resource estimations of known individual deposits in Greenland. Source: Geological Survey of Denmark and Greenland (GEUS) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India revises EV incentives to focus on performance
India revises EV incentives to focus on performance
Mumbai, 15 January (Argus) — India has revised its policy for the electric vehicle sector as it enters a more mature phase of EV transition and focuses on efficiency and cost control. From 13 January only those EVs that meet performance and efficiency requirements will qualify for incentives. The change marks a shift from volume-driven subsidies toward performance-based incentives. The requirements include a minimum 80km driving range, a top speed of 40 km/h, regenerative braking systems and standardised energy-consumption testing. Under this change, the production-linked incentive (PLI) auto scheme has been aligned with the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-drive) scheme. The PM e-drive scheme offers immediate discounts on two- and three-wheel vehicles and provides financial incentives for establishing EV charging stations. The government has allocated 20bn rupees ($237.7mn) to support companies installing fast charging stations for two- and three-wheelers. The PM e-drive scheme runs until March 2028, but subsidies for electric two- and three-wheelers will stop in March 2026. Support for electric buses, trucks, ambulances, along with charging stations and testing centres, will continue through the scheme because encouraging widespread adoption is still difficult and requires significant investment. Strong EV sales in in 2025 supported this shift in policy, with over 2.3mn units sold during the year from around 2.02mn in 2024. Around 8pc of the total number of new vehicles including two-, three- and four-wheelers were registered in 2025, government data show. Sales of electric two- and three-wheelers and buses are rising quickly in major cities, showing rapid growth in public transport electrification. This adoption level has strengthened the government's confidence that the sector can sustain growth even with more demanding quality and efficiency requirements for EV manufacturing. On the manufacturing side, the PLI scheme facilitated the production of 1.39mn EVs, comprising 1.04mn electric two-wheelers, 238,385 electric three-wheelers, 79,540 electric four-wheelers, and 1,391 electric buses as of end 2025. The scheme was approved in September 2021 and will run until March 2028 with a budget of Rs259.38bn. Although some car part manufacturers may face higher expenses due to upgrades required by the new standards, the majority of vehicle producers are expected to gain advantage from the policy change. The industry is also gradually aligning with the government's localisation objectives, progress in domestic value-addition certification shows. The tightening of EV norms reflects growing confidence in India's electric mobility ecosystem and a clear policy intent to prioritise quality, efficiency and self-reliance. The changes are expected to support a more sustainable and resilient EV market aligned with India's long-term goals of achieving 50pc EV penetration by 2030 and net-zero emissions by 2070. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Weather disrupts Australian copper, coal logistics
Weather disrupts Australian copper, coal logistics
Sydney, 15 January (Argus) — Australian coal and copper producers have continued to face weather-related challenges in Queensland, including transport closures in the mineral-rich state. Road and rail disruptions have limited global producer Glencore's ability to supply copper concentrate to its smelter for multiple days. These disruptions are ongoing, a spokesperson told Argus today. Parts of the Mount Isa rail line — which supports Glencore and other metal and fertilizer producers — remain closed because of weeks of rainfall, Australian rail operator Queensland Rail said on 14 January. The operator is meeting regularly with freight operators to support load management, it added. Queensland Rail is unable to confirm a timeline for the resumption of operations at the Mount Isa line, Queensland Rail's head of regional Scott Cornish said. Glencore is also facing disruptions at its Hails Creek and Collinsville mixed thermal and coking coal mines, and its Clermont thermal coal mine. Australian producer Pembroke Resources is also facing weather-related disruptions. The firm declared force majeure on some coal shipments on 15 January because recent weather events have stopped it from mining, according to market sources. Australian coal producers M Resources and Stanmore and Swiss-based AMCI also declared force majeure on Queensland shipments earlier this week because of supply chain disruptions. Some Queensland coal operators have been less impacted by the wet weather. The BHP Mitsubishi Alliance's mines in the state are operating and it has wet weather plans in place, a BHP spokesperson told Argus on 15 January. The Central Queensland Coal Network — which links coal mines in the state to export ports — is also open and operational with some minor isolated restrictions in place, Australian rail operator Aurizon told Argus . Argus ' metallurgical coal premium hard low-volatile fob Australia price has increased over the past week because of the weather events in Queensland. It was last assessed at $232.95/t on 14 January, up from $218.75/t on 7 January. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US shredder feed rises on supply, zorba
US shredder feed rises on supply, zorba
Pittsburgh, 14 January (Argus) — Shredder feed buying prices across the US have neared at least a 10-month high as seasonally slower inbound flows, firm shred demand, small gains in export markets and a rally in non-ferrous scrap export prices have driven shredders to raise buying prices. Major bulk exporters on both the east and the west coasts, as well as inland domestic shredders, have raised feed prices over the last few weeks and paid premiums for large-tonnage and remote volumes in some areas because of stiff regional competition and near-term highs in zorba prices. Moderate gains in the US domestic January scrap trade and wintry weather have increased competition for the grade, while gradual gains in the export markets have also begun to lift prices. Coastal exporters attempted to maintain stable buying prices through the year-end amid relatively stable export demand, but in recent weeks most buyers have hiked prices. Average east coast shredder feed prices across Albany, Boston, New York and Philadelphia on Wednesday rose to $225/gt delivered export yard, the highest level since April. Average west coast shredder feed prices across Los Angeles, San Francisco and Seattle/Portland increased to $195/gt, the highest since September 2024. Inland shredders also hiked prices early this month in response to gains January domestic ferrous scrap settlements. Some mill-owned shredders have increased infeed prices at higher rate than the domestic shred trends, highlighting supply pressures and creating some pockets of heightened regional competition for shredder feedstock. Light iron retail scale prices across five major US regions assessed by Argus — Ohio Valley, Texas, Midwest, northeast and southeast — also rose to the highest levels since late-April. Average light iron scale prices across these regions ranged between $150-220/gt in the latest assessment on 9 January, at least a 10-month high for most regions. Since December, domestic shredded scrap prices have increased by $47/gt, resulting in US domestic steel mills paying higher prices for shred than offshore buyers for the first time since late September. National average shred price for January rose to $408/gt ($401/metric tonne) delivered mill, while the Argus daily cfr Turkey shred ferrous scrap price assessment rose to $400/gt ($394/t) on Wednesday. The run-up in shredded aluminum products like zorba has allowed shredders to tap into higher revenue streams from various nonferrous downstream items, which has likely helped to increase shredder feed prices higher so far this month. Robust demand from Asia and higher intrinsic values tied to gains in London Metal Exchange aluminum and copper prices have driven zorba prices to multi-year highs in Argus ' price history dating back August 2018. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.