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IDB to finance R1.4bn for Sao Paulo's EV fleet

  • : Battery materials, Electricity, Metals
  • 25/05/14

The Interamerican Development Bank (IDB) will provide R1.4bn ($250mn) in financing for Brazil's Sao Paulo city to further expand its electric vehicle (EV) bus fleet.

Sao Paulo has 527 electric buses and forecasts more 2,200 clean fuel buses by 2028, the government said. The city has a total fleet of 12,000 buses.

In April, the Bank of China approved $100mn for Sao Paulo to buy more electric buses. But the city did not disclose how many buses it would buy.

Sao Paulo also received R2.55bn from Brazil's development bank Bndes to buy 1,387 electric buses in December.


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25/06/20

Pakistan loses EU GSP+ ethanol status

Pakistan loses EU GSP+ ethanol status

London, 20 June (Argus) — The European Commission today suspended Pakistan's Generalised Scheme of Preferences Plus (GSP+) status for imports of ethanol. The removal is effective from today, 20 June. A request was lodged in May last year by France, Germany, Spain, Italy, Hungary and Poland, who sought to activate Article 30 of the GSP Regulation, arguing that ethanol coming from Pakistan since 2022 has "caused a serious disturbance to the Union ethanol market". Under Article 30, the commission can "adopt an implementing act in order to suspend the preferential arrangement in respect of the products concerned". Pakistan was granted GSP+ status in 2014, and this expired at the end of 2023. The status was temporarily extended until 2027. The GSP+ grants reduced-tariff or tariff-free access to the EU for vulnerable low- and lower- to middle-income countries that, according to the EU, "implement 27 international conventions related to human rights, labour rights, protection of the environment and good governance". It fully removes custom duties on two-thirds of the bloc's tariff lines in Pakistan's case, including ethanol. Pakistan is a major supplier of industrial-grade ethanol to Europe, but it does not export fuel-grade ethanol. According to market participants, this is because production facilities in the country lack sustainability certifications such as the International Sustainability and Carbon Certification (ISCC) that are required for biofuels to qualify under the EU Renewable Energy Directive (RED) targets. Fuel-grade ethanol was not included in the bloc's measures. Several Pakistani market participants were hopeful the GSP+ status will remain in place, which has continued to support ethanol exports from the country to the EU ( see table ). But uncertainty has weighed on demand from Europe recently, suppliers said. A participant told Argus that Pakistani sellers may look to offer more into Africa to soften the drop in demand. Some European suppliers anticipated this outcome, and have already stopped importing from Pakistan. European renewable ethanol association ePure expressed concern about the decision to exclude fuel ethanol from the scope of the measures, noting this could open the door to unintended loopholes and weaken the overall effect of the safeguard efforts. By Evelina Lungu and Deborah Sun European ethanol imports from Pakistan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Eur Cu scrap prices rise on cathode supply squeeze


25/06/20
25/06/20

Eur Cu scrap prices rise on cathode supply squeeze

London, 20 June (Argus) — Millberry copper scrap is trading at the same level in Europe as the London Metal Exchange (LME) copper cash price, as buyers turn to high-grade scrap to replace the limited availability of cathodes that were pre-emptively shipped to the US to avoid potential tariffs under US president Donald Trump. The Argus weekly assessment for Millberry (bare bright) rose to 99.5-100pc of the LME cash price on 17 June, from 98-99.5pc on 9 June. Europe #1 (Berry/Candy) was last assessed at 97.75-98.75pc of the LME cash price and Europe #2 (Birch/Cliff) was at 91-93pc. Millberry is a suitable substitute for copper cathode owing to its high copper content of around 99.95pc, while even Berry/Candy with slightly lower copper content, is also a viable alternative. Birch/Cliff scrap, a more mixed grade, requires more processing and yields lower copper output, but is still being evaluated by some buyers because of limited cathode availability. The price convergence is being driven by copper cathode shortages in Europe after exporters began shifting large volumes of the metal into the US earlier in the year owing to concerns that Trump will impose heavy import duties on the metal. Trump officially ordered a section 232 investigation on 25 February into whether copper imports threaten US national security, encompassing all forms of copper, including raw mined copper, copper concentrate, refined copper, copper alloys, scrap and derivative products. Section 232 is the same basis on which the US applied 25pc tariffs on steel and aluminium imports, which it raised to 50pc at the start of the month. Fears that copper could face similar measures spurred exporters to ship material to the US, rapidly draining European and Asian LME warehouses of cathodes. The shift in market behaviour caused LME on-warrant copper stocks to plummet by over 78pc from the start of the year to 54,400t today. Copper prices on the US Comex exchange have surged on the drive to shift metal into US warehouses, pushing the arbitrage between LME and Comex benchmarks to record highs. The arbitrage between Comex spot-month copper and LME cash prices was $868.95/t in favour of Comex on 18 June, down from a peak of $1,862.13/t on 26 March but still easily strong enough to make sellers of Comex-deliverable cathode likely to choose the US option. "Cathode premiums are going up in Europe mainly because of the arbitrage rather than demand, which is not particularly strong," a trader told Argus , referencing that premiums in Europe are at record highs because of critical supply shortages for immediate delivery. The Argus assessment of the delivered Germany copper cathode premium to the LME cash price rose to $270-290/t on 17 June, up by 56pc since mid-March. Offers for cathode were heard at premiums as high as $300/t delivered Germany this week, demonstrating that the shortage is likely to continue to push premiums higher. Sources expect cathode premiums to remain elevated until the Section 232 investigation is officially concluded in late November 2025, which means demand for high-grade scrap will be sustained in the near term. "Because of the lack of cathodes, I have people I haven't heard from in five years come to me asking for scrap," a trader noted, referencing that the current tightness in the cathode market is supporting a higher demand for high-grade copper scrap. Several market participants said they would not be surprised if copper scrap temporarily begins trading at a premium to the LME price in Europe given the scarcity of cathodes. By Roxana Lazar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

French Bugey nuclear cuts likely from 25 June: EdF


25/06/19
25/06/19

French Bugey nuclear cuts likely from 25 June: EdF

London, 19 June (Argus) — High temperatures on the River Rhone are "likely" to drive production cuts from nuclear plants along the river, especially Bugey, according to French utility EdF. The potential cuts will be reviewed on 24 June, and a specific publication will detail the cuts if they are confirmed, EdF said. France is about to see a combination of a heatwave and dry spell, with daily highs in Grenoble forecast to remain mostly above 30°C until the beginning of July. The combination of heat and a lack of rain in the Alps has increased the chance of hotter water and lower flows on the Rhone, which could have a knock-on effect on France's nuclear fleet. Eight of the country's 57 reactors discharge their cooling water directly into the river, and environmental regulations limit the temperature at which they can do this, meaning if the river's flow is low and temperatures high, the units can be forced to reduce output. Flows out of Lake Geneva — where the Rhone leaves Switzerland and enters France — have remained at 239-328 m³/s since 2 June. Earlier in the month this was within the 25th to 50th percentile of historical values, but is now slightly below the 25th percentile, as flows typically increase in June to peak at the end of the month and into July. The low outflows are reflective of low inflows, as the lake's level is regulated by the Seujet dam at the lake's exit to the Rhone, which keeps its level about 1m all year. The lake's level typically falls in the first quarter and rises in the second to a peak in June and July, and the level has been creeping up over June in line with the historical trend. The outflow's average temperature of 20.9°C on Wednesday was between the 75th and 95th percentile for the date. A convention between France and Switzerland guarantees that the flow of the Rhone upstream of Bugey, the first nuclear plant on the river, is to remain above 150 m³/s, with the potential for release of water from the Emosson reservoir in Switzerland to the Arve River to achieve this. In recent days, flows at Bugey — combining outflows from Lake Geneva and tributaries of the Rhone, which have brought more than 100 m³/s — have been well above this minimum. And thermal limits for Bugey are set at a maximum temperature downstream of the plant of 26°C and a maximum temperature difference between upstream and downstream of 5°C. If grid operator RTE determines that the plant is necessary to maintain supply, this maximum limit can increase to 27°C, but with only a 1°C temperature difference allowed. Only two of Bugey's four units discharge their cooling water directly into the Rhone, with the other two using cooling towers, which sharply reduce their thermal impact on the river, and so the extent to which the regulations affect them. If water flows were at their minimum of 150 m³/s, and at a temperature of 21°C upstream of the plant, this stream would have the capacity to carry 3.14GW of waste heat away from the plant before hitting the regulatory limit of 5°C of temperature difference and 26°C maximum temperature downstream. This is less than the roughly 3.8GW of waste heat generated by Bugey 2 and 3 operating at full power, including their thermal power of 5.6GW less their electrical power of 1.8GW. Bugey 4 and 5 contribute a small amount of extra waste heat downstream, as their cooling towers do not completely eliminate waste heat. Both units have had to stop at moments in the past two years because of heat-related constraints. In the last period when Bugey was constrained, in mid-August, flows leaving Lake Geneva were significantly hotter than now, roughly 24-26°C. At that point, output from Bugey 2 was reduced to zero, before a sharp fall in water temperature to roughly 20°C by 18 August allowed constraints to be lifted. But air temperatures in the region are forecast to remain elevated for the next two weeks, which will boost water temperatures over time. Daily highs in Sion, Switzerland, are seen at 3-4°C above the norm through to the beginning of July. Temperatures and flows at reactors further downstream which do not possess cooling towers — 2.6GW Saint Alban and 3.6GW Tricastin — are affected by other flows on tributaries to the Rhone, which cool the river down and increase its volume after passing Bugey. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Recent deep-sea and short-sea cfr Turkey scrap deals


25/06/19
25/06/19

Recent deep-sea and short-sea cfr Turkey scrap deals

London, 19 June (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 18-Jun 35,000 339.50 (80:20) July Marmara Baltics/Scan HMS 1/2 80:20, bonus N 17-Jun 27,000 340 (80:20) July Izmir Baltics/Scan HMS 1/2 80:20, shred, bonus Y 13-Jun 25,000 339 (80:20) July Samsun Baltics/Scan HMS 1/2 80:20 Y 11-Jun 40,000 336.50 (80:20) July Marmara Russia HMS 1/2 80:20, shred, bonus Y 2-Jun 35,000 336.50 (80:20) July Izmir UK HMS 1/2 80:20, shred, bonus N 2-Jun 25,000 332 (75:25) July Izmir Cont. Europe HMS 1/2 75:25 N 2-Jun 40,000 340.50 (80:20) July Marmara Baltics/Scan HMS 1/2 80:20, shred, bonus Y Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 20-May 3,000 328 (80:20) May Marmara Cont. Europe HMS 1/2 80:20 Y Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

ArcelorMittal halts DRI-EAF projects in the EU


25/06/19
25/06/19

ArcelorMittal halts DRI-EAF projects in the EU

London, 19 June (Argus) — Luxembourg-based steelmaker ArcelorMittal said it will not proceed with previously announced direct-reduced iron (DRI) and electric arc furnace (EAF) decarbonisation projects at Bremen and Eisenhuttenstadt in Germany, citing the unfavourable policy and market environment. The company initially planned to supply DRI from Bremen to the EAF in Eisenhuttenstadt after their construction. But in November last year, the company said it was unable to take final investment decisions on building the DRI-EAF assets in the EU because of challenging energy, policy and market environments that were not moving in a favourable direction. ArcelorMittal this week announced that it will carry out repair works on blast furnace 5A at its Eisenhuttenstadt site next week until 28 June, similar to the repairs last year. The blast furnace has capacity of 2.5mn t/yr. The company has urged the EU to accelerate enforcement of the carbon border adjustment mechanism (CBAM), strengthen trade protections and implement the EU Metals Action Plan to restore the competitiveness of low-emissions steel. In May, ArcelorMittal confirmed its intention to invest €1.2bn in a new EAF at its Dunkirk site in France. Market participants suggest the company was delaying its DRI investments in Ghent, Belgium, and Dunkirk, but the steelmaker has yet to comment. The French government in 2023 approved an €850mn grant to ArcelorMittal to decarbonise its Dunkirk asset. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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