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Japan car output edges up in August on overseas demand

  • : Metals
  • 25/09/30

Japan's car output edged up on the year in August partly supported by higher demand from overseas markets.

Japan produced 510,000 units of automobiles in August, up by 1pc on the year, according to data compiled by Argus based on reporting by eight major domestic car manufacturers.

A Japanese car maker, whose main export destinations are the US, Canada and Australia, raised output of cars targeted for sales in the overseas markets, Japan's trade and industry ministry (Meti) said on 30 September.

The country's largest car maker Toyota exported 41,342 units of passenger vehicles to the US in August, up by 12pc on the year, the company said. This is the eighth consecutive month of year-on-year growth, Toyota said.

Japan and the US reached a trade agreement in late July, under which the US imposes a 15pc tariff on car imports from Japan. This has been reduced from the previous rate of 27.5pc.

But the impact of this agreement on Japan's car output is yet to be assessed, a Meti official said. The new 15pc tariff came into effect in September after US president Donald Trump gave his final approval by signing an executive order.

By Kohei Yamamoto

Japan's car production (units)*
Aug '25Aug '24± %, Aug'25/Aug'24
Toyota207,990185,68012.0
Daihatsu56,56949,58314.1
Mazda48,90346,8654.3
Subaru28,85237,058-22.1
Honda44,58650,431-11.6
Suzuki71,12171,979-1.2
Mitsubishi25,62830,023-14.6
Nissan29,82436,760-18.9
Total513,473508,3791.0
Source: Japanese car makers
* Excludes commercial vehicles

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25/12/11

EU may crank up coal and steel research funds in 2027

EU may crank up coal and steel research funds in 2027

London, 11 December (Argus) — The European Commission could fund a much larger share of research in the coal and steel industry from 2027, according to a staff working document published yesterday. The EU Research Fund for Coal and Steel (RFCS) would fund 70pc of corporate research and 100pc of academic research into green initiatives if the EU moves forth with the proposal. It currently funds 50pc of both corporate and academic research projects, but has struggled to attract participants or meet its spending targets, noting that the "underspending of the project is rooted in a lack of attractiveness of certain aspects of the programme". RFCS spent 57pc of its €43mn ($50mn) budget for large coal projects and only 31pc of its €208mn budget for steel research from 2021 to 2024. Brussels, troubled by a lack of applications, consulted companies and academics this year and found that its spending requirements were the largest barrier. Most were unable or unwilling to fund 50pc of large research projects themselves. RFCS has supported a number of groups hoping to repurpose old coal mines for clean energy. GreenJOBS and Mine-TO-H2, two funding recipients, both plan on making green hydrogen from mine water, while GrEnMine received pilot funding worth €3.5mn to research new ways to store gravitational energy in abandoned mines. Others, such as REM and GI-mine, are working on new methods to capture methane from coal mines. In the steel sector, RFCS has awarded funds to hydrogen power projects such as ProSynteg and HYDREAMS and research groups such as BIOCODE, which hopes to replace up to 10pc of the coal in coke ovens with biomass. The EU dissolved the European Coal and Steel Community (ECSC) — an agency tasked with making a common European steel market, which eventually led to the creation of the EU — in 2002. The EU used revenues from ECSC assets to launch and fund the RFCS in the same year, and boosted the programme in 2021 by tapping into the assets themselves. By Austin Barnes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

ArcelorMittal to raise ferro-alloys surcharge on coil

25/12/11
25/12/11

ArcelorMittal to raise ferro-alloys surcharge on coil

London, 11 December (Argus) — Leading European steelmaker ArcelorMittal is increasing its ferro-alloy surcharge on flat carbon steel in response to cost rises since the imposition of a new safeguard on the materials. The increases vary depending on product, with bulk commodity volumes likely to see an uptick of just a few euros, while 10-15pc of the company's orderbook could see an additional surcharge of around €10/t. Speciality grades could see even steeper increases, up to €20-50/t for some products. Ferro-alloy prices have risen across the board since the imposition of a tariff-rate quota by the European Commission. Silicomanganese, with a manganese content of 65pc, increased by €175/t between 20 November and 9 December to a midpoint of €1,140/t, according to Argus assessments; over the same period ferro-silicon, with 75pc silicon content, jumped by €317.50/t to €1,525/t, while ferro-manganese increased by €167.50/t to a midpoint of €1,140/t. Some ferro-alloys, such as ferro-manganese, will also be in scope of CBAM, increasing the cost of importing further. Interestingly, some higher-gauge coil products have very steep default values compared with more commoditised grades. For grain-oriented silicon-electrical steel, for example, the default CBAM value is much higher for every country than their respective values for more commoditised steels. Japan, for example, has a default value for HS722511 and HS22611 grain-oriented electrical steel of over 5t, compared with just 2.31t for 7208 products; South Korea has a default value of over 5.85t for both of these products, compared with 2.33t for 7208 products. China, which accounts for most grain-oriented imports, has a default value on these products of almost 9t, compared with 3.82 for 7208 products. The high default value for steel using silicon appears to tie into particularly strong measures the EU is taking to protect its heavily pressured ferro-silicon industry from lower cost, more carbon intensive overseas competition. Under the safeguard measures implemented by the EU last month, ferro-silicon received the most extreme level of support, with its out of quota minimum price threshold set at €2,408/t cif Europe, more than double the spot market price prior to the safeguard's introduction. By Colin Richardson and Ronan Murphy Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

China's CATL to raise $1.4bn to fund battery projects

25/12/11
25/12/11

China's CATL to raise $1.4bn to fund battery projects

Beijing, 11 December (Argus) — China's largest battery manufacturer CATL plans to raise up to 10bn yuan ($1.4bn) by issuing five-year bonds, the company said on 10 December. It aims to support project construction and to replenish working capital through the fundraising, said the company. More details, including which projects will be funded, were undisclosed. CATL is the world's largest battery manufacturer, with its power battery installations accounting for 38pc of the global market during January-October, industry data show. It is building several large-sized production projects in China, including the 100 GWh/yr plant in Jining in north China's Shandong province, and a 40 GWh/yr plant in Shandong's Dongying city, as well as a 80 GWh/yr project in Xiamen of Fujian province. The company has also expanded its production outside China. It began constructing a lithium iron phosphate (LFP) battery plant in Spain's Aragon region on 26 November. It also operates a 14 GWh/yr plant in Germany, and is building a 100 GWh/yr plant in Hungary set to start operations in early 2026. A 15 GWh/yr plant in Indonesia is expected to begin production in 2027. CATL's battery installations rose to 210.67GWh in the first three quarters of this year, a year-on-year increase of 33.6pc. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed cuts target rate by quarter point: Update

25/12/10
25/12/10

US Fed cuts target rate by quarter point: Update

Houston, 10 December (Argus) — US Federal Reserve policymakers cut their target interest rate today by a quarter point, the third reduction of the year, as they focus on shoring up a weakening labor market that they see as a greater threat to the economy than stubbornly elevated inflation. The Fed's Federal Open Market Committee (FOMC) on Wednesday cut the federal funds rate by 0.25pc to 3.5-3.75pc, following quarter point cuts in September and October. In their economic projections, Fed policymakers and governors penciled in a single quarter-point rate cut in 2026 with a similar cut the following year. Median projections forecast the unemployment rate falling to 4.4pc by the end of 2026 from 4.5pc at the end of 2025, with inflation falling to 2.4pc at the end of next year from 2.9pc estimated for the end of 2025. They forecast gross domestic product growth of 2.3pc by the end of next year, up from 1.7pc forecast for the end of 2025. "Near-term risks to inflation are tilted to the upside, and risks to employment to the downside, a challenging situation," Fed chair Jerome Powell told reporters after the meeting. Still, he said, with the target rate now seen to be near "neutral" — meaning monetary policy is neither stimulating nor limiting the economy — "we are well positioned to wait to see how the economy evolves". The Fed is largely operating in an information desert because the 43-day partial federal government shutdown halted the flow of most government economic data, including the vital labor market and inflation reports that are the mainstay of the Fed's dual mandate to maintain maximum employment and stable prices. The latest employment report — September data that was released on 20 November — showed better than expected job growth of 119,000, but that followed initially reported growth of just 22,000 in August and similarly slow growth rates going back to April. Powell said he expected revisions to the labor data to show even slower hiring in recent months. Before the Fed's rate announcement, the CME's FedWatch tool on Tuesday showed an 89.6pc probability of a quarter-point cut, up from 66.9pc odds a month earlier, amid concerns about a slowdown in hiring. Prior to the first rate cut of this year in September, the FOMC had held the target rate unchanged at five meetings this year. Three rate cuts late last year cumulatively cut the rate by 1 percentage point from a near two-decade high, an effort to bring down post-Covid inflation that topped out at 9.1pc in mid-2022. Powell has come under attack from President Donald Trump, who frequently derides him for allegedly being slow to cut rates. He threatened to fire Powell, whose term in office ends next May, and has assigned treasury secretary Scott Bessent the task of interviewing candidates, including current and former Fed officials and governors and economists, to replace Powell. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed cuts target rate by quarter point

25/12/10
25/12/10

US Fed cuts target rate by quarter point

Houston, 10 December (Argus) — US Federal Reserve policymakers cut their target interest rate today by a quarter point, the third reduction of the year, as they focused on shoring up a weakening labor market as a greater threat to the economy than stubbornly elevated inflation. The Fed's Federal Open Market Committee (FOMC) on Wednesday cut the federal funds rate to 3.5-3.75pc, following quarter point cuts in September and October. In their economic projections, Fed policymakers and governors penciled in one quarter point rate cut in 2026. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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