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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Thailand to extend BEV production commitment deadline
Thailand to extend BEV production commitment deadline
Singapore, 4 December (Argus) — Thailand's National Electric Vehicle Policy Board has approved an extension for battery electric vehicle (BEV) producers, which were supposed to fulfil their production commitment this year, according to the country's Board of Investment (BOI). BEV manufacturers received subsidies under the country's first phase of EV promotion measures — also called the EV 3.0 measures — and were supposed to produce one BEV this year for every vehicle they imported between 2022-23. The ratio will rise to 1½ BEV in 2025 for every imported vehicle. The unfulfilled portion of the production commitment will now roll over and manufacturers are required to instead follow the conditions under its second phase of EV promotion measures , the EV 3.5 measures. The portion that was not completed will not receive subsidies under either package, said BOI on 4 December. Subsidies under the EV 3.5 measures will "come into force" after those production commitments have been fulfilled. About 26 car manufacturers have applied to the incentive schemes, according to BOI. Thailand's Federation of Thai Industries (FTI) cut the country's 2024 auto output estimation twice this year. The estimation was cut from 1.9mn units to 1.7mn units in July, and once more to 1.5mn units in November. Thailand's total vehicle output in January-October came in at nearly 1.25mn units, down by 19pc compared to the same period a year earlier, according to FTI. October's vehicle output fell by 25pc on the year to 118,800 units, domestic sales dropped by 36pc to about 37,700 units and exports were down by 20pc to around 84,300 units. The country has produced 8,026 units of battery passenger cars, 159,176 units of hybrid passenger cars and 5,067 units of plug-in hybrid passenger cars over January-October, according to FTI. Cumulative registrations of battery passenger cars reached 213,173 units as of end-October, while that of hybrid passenger cars reached 455,364 units. The National Electric Vehicle Policy Board in July approved a temporary reduction of excise tax rate for hybrid EVs from 2028-32 on the conditions of car manufacturers investing in Thailand and adhering to strict vehicle CO2 emission requirements, which it said is expected to bring in around 50bn baht ($1.4bn) of new investments. Excise tax rates of between 6-9pc were set depending on HEVs' CO2 emission requirements. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan’s Al imports rebound in October
Japan’s Al imports rebound in October
Shanghai, 29 November (Argus) — Japanese aluminium imports hit a peak for the year in October as buyers began restocking after a few months of inactivity. Imports of primary aluminium in October increased by 41.8pc from September and 20pc from the previous year, totalling 103,989t. This brought the total imports from January to October to 870,942t, marking a 0.6pc decrease compared with the same period last year, data from the Japanese finance ministry shows. India surpassed other major suppliers in October to become the largest supplier for the first time. Japanese buyers maintained low price expectations, pushing many suppliers to redirect their allocation to other markets owing to tight supply. Production of domestic aluminium goods in October decreased by 1.1pc year on year to 149,884t, according to the Japan Aluminium Association. Domestic shipments of aluminium products increased slightly by 1.1pc year on year to 151,077t, marking the first rise in three months. The car production and construction sectors remained quiet. Japan's domestic automobile production in October was largely stable year on year, but the number of new housing projects decreased by 0.6pc to 68,548 units in September, according to the latest industrial data. Japan's imports of secondary aluminium alloy ingots (ADC12) also hit a one-year high in October, increasing by 37.2pc year on year and reaching 110,680t, data from the finance ministry show. Japan's aluminium imports t Oct-24 Sep-24 ± % Jan-Oct 2024 Jan-Oct 2023 ± % India 22,897 1,466 1,461.6 93,753 68,942 36.0 Australia 22,830 21,997 3.8 235,745 245,798 -4.1 Brazil 14,895 11,302 31.8 142,514 137,261 3.8 UAE 10,481 5,973 75.5 93,544 76,189 22.8 New Zealand 7,983 8,497 -6.0 88,547 93,991 -5.8 South Africa 5,756 7,984 -27.9 63,314 56,827 11.4 Saudi Arabia 3,543 3,257 8.8 30,726 31,612 -2.8 Malaysia 3,199 5,807 -44.9 34,438 38,443 -10.4 Bahrain 2,207 878 151.3 15,645 30,463 -48.6 Russia 503 139 260.9 22,343 70,591 -68.3 Others 9,695 6,027 60.8 50,374 25,852 94.9 Total 103,989 73,327 41.8 870,942 875,969 -0.6 Source: Ministry of Finance Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Tharisa’s profits up on higher chrome production
Tharisa’s profits up on higher chrome production
London, 28 November (Argus) — South African platinum group metals (PGM) and chrome producer Tharisa's full-year 2024 profits rose as revenue from higher chrome production offset low PGM prices, the company announced in its annual results today. The company reported an operating profit of $119.6mn for the financial year. The increase of 26.3pc compared with 2023 was attributed to higher chrome prices that offset lower PGM prices and sales volumes. Chrome ore production contributed 68pc of Tharisa's revenue for the year. Specialty chemicals group Johnson Matthey priced platinum at $945/troy ounce (toz) today, down by 7pc since the start of the year. Palladium prices also fell, down by 14pc since the beginning of 2024 at $998/toz today. In Tharisa's October production report , the company said that chrome concentrate production over the 2024 financial year ending on 30 September was the highest in company history at 1.7mn t, up by 8pc from 2023. Tharisa produced 145,100oz PGM (6E), a 0.3pc increase from the previous financial year. The company is proceeding with plans to expand the Tharisa mine underground, with design, technical and feasibility studies expected to be finalised in the second quarter of 2025. The development is expected to extend the lifespan of the mine by 40 years. Tharisa also said it is continuing development of the Karo Platinum Project mine, although the challenging PGM price landscape led the company to slow the project timeline. By Ellanee Kruck Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Ambatovy to complete debt restructuring by Dec
Ambatovy to complete debt restructuring by Dec
London, 28 November (Argus) — Madagascan nickel project Ambatovy — one of the world's main sources of nickel briquette — has had a debt restructuring plan accepted by a British court, according to an announcement made today by Japanese nickel mining and trading group Sumitomo Corporation. The group expects to complete the restructuring in early December, it said, adding that it was considering all options for Ambatovy in lieu of the low nickel price environment as well as its social obligations. Production at Ambatovy was suspended in early October following damage to a slurry pipeline used to transport ore from its mine to its refinery. Operations resumed under close monitoring at the end of October, but future production plans are under review owing to the plant's high costs of production that are set against a sharp drop in nickel prices this year. In the six months to 30 September, Ambatovy experienced a nickel price drop of 19pc on a year-on-year basis to $7.87/lb, driving a decline in nickel output of 16pc to 16,000t. Benchmark nickel prices on the London Metal Exchange are currently hovering around $16,000/t, at least $10,000/t below Ambatovy's costs of production, traders surveyed by Argus said. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
