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North EU HRC futures firming on CME
North EU HRC futures firming on CME
London, 7 January (Argus) — CME north EU hot-rolled coil (HRC) futures prices continued to increase today, shrugging off the quiet pervading the physical market. Two second-quarter strips traded at €676/t ($790/t) during the morning session and there was appetite for more sales, derivatives participants said. The last bid for second-quarter HRC during morning trading came in at €676/t. March material traded at €663/t and €665/t. A January-April spread traded at -€33/t, reflecting expectations of firmer pricing going forward because of supply constraints. On screen, April HRC traded at up to €680/t, higher by €7/t from the previous day's settlement, before slipping back to €674/t. May and June prices both increased by €13/t to €686/t. March supply was offered at a €25/t discount to the fourth quarter, indicating a price of around €690/t for later in the year, a trader said. This offer would put the EU fourth-quarter contract at almost parity with the US fourth-quarter HRC contract on the CME, based on yesterday's settlement of around $888/short ton, equating to around $805/t. No sale had occurred from this offer by 11:55 GMT and appetite was expected to be limited, sources said. More momentum is anticipated in the near term. Today's price strength may be a result of a rally in Chinese coking coal futures prices on the Dalian Commodity Exchange today, some sources said. Others said strength was likely driven by firmer sentiment in the EU steel market on the back of impending supply constraints. Strength could be because import supplies are now restricted as the Indian and Turkish first-quarter HRC imports quotas are fully exhausted and almost 80pc exhausted, respectively, and because of the different risk-reward paradigm presented by the CBAM, one source said. Quayside supplies of material that cleared customs in the fourth quarter and in this quarter so far are sufficient to prevent domestic prices increasing too much, some physical buyers said. Offers for positional Indian cargoes came in at €620/t effective inclusive of CBAM, a buyer said. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Nickel prices hit 15-month high on robust sentiment
Nickel prices hit 15-month high on robust sentiment
Beijing, 7 January (Argus) — Nickel prices on trading exchange platforms hit new highs on 6 January, bolstered by robust sentiment on the back of macroeconomic developments and potential changes to Indonesia's mining plans. The London Metal Exchange (LME) nickel prices hit $18,045/t on 6 January, up by 7pc from a day earlier and exceeding $18,000/t for the first time in 15 months. Prices started to climb from $14,430/t on 17 December 2025, surging by 20pc on 6 January in just 12 trading days. Shanghai Futures Exchange (SHFE) nickel prices hit their 8pc daily limit on 6 January as well. Nickel prices have been driven by rising copper prices. Copper prices surged above $13,000/t to hit a new high because financial investors were concerned over tight global availability of copper refined metal stemming from the US' capture of Venezuelan president Nicolas Maduro . The metals sector could continue on an uptrend if geopolitical tensions escalate further, driven by risk-averse sentiment. End-user demand is not the major driver for the nickel price surge, but the increase in nickel prices have boosted prices of nickel downstream products. Argus -assessed prices for stainless steel 304 2.0mm cold-rolled coil rose to 13,400-13,500 yuan/t ($1,914-1,929/t) on 7 January from Yn12,800-12,900/t ($1,829-1,843/t) on 18 December 2025. Demand strengthened slightly because end-users were concerned about further increases in stainless steel prices. A major Chinese stainless steel mill raised its ex-works prices by Yn100/t on 23 December 2025 and by Yn300/t on 5 January, reflecting a rise in production costs due to higher nickel prices. Most market participants expect the nickel price outlook in 2026 to be steady from 2025 because they do not anticipate significant changes in supply and demand fundamentals. The average nickel price was $15,349/t in 2025, down from $17,049/t in 2024 because of an increase in market supply, according to Argus data. But price upsides are possible this year, since major producer Indonesia may introduce policies that could reduce supply or increase production costs. Indonesia could also cut its nickel ore work plan and budget (RKAB) to 250mn t in 2026 from around 379mn t in 2025, market participants said. This potential cut comes despite expectations that Indonesian nickel ore consumption will increase to around 330mn wet metric tonnes (wmt) in 2026, up by 11pc from 2025, Argus' estimates show. Indonesia's trade ministry on 17 December also issued a ministerial regulation on procedures for setting the export benchmark price (HPE) and reference price (HR) for mining and metallic products. This has renewed market discussions that Indonesia may again explore the possibility of such tariffs, putting upward pressure on nickel prices. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Asia energy storage to accelerate in 2026
Viewpoint: Asia energy storage to accelerate in 2026
Singapore, 7 January (Argus) — Stronger government signals and new industry initiatives to support energy storage systems (ESS) in Asia-Pacific are set to accelerate deployments, creating ripple effects across the battery and lithium market in 2026 as participants eye a new growth engine. ESS deployment remains uneven across Asia-Pacific. China accounts for 88pc of the region's 85GW capacity in 2024, according to industry group Energy Institute. The remainder is concentrated mainly in Australia and South Korea. These countries aim to scale up ESS buildout further. China is targeting 180GW of capacity by 2027, while South Korea plans to reach 2.22GW capacity by 2029. Australia has committed A$500mn ($337.75mn) to expanding local battery manufacturing. Other Asian nations are also picking up pace. Vietnam is targeting up to 16.3GW of ESS by 2030, while Malaysia launched its first 400MW auction this year. Governments are increasingly supporting integrated renewables and battery projects. India and the Philippines awarded such projects this year; Australia is auctioning dispatchable clean power contracts , and Malaysia intends to do this year, according to lawmakers. "In Asia-Pacific, while spot markets exist in some jurisdictions, most markets still lack mature price signals and ancillary service frameworks needed for merchant energy storage investment," nonprofit EnergyTag's Asia Pacific head Shailesh Telang told Argus . ESS deployment is still primarily backed by tenders, subsidies, regulated tariffs, or state-supported procurement, Telang noted. "Over time, market forces can take over, but today policy remains the primary driver," he said. Industry initiatives could further support growth. Regional advocacy group Fessia launched in September and will initially focus on smoothing policy for ESS deployment and bankability in Vietnam and the Philippines. Corporate standard-setter Greenhouse Gas Protocol is also consulting on switching from annual to hourly matching of clean power purchases . The requirement could spur demand for nighttime clean energy — and, in turn, batteries. But the clause is hotly debated and could feature leeway for smaller industries and emerging economies. Meanwhile, the South Korean government's first ESS central contract market auction in 2025 drew intense interest, selecting eight operators out of 51 proposals for 563MW of ESS capacity — largely concentrated on the mainland. A second auction round followed later. South Korea's ESS momentum, driven by its 2029 capacity target, aligns with domestic battery makers' pivot from electric vehicles. Top battery maker LG Energy Solution's (LGES) plans to produce lithium-iron-phosphate (LFP) ESS batteries domestically, citing the domestic energy ecosystem, starting with 1GWh. South Korean battery makers' ESS focus will likely intensify as the US EV market slows. Leading firms such as Samsung SDI, LGES, and SK On have all redirected resources to tap the ESS market, particularly in the US, given the data centre and renewable energy build-out. Their once EV-dedicated lines are increasingly repurposed to produce ESS as EV market uncertainty lingers. LFP reality sets in Chinese-dominated LFP chemistry continues to see surging adoption in South Korea , which has firmly stepped into the space and closed multiple LFP ESS supply deals in 2025. But China's dominant position in LFP still appears immovable, thanks partly to the scale of its domestic ESS and EV markets. The Chinese government is on track to more than double its new energy storage capacity to 180GW by the end of 2027 from 2024, it said in an action plan . Strong growth persists among Chinese domestic energy storage firms such as Eve Energy, Cornex, Envision, Great Power Energy and Technology, and Hithium, commented a Chinese battery recycler — though the sector remains overshadowed by industry giant CATL. Anticipation of robust ESS growth in China for 2026 — where Argus heard estimates between 30-100pc across multiple analysts and market participants — reflects varying degrees of optimism. Yet, one consensus stands out among market participants: ESS growth is confirmed and is dominating lithium market discussions near the end of 2025, supporting lithium prices and injecting fresh hope for market expansion. By Joseph Ho and Liang Lei Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Gladstone coal exports rise in December
Australia's Gladstone coal exports rise in December
Sydney, 7 January (Argus) — Australian producers shipped 6.6mn t of mostly coking coal out of Gladstone port in December, up by 15pc on the year, because of increased shipments to China and Japan. Coal exports out of Gladstone may decline in January. US–Australian producer Coronado halted underground mining operations at its Curragh coal complex in early January, following a fatal mine roof collapse. Underground operations at the site will remain suspended until further notice, a spokesperson for operator Mammoth Underground told Argus on 7 January. Chinese steelmakers bought 1.2mn t of Gladstone coal in December, up by 11pc on the year. Beijing's municipal government took steps to support the city's housing market in December. This could increase demand for Australian coking coal, a steelmaking input, because Chinese developers are major steel buyers. Exports from Gladstone to Japan rose by 21pc on the year in December, to 2mn t. Japanese steelmakers previously cut their purchases of Gladstone coal every month over August–November 2025. The country's steel demand is expected to remain flat on the year in April 2026–March 2027 , December forecasts from the Japan Iron and Steel Federation show. Australian coking coal prices are expected to fall to $140/t on a fob Australia basis by the end of 2026, according to Treasury forecasts released on 17 December. Argus ' metallurgical coal premium hard low-volatile fob Australia price was last assessed at $218.55/t on 6 January, up from $200.20/t on 6 January 2025. Producers in Queensland — Australia's main coking coal-production region — are expected to export 208mn t of royalty-eligible coal in the July 2025-June 2026 financial year, the state government said on 15 December. By Avinash Govind Gladstone coal exports mn t Dec '25 Nov '25 Dec '24 y-o-y ± % Jan-Dec '25 Jan-Dec '24 YTD ± % Japan 2 1.3 1.6 21 18 20 -9.5 China 1.2 1 1.1 11 8.3 13 -35 India 1 1.4 1 6.2 13 11 11 South Korea 1 1 0.9 10 13 9 39 Vietnam 0.5 0.2 0.4 13 4.8 2.6 82 Total* 6.6 5.9 5.7 15 66 66 0.7 *Total includes other locations not listed — Gladstone Ports (GPC) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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