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India's critical minerals push faces funding gap: IEEFA
India's critical minerals push faces funding gap: IEEFA
Mumbai, 12 May (Argus) — India's plan to build a domestic critical minerals supply chain risks being slowed by financing bottlenecks, policy execution delays and continued dependence on imported raw materials, according to a report released today by think-tank the Institute for Energy Economics and Financial Analysis (IEEFA). India imports 100pc of the lithium, cobalt and nickel used in clean energy manufacturing, with demand expected to rise as the country targets 30pc electric vehicle penetration by 2030 and raise installed solar capacity to 230GW and wind capacity to 140GW, the report said. Investment appetite remains weak because critical minerals projects involve high upfront costs, volatile prices and long development timelines. Mining projects can take 10-15 years to move from exploration to commercial production, creating prolonged periods of uncertainty for investors. India launched its National Critical Mineral Mission (NCMM) in January 2025 with an outlay of 343bn rupees ($3.7bn) over seven years, targeting 1,200 exploration projects and auctioning more than 100 critical mineral blocks by 2030-31. But the programme focuses largely on regulatory support and lacks direct capital expenditure backing for large-scale mining, refining and processing projects, IEEFA said. India has also widened its critical minerals focus beyond energy transition materials. In January, the government classified coking coal as a critical and strategic mineral as part of efforts to reduce import dependence and support steel sector expansion. India aims to raise crude steel production capacity to 300mn t/yr by 2030 and 500mn t/yr by 2047, while the coal ministry's ‘Mission Coking Coal' targets domestic output of 140mn t/yr by 2030 from 66.49mn t/yr in fiscal year 2025-26, provisional data from the ministry show. The scale of these targets is likely to require significant long-term funding across mining, processing and related infrastructure. India identified 5.9mn t of inferred lithium resources in Jammu and Kashmir as of 2023, data from the Ministry of Mines show. The country also holds 13.15mn t of monazite deposits, containing an estimated 7.23mn t of rare earth oxides. In February, the Geological Survey of India identified 482.6mn t of rare earth ore resources through exploration projects. The report also stated that India's midstream refining sector faces pressure from Chinese overcapacity, which continues to suppress margins globally. China accounts for around 60-70pc of global refining and processing capacity for key minerals such as lithium, nickel and cobalt, and about 90pc of rare earth refining. China also controls about 51.7pc of global rare earth reserves, according to the report. The International Energy Agency estimates that global mining and refining would need $915bn in fresh investment between 2026-35 under its Announced Pledges Scenario, it stated in a report in October last year, highlighting the scale of additional investment needed to meet projected demand. India is also pursuing bilateral partnerships with Australia, Argentina, Peru, Chile, Zimbabwe, Mozambique, Malawi and Côte d'Ivoire to secure access to critical minerals, while state-backed Khanij Bidesh India is seeking overseas lithium and cobalt assets. By Keertiman Upadhyay and Romil Sethi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU steel prices sustained by trade measures: Assofermet
EU steel prices sustained by trade measures: Assofermet
London, 8 May (Argus) — EU mills are sustaining steel prices through trade barriers rather than stronger demand, Italian steel association Assofermet said on Friday. Weak demand from European manufacturing end users continued in April as geopolitical tensions, US tariffs and uncertainty around the EU's Carbon Border Adjustment Mechanism weighed on sentiment. Buyers continued to limit purchases to what they needed to cover existing orders, with no appetite for restocking, the association said. Assofermet also flagged concern ahead of the revised EU safeguard measures due to enter force on 1 July, which will reduce available import quotas by 47pc and double duties on volumes exceeding quarterly quotas. The association said increasingly constrained imports are making it harder to source certain steel grades within the EU market. The group also backed stricter "Made in EU" procurement rules, similar to European steel association Eurofer , which warned about defining European steel based on where material is melted and poured to prevent imported substrate processed in the EU from qualifying as European-origin steel. Italian steel distributors reported lower sales volumes and prices in April compared with the same month last year, with long steel and flat steel products both under pressure. The automotive and heavy engineering sectors continued to be affected by US tariff policies and uncertainty surrounding potential measures on European cars. Assofermet expects the market to remain cautious at least until the implementation of the revised EU safeguard measures and the 1 August deadline for EU-US trade negotiations. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil's April pig iron exports down, scrap up
Brazil's April pig iron exports down, scrap up
Sao Paulo, 8 May (Argus) — Brazil's pig iron exports dropped in April, largely because trade with the US stalled over tariff uncertainty and a major domestic holiday in February. Brazilian pig iron producers exported around 267,155 metric tonnes (t) of pig iron in April, down by 27pc from approximately 367,165t in the same period last year. The decrease is mostly owed to market dynamics from February, as pig iron shipments usually have a two-month lag from the date in which the sale was executed to when the cargo is loaded and marked as exported, meaning April shipments were generally booked in February. A combination of factors led to the decline, including lower US demand, a major holiday in Brazil and tariff uncertainty. Some US buyers stepped out of the market in the first two weeks of February as they were sufficiently stocked at the time because of a series of purchases made in December and January. After that, Brazil-based sellers slowed exports because of Carnaval, the largest holiday in Brazil's calendar year with around five consecutive days off. In 2025 the same holiday instead stretched mostly into March. In late February, just days after Carnaval, US president Donald Trump announced that he was mulling a 5 percentage-point increase to his 10pc blanket levy, making sellers hesitant to execute sales before the policy became clearer — again slowing sales. The US accounted for 97pc of all Brazil's pig iron exports in April. There were no shipments to Europe in the period. Ferrous scrap Brazil's April ferrous scrap exports marginally increased from a year before. Brazilian scrapyards exported almost 58,810t in April, a 9pc increase from the same period last year. India and Bangladesh received over 85pc of all exports from Brazil, with Indian buyers purchasing nearly 66pc of all volumes. The remaining shipments were scattered among 17 other countries. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Recent deep-sea and short-sea cfr Turkey scrap deals
Recent deep-sea and short-sea cfr Turkey scrap deals
London, 8 May (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 5-May 40,000 408 (80:20) June Samsun Cont.Europe HMS 1/2 80:20, shred, bonus Y 5-May 40,000 411 (80:20) June Izmir Scandinavia HMS 1/2 80:20, shred, bonus Y 30-Apr 40,000 415.50 (85:15) June Iskenderun USA HMS 1/2 80:20, shred, bonus Y 30-Apr 40,000 402 (80:20) May Iskenderun Cont.Europe HMS 1/2 80:20, shred, bonus N 29-Apr 37,000 406 (80:20) May Marmara Baltics HMS 1/2 80:20, shred, bonus N 28-Apr 40,000 402 (80:20) June Marmara Baltics HMS 1/2 80:20, shred, bonus N 27-Apr 40,000 410 (80:20) May Marmara Scandinavia 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 27-Apr 3,000 391 (90:10) April Turkey Moldova HMS 1/2 90:10 Y 27-Apr 3,000 390 (80:20) April Turkey Greece HMS 1/2 80:20 Y Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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