Li, Co output may rise 500pc by 2050: World Bank

Market: Metals
15/05/20

Production of graphite, lithium and cobalt may need to rise by nearly 500pc by 2050 from 2018 levels to meet demand from energy storage technologies in the clean energy transition, the World Bank said.

But these minor metals, which a new World Bank report terms concentrated minerals, are needed for just one or two technologies and so possess higher demand uncertainty, given technological disruption and deployment could significantly impact their demand.

Graphite, lithium and cobalt are primarily used in energy storage technologies such as lithium-ion batteries, with battery storage accounting for all graphite and lithium demand in the report, Minerals for Climate Action: The Mineral Intensity of the Clean Energy Transition.

Graphite, which is the anode material used in lithium-ion batteries, is likely to account for nearly 53.8pc of total demand from energy storage technologies up to 2050. Graphite production would need to rise to 4.5mn t/yr by 2050 to meet demand, or a combined 68mn t over the period, up from 2018 production levels of 930,000 t/yr, according to the report.

Nickel, which is needed for cathode production in NMC (nickel-manganese-cobalt) and NCA (nickel-cobalt-aluminium) batteries, accounts for the second-highest demand level at 18.6pc. Cobalt and lithium are expected to account for 6.2pc and 4pc, respectively, of total demand up to 2050.

Around 644,000 t/yr of cobalt needs to be produced to meet demand by 2050, up from 2018 production levels of 140,000 t/yr. And lithium output needs to rise to 415,000 t/yr from 85,000 t/yr in the same comparison, according to the report.

Minerals of the future

By comparison, cross-cutting minerals such as copper, chromium and molybdenum are used in a wide range of clean energy generation and storage technologies and have stable demand, as their use does not depend on any specific clean energy technology.

Molybdenum and copper are used in at least eight clean energy generation and storage technologies, so even if technological improvements and cost reductions, and the deployment of new technologies, were to occur, these would have little impact on the metals' overall demand, according to the report.

For copper, the highest share of demand comes from solar photovoltaic (PV) and wind, which together account for 74.2pc of all copper demand. Solar PV will also account for the majority of aluminium demand from clean energy technologies at 87pc, while wind and geothermal will account for most zinc and titanium demand at 98pc and 64pc, respectively.

"Demand for some base metals such as aluminium and copper appears to be smaller in percentage terms [compared with lithium, cobalt and graphite], but their absolute production figures are significant at 103mn t and 29mn t by 2050, respectively," the report said.

Hitting the low-carbon target

The report estimates more than 3bn t of minerals will be needed to deploy energy storage, solar PV, wind and geothermal technologies to reach a 1.5-2°C future. "A low-carbon future will be very mineral intensive because clean energy technologies need more materials than fossil-fuel-based electricity generation technologies," it said.

It echoes expectations by the European Commission that moves towards low-carbon economies will drastically increase demand for metals used in renewable energy technologies.

By Reena Nathan

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22/04/25

South Korea's LGES exits Indonesia's $8.4bn EV project

Singapore, 22 April (Argus) — Top South Korean battery firm LG Energy Solution (LGES) has pulled out of Indonesia's Grand Package project, which is supposed to be an integrated electric vehicle (EV) battery project worth 142 trillion Indonesia rupiah ($8.4bn). "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia [Grand Package] GP project," LGES told Argus on 22 April. The mega project was in the making since 2019. It involves an LG consortium that consists of multiple South Korean firms including LGES, LG Chem, LX International and Posco Future M, major Chinese cobalt refiner and nickel-cobalt-manganese precursor producer Huayou, Indonesian state-controlled mining firm Aneka Tambang (Antam) as well as consortium Indonesia Battery. Original plans included building a $1.1bn battery cell plant and were supposed to be followed by a smelter, precursor and cathode plant as well as "mining cooperation" with Antam. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centering on the Indonesia battery joint venture, HLI Green Power," the firm added. The HLI Green Power is LGES' 10 GWh/yr Indonesian battery production joint venture with South Korean conglomerate Hyundai Motor, which started mass production last April. LGES earlier this year also invested in Chinese battery cathode maker Lopal Tech's lithium iron phosphate plant in Indonesia . LGES last year said it plans to reduce its dependence on the EV battery business and has signed multiple energy storage system battery supply deals so far this year, including with Taiwanese electronics manufacturing firm Delta Electronics and Polish state-controlled utility PGE . By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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India imposes 12pc safeguard duty on flat steel imports

22/04/25

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22/04/25

India imposes 12pc safeguard duty on flat steel imports

Mumbai, 22 April (Argus) — The Indian government has imposed a 12pc provisional duty on certain flat steel imports for 200 days to shield the domestic steel industry. The duty, applicable from 21 April, was implemented following a recommendation by the Directorate General of Trade Remedies in March. It covers products under HS codes 7208, 7209, 7210, 7211, 7212, 7225 and 7226, the ministry of finance said in a notification. As recommended by the DGTR, the duty is only applicable if the import price is below a certain threshold, which is different for each product. For hot-rolled coils (HRC), the safeguard duty will not be applicable if the product is imported at or above $675/t cif, while the threshold is set at $824/t cif for cold-rolled coils. Domestic Indian steelmakers in 2024 sought protection from lower-priced imports from China and other Asian suppliers, which pushed local HRC prices to multi-year lows last year. The DGTR subsequently launched a safeguard investigation in December 2024. HRC prices rebounded last month, partly because of rumors and speculation around potential safeguard measures, and received a further boost following the duty proposal on 18 March. The Argus weekly Indian domestic HRC assessment for 2.5-4mm material reached over an eight-month high of 52,100 rupees/t ($612/t) ex-Mumbai, excluding goods and services tax, on 4 April, increasing by 9pc compared to the end of February. Sentiment shifted over the last few weeks because of escalating US-China trade tensions, with the assessment falling to Rs51,000/t on 17 April as restocking interest cooled. Surging imports pose a threat to the domestic industry and there is a need to implement provisional safeguard measures immediately, the DGTR said in its recommendations. India remained a net importer of finished steel in the April 2024-March 2025 fiscal year, with inflows increasing by 15pc on the year to 9.5mn t, according to ministry data. China has been a major supplier, owing to its weak domestic market, while imports from countries which India has a free-trade agreement with — such as South Korea and Japan — have also risen. South Korea was the top supplier to India during April 2024-February 2025, and accounted for 30pc of its total finished steel imports. Among developing countries, only China and Vietnam will be subject to safeguard duties. "Unchecked imports — especially from countries with significant excess capacity — threaten domestic manufacturing, employment, and future investments," said Indian producer Tata Steel's chief executive T.V. Narendran. "This decision will help restore fair competition, ensure the industry's long-term sustainability, and support India's vision of a self-reliant and globally competitive steel sector," Narendran added. The trade market reaction to the safeguard duty implementation was mixed, with some saying mills could take a cautious approach as buyers have been resisting latest price hikes, while others said steelmakers were likely to hike prices immediately. Indian steel mills increased prices by about Rs4,000/t following rumors around safeguards and the duty proposal, and now a further uptrend in prices is expected, an international steel trader said. A local steel distributor said steel mills would definitely raise prices, but in May instead of this month. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Alcoa expects to incur $90mn 2Q hit from tariffs

21/04/25

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21/04/25

Alcoa expects to incur $90mn 2Q hit from tariffs

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Canada grants tariff relief to automakers

17/04/25

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17/04/25

Canada grants tariff relief to automakers

Pittsburgh, 17 April (Argus) — The Canadian government will allow automakers to circumvent retaliatory tariffs to continue importing US-assembled vehicles if the companies keep making cars in Canada. Canada began taxing imports of US-made vehicles and parts on 9 April at a 25pc rate in response to a similar tariff the US had implemented. Canada's tariff on vehicle imports from the US will not apply to car companies that keep their Canadian plants running, the country's finance minister said this week. The measure attempts to prevent closures of auto plants and layoffs in the Canadian automotive sector that the US tariffs threaten to cause. Automaker Stellantis paused production at its Windsor, Ontario, assembly plant in early April to evaluate the US tariff on vehicle imports. The plant will re-open on 22 April, Stellantis said. General Motors also plans to reduce production of its electric delivery fan at its Ingersoll, Ontario plant. The slowdown will result in layoffs of 500 workers, the Unifor union said. The automotive industry in the US, Canada and Mexico has struggled to adapt its supply chains to the new tariffs because the US, Canada Mexico free trade agreement (USMCA) and its predecessor helped establish an interconnected North American auto sector. In another measure, companies in Canada will get a six-month reprieve from tariffs on imports from the US used in manufacturing, food and beverage packaging. The six-month relief also applies to items Canada imports from the US used in the health care, public safety and national security sectors. "We're giving Canadian companies and entities more time to adjust their supply chains and become less dependent on US suppliers," finance minister Francois-Philippe Champagne said in a statement. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Risks rising for possible recession in Mexico: Analysts

17/04/25

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17/04/25

Risks rising for possible recession in Mexico: Analysts

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