Generic Hero BannerGeneric Hero Banner
Latest market news

Flooding closes upper Mississippi locks

  • Market: Agriculture, Biofuels, Chemicals, Coal, Fertilizers, Freight, Metals, Oil products, Petrochemicals
  • 08/07/24

High water levels in the Mississippi River have caused all lock and dams to close between Bellevue, Iowa, and Gladstone, Illinois, according to the US Army Corps of Engineers (Corps).

Lock and Dams (L&D) 12-18 are closed as of 8 July, the Corps said. Water levels have reached the top of L&D 12 in Bellevue and L&D 11 in Dubuque, according to the National Weather Service.

The outflow at L&D 16 was at 255,000 cubic feet per second (cfs) as of 8 July, about 68pc more than the average of 80,000cfs this time of year, the Corps said.

It will be another two weeks until L&D 20 reopens, but L&Ds 11-15 could reopen as early as this weekend, the Corps said.

About 15 inches of rain fell in Dubuque over the past week, bringing the expected forecast up to 22.1ft, according to the National Oceanic and Atmospheric Administration. Flooding at Dubuque and other locations along the river are expected to drop from major to moderate levels this week.

L&D 19 reopened on 8 July as it fellow flood stage at 16ft, the Corps said. L&Ds 19, 21, and 22 are expected to remain open. The river widens around the locks, allowing for a greater outflow at higher water levels.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
14/01/25

Colonial shuts Line 1 due to Georgia spill: Update

Colonial shuts Line 1 due to Georgia spill: Update

Houston, 14 January (Argus) — Colonial Pipeline's main gasoline bearing line may be closed for more than a day as the company responds to a gasoline spill in Georgia detected on Tuesday. "Colonial has taken Line 1 out of service temporarily while we respond to a potential product release," the company said in a notice. "Normal operations continue on the remainder of the system." The spill occurred in Paulding County, Georgia, about 25 miles southwest of Marietta, Georgia. The company said it had crews on site responding to the incident. The company did not provide information on when the line would restart. Market sources said leak was small but it could take up to two days to resume operations. Line 1 has capacity to carry up to 1.3mn b/d of gasoline from Houston, Texas, to Greensboro, North Carolina. Cash prices for US Gulf coast 87 conventional gasoline in the Gulf coast ended Tuesday's session down by 3.19¢/USG at $2.115/USG, reversing gains from the previous session's 14-week high that was driven by higher blending demand. Liquidity fell during Tuesday's trading session with uncertainty over the length of the pipeline shut-down. The pipeline leak did not affect line space trading on Tuesday, which had already been falling. Values saw their sixth session of losses, shedding 0.25¢/USG day-over-day. A trade was reported at -1.5¢/USG, prior to the notice of the pipeline shut down, with no further trades reported for the remainder of the session. By Hannah Borai Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Australia's Jan-Nov tallow exports hit record high


14/01/25
News
14/01/25

Australia's Jan-Nov tallow exports hit record high

Sydney, 14 January (Argus) — Australian tallow exports during January-November 2024 reached the highest on record, surpassing the previous record for exports in the whole of 2023. Australia exported 517,364t of tallow in the first 11 months of 2024, surpassing the 504,409t of tallow in 2023, according to the latest data from the Australian Bureau of Statistics (ABS) accessed through Global Trade Tracker (GTT) (see graph) . The record export number was the result of a larger cattle herd, high slaughter rates and favourable weather conditions, while growing demand from the biofuels sector has also helped boost exports. Domestic cattle slaughter rates stood at 2.24mn head in July-September, the highest since the same period in 2015, because of processors' concerted effort to increase capacity. Australia's beef production hit a record high in July-September at 690,694t, according to ABS data. Over 90pc of Australian tallow was exported to either Singapore or the US in the first 11 months of the year, with each country receiving 53.2pc and 37.6pc respectively, according to GTT data. Market participants have indicated Australian tallow trade flows may swing towards the US this year because of the newly released guidance on the 45Z tax credit in the country. Prices for lower carbon intensity feedstocks like tallow increased following the new guidance, while imported used cooking oil will not qualify for the tax credit. By Tom Woodlock Australian tallow exports (t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Cliffs still seeks US Steel, pledges no closures


13/01/25
News
13/01/25

Cliffs still seeks US Steel, pledges no closures

Houston, 13 January (Argus) — Cleveland-Cliffs chief executive Lourenco Goncalves said today that he remains open to buying US Steel, promising to keep all of the acquired assets open. Goncalves said Ohio-based Cliffs still wants to buy Pennsylvania-based US Steel and would invest in the company's assets. "Of course, we are going to keep [US Steel mills] open," Goncalves told reporters on Monday. "We are going to make them bigger, we are going to make them better, we are going to produce more." His comments come 10 days after President Joe Biden blocked Japan-based Nippon Steel's agreement to buy US Steel for $15bn, citing national security concerns. Nippon had committed to invest $1.3bn in US Steel's mills and to not cut any of US Steel's production for 10 years without government approval. Cliffs tried to buy US Steel for $54/share with half paid in cash and half in company stock before US Steel agreed to go with Nippon's $55/share all-cash offer. Goncalves promise to not close any acquired assets comes as the US steel market remains oversupplied , according to market sources. Goncalves said he cannot make a bid for US Steel until the company and Nippon cancel their merger agreement. He also dismissed antitrust concerns over Cliffs owning all US iron ore mines and all US blast furnace capacity. A combined company would have Cliffs running the mining side of the business and US Steel running the steelmaking operations, he said. A US Steel-Cliffs merger would have 32.1mn short tons (st)/yr of flat rolled raw steel capacity, in addition to plate making and seamless tube production. Goncalves did not say how he would finance such a purchase. Cliffs had $3.8bn in liquidity as of 30 September, including $39mn of cash, according to a third-quarter presentation. US Steel had $4.05bn in liquidity in the same period, of which $1.77bn was cash. Nippon is trying to buy US Steel. Both companies have sued Biden and others in the government over the denial, and filed a separate lawsuit against Cliffs, Goncalves and United Steelworkers (USW) International president David McCall, who endorsed a takeover by Cliffs. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Mexico’s industrial output up 0.1pc in November


13/01/25
News
13/01/25

Mexico’s industrial output up 0.1pc in November

Mexico City, 13 January (Argus) — Mexico's industrial production edged up 0.1pc in November, as gains in autos and other manufacturing offset weaker construction, national statistics agency Inegi said. Mexican bank Banorte described the monthly increase as "rather small," noting it followed a 1.1pc decline in October and was largely driven by base comparison effects. The bank added that the overall industrial outlook remained "fragile." Manufacturing, which represents 63pc of Inegi's seasonally adjusted industrial activity indicator (IMAI), increased by 0.7pc in November, though it failed to fully recover from a 1.7pc drop in October. Transportation manufacturing, a key subsector accounting for 12pc of the sector, rose by 3.8pc after a steep 4.3pc decline the prior month. Despite recent volatility, Mexico's auto sector achieved record annual light vehicle production in 2024, reaching 3.99mn units. Yet, automaker association AMIA warned of potential challenges in 2025 because of economic uncertainty, which could affect investment and demand. Mining, which makes up 12pc of the IMAI, increased by 0.1pc in November following a 1.1pc decline in October. Growth was driven by a 41.4pc jump in mining-related services, while oil and gas output fell by 2.4pc, marking a fifth consecutive monthly decline for hydrocarbons. Construction, representing 19pc of the IMAI, contracted by 1.8pc in November after modest gains of 0.2pc in October and 1.1pc in September. As industry eyes potential policy shifts under US president-elect Donald Trump, Banorte projected a weak start to 2025 for Mexico's industrial output. But it expects momentum to build as government spending on priority infrastructure projects "moves more decisively." By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Lithium prices unlikely to recover in 2025


13/01/25
News
13/01/25

Lithium prices unlikely to recover in 2025

London, 13 January (Argus) — Prices for lithium carbonate equivalent (LCE) are unlikely to recover this year, according to market participants, owing to high inventories and Chinese overcapacity. While the vast majority of firms have either suspended or trimmed production at costs above Argus -assessed prices (see graph) , a number of other factors have weighed on price rises, including redundant Chinese lithium refining capacity, inventories of low and mid-grade concentrate and end-of-life LFP batteries. Chinese lepidolite, African low-grade ores and Brazilian tailings are "not immune" to low prices, according to supply chain consultantcy SC Insights. Prices are currently far below highs of $80,000/t in late 2022, although not at record lows by historical standards. "We have put our lithium plant in Zimbabwe on ice for now, margins are just too tight," a southern Africa-based producer said. The market could start to recover in the second half of 2026 as carmakers turn increasingly towards lower-cost lithium iron phosphate (LFP) batteries, SC Insights said. Between 2025 and 2026, major carmakers will start "socialising the intensions of using more LFP and LFMP [lithium iron manganese phosphate]", with it especially vital that LFMP producers "react early and offer a cost-competitive solution in CAM/LIB [cathode active material/lithium-ion battery] spaces". SC Insights forecasts that global annual LCE production will tip over 2.5mn t of LCE by 2030 (see graph) , from just over 1mn t last year, based on the adoption of these newer battery chemistries. Buildout of this supply will depend, SC Insights said, on the proposed restriction of CAM/LIB technology by China. The buildout of Argentinian lithium production could be a key factor in 2025, according to SC Insights, after global mining giant Rio Tinto announced last October that it would buy Arcadium Lithium. Argentinian president Javier Milei and Rio Tinto held a meeting in December 2024 and although it is unclear what the results of that meeting were, the relationship between Rio Tinto and the Argentinian government could be important for the lithium market this year. Argentina holds the third-largest reserves of lithium at 3.6mn t behind Chile and Australia, and the second-largest pool of resources at 23mn t, behind Bolivia, according to the US Geological Survey in January. By Chris Welch Cost of production, lithium carbonate equivalent (LCE) Lithium carbonate equivalent (LCE) production t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more