Quarterly rare earths update - April 2024
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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Steel Dynamics expects scrap to firm in Feb
Steel Dynamics expects scrap to firm in Feb
Pittsburgh, 23 January (Argus) — Metals recycler and steelmaker Steel Dynamics projected ferrous scrap prices to rise slightly in February because of a cold snap restricting scrap flows across the US. The Indiana-based electric arc furnace steelmaker faced slimmer metals margins in the fourth quarter because steel prices fell further than scrap, Steel Dynamics (SDI) reported in its earnings today. SDI's average steel selling price fell by $79/short ton (st) to $1,011/st in the fourth quarter of 2024 compared with a year earlier. Its scrap cost fell by $23/st to $370/st, resulting in a slimmer margin during last year's unfavorable steel market conditions. Prime scrap prices rose by $22/gross ton on average in early January, further eating into flat steel makers' margins , though hot-rolled coil prices rose this week by $20/st to $690/st ex-works US Midwest. SDI's recycling arm OmniSource shipped 1.42mn gt of ferrous scrap in the fourth quarter, up by 4pc from a year earlier. Nonferrous scrap shipments fell by 3pc to 226mn lbs in the quarter. The company did not give concrete guidance on shipments in the first quarter but noted that it expected shipments this year to surpass 2024 in all sectors. SDI reported a $207mn profit in the fourth quarter, down from $424mn in that period a year earlier. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Elkem launches review into silicones division
Elkem launches review into silicones division
London, 23 January (Argus) — Norwegian ferro-alloy and silicon producer Elkem has launched a review of its silicones division with the target of streamlining the business in a challenging market environment, and to reallocate capital to its silicon products and carbon solutions divisions. Elkem is an integrated producer in the silicones industry, ranging from silicon metal to upstream siloxane to downstream silicone specialities, but overcapacities in China and weak consumer markets present a challenging environment in which to operate. Elkem operates nine silicone production sites across Europe, Asia, the US and Brazil with key sites in France and China. The company invested 4.4bn Norwegian kroner ($390mn) across it Chinese and French operations to raise overall capacity by 140,000 t/yr in 2024. The improvements in China were completed in May last year, while the project in France was scheduled for completion in the fourth quarter. The silicones division reported earnings before interest, taxes, depreciation and amortisation of NKr145mn in January-September 2024, rising from a loss of NKr672mn in 2023. The recovery was attributed to operational efficiencies and utilisation, higher volumes and the ramp-up of new capacity. Elkem has appointed Norwegian bank ABG Sundal Collier to advise. Details on the timeline of the review were not disclosed. Elkem is due to report fourth-quarter results on 12 February. By Samuel Wood Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
MP Materials commences NdPr, NdFeB production
MP Materials commences NdPr, NdFeB production
Houston, 22 January (Argus) — US rare earth magnet producer MP Materials began commercial production of neodymium-praseodymium (NdPr) and trial production of neodymium-iron-boron (NdFeB) at its Independence facility in Fort Worth, Texas. MP expects to produce approximately 1,000 metric tonnes (t)/yr of NdFeB magnets at the facility with a gradual production increase beginning in late 2025. MP will deliver finished magnets to General Motors and other manufacturers. In 2020, China accounted for about 90pc of related metal refining and 92pc of global NdFeB magnet and magnet alloy manufacturing. US consumption of NdFeB magnets is forecast to more than double to 37,000t in 2030 from 16,100t in 2020 and more than quadruple to 68,600t in 2050, according to a Department of Energy study from 2022. By Cole Sullivan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Zambian copper production rises 12pc in 2024
Zambian copper production rises 12pc in 2024
London, 22 January (Argus) — Total copper production in Zambia rose in 2024 as production resumed at key mines, Zambian mines and minerals minister Paul Kabuswe said today. Copper output reached 820,676t in 2024, up by 12pc compared with 2023. Zambia aims to produce 3mn t/yr of copper by 2031. Production increased despite a drought that limited hydroelectric energy supplies to the mining sector at the end of 2024. The growth was driven by resumed operations at the Mopani underground copper mine, after International Resources Holding, headquartered in Abu Dhabi, bought a 51pc stake in the mine. And output resumed at the Konkola Copper Mines (KCM), which was the subject of an ownership battle between the Zambian government and UK-based Vedanta Resources. The government handed over KCM to Vedanta, which plans to spend $1.3bn over the next five years to revive production. Canada-based mining company Barrick's Lumwana copper mine began development of its super pit in October, which will double its copper production to 240,000 t/yr on completion. And KoBold Metals, a mining and artificial intelligence firm backed by US investors, expects to invest $2bn in a new copper project in Zambia, Kabuswe said. By Ellanee Kruck Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.