AMNS India acquires power, iron ore assets

Spanish Market: Electricity, Metals
04/03/20

ArcelorMittal and Nippon Steel India (AMNS India), formerly known as Essar Steel, has acquired a power plant and an iron ore slurry pipeline, securing control of infrastructure that is critical to the smooth functioning of its steel and pellet plants in the country.

The joint-venture firm acquired the 500MW Bhander power plant in the west coast town of Hazira from Indian real estate investment management firm Edelweiss Asset Reconstruction. The gas-fired power plant exclusively supplies electricity to AMNS India's 8.5mn t/yr steel mill in Hazira.

It also acquired a 253km iron ore slurry pipeline that runs from AMNS India's iron ore beneficiation plant in Dabuna to its 6mn t/yr pellet plant in Paradip, both in the eastern state of Odisha. The acquisition was made from the creditors of the slurry pipeline project and approved by the bankruptcy court of Odisha.

Luxembourg-based steel producer ArcelorMittal and Japanese producer Nippon Steel acquired Essar Steel in a bankruptcy auction for $6bn last year and renamed it AMNS India. The acquisition included the 8.5mn t/yr steel mill and 14mn t/yr of pellet-making capacity on the east coast but did not include the power plant and slurry pipeline.

AMNS India has also acquired the Thakurani iron ore mines in Odisha with an estimated 179mn t of reserves in the latest round of iron ore auctions.

AMNS India has secured its power and commodity supply chain as it seeks to significantly expand its production capacity, said chief executive Dilip Oomen. The company did not disclose the financial details of its acquisitions.

By Prasenjit Bhattacharya

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29/04/25

Australia’s Fortescue lifts iron ore sales in Jan-Mar

Sydney, 29 April (Argus) — Australian metal producer Fortescue shipped 46mn wet metric tonnes (wmt) of iron ore on a 100pc basis in January-March, up by 6.5pc on the year, despite facing weather challenges. Fortescue left its export guidance for the 2025 financial year ending 30 June unchanged at 190mn-200mn wmt of ore, including 5mn-9mn wmt of magnetite concentrate from its Iron Bridge mine, in its January-March quarterly report on 29 April. The company sold 143mn wmt of ore, including 4.7mn wmt of Iron Bridge magnetite, in the nine months to 31 March. Fortescue increased its shipments across every product category on the year in January-March (see table) , because of the partial ramp-up of Iron Bridge and an ore car derailment in January-March 2024. These factors offset the impact of multiple cyclone-related port disruptions in Western Australia (WA) over January-February. Fortescue's Iron Bridge magnetite sales tripled on the year but remained flat on the quarter in January-March. The company is reviewing the 22mn t/yr mine's ramp-up schedule and will announce a plan to reach full capacity by late June. Fortescue originally planned to increase Iron Bridge's output to capacity by September, before it in February backed away from that date. The company improved ore processing circuits at the mine during the last quarter, replacing the lining of air classifiers, Fortescue told investors on 29 April. Fortescue's iron ore fines products accounted for 55pc of its total sales in January-March, down slightly from 56pc a year earlier. Iron ore fines tend to be less valuable than similarly graded iron ore lumps, as they require additional processing. Fortescue's iron ore cash costs decreased by 7pc from $18.93/wmt a year earlier to $17.53/wmt, on the back of mine performance improvements. The company left its cash cost guidance for the 2025 financial year unchanged at $18.50-19.75/wmt. Fortescue's cash costs hovered in the upper end of its guidance over the first half of the 2025 financial year, reaching $19.20/wmt. Many of Fortescue's WA competitors experienced sales declines in January-March, because of cyclone-related disruptions. WA iron ore shipments from global metals firm BHP and UK-Australian producer Rio Tinto declined by 7.8pc and 18pc on the year, respectively, during the quarter. Argus ' iron ore fines 62pc Fe (ICX) cfr Qingdao price has been falling since late-January. It was last assessed at $99.10/t on 28 April, down from $105.25/t on 31 January. By Avinash Govind Fortescue Shipments by Product mn wmt Jan-Mar '25 Jan-Mar '24 Oct-Dec '24 Jul-Mar '25 Jul-Mar '24 y-o-y Change (%) YTD Change (%) Iron Bridge Concentrate 1.5 0.5 1.5 4.7 0.6 200.0 683.0 West Pilbara Fines 3.4 3.0 3.6 10.6 11.6 13.0 -8.6 Kings Fines 4.0 3.9 4.1 11.8 11.2 2.6 5.4 Fortescue Blend 17.0 17.0 18.0 53.0 58.0 3.0 -10.0 Fortescue Lump 1.8 1.6 1.9 5.8 6.1 13.0 -4.9 Super Special Fines 18.0 18.0 20.0 58.0 50.0 2.9 15.0 Other 0.0 0.0 0.0 0.0 0.2 - -100.0 Total 46.0 43.0 49.0 143.0 138.0 6.5 3.8 Fortescue Argus' iron ore cfr Qingdao prices ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Carney’s Liberals to form next Canadian government

29/04/25

Carney’s Liberals to form next Canadian government

Calgary, 28 April (Argus) — Canadian prime minister Mark Carney and his Liberal party are projected to win the country's 45th general election, but securing a majority of seats in Parliament is unclear with many tight races still to be determined. The Liberal party is on track to take 156 of the 343 seats up for grabs, according to preliminary results from Elections Canada at about 11pm ET. The Conservatives, led by Pierre Poilievre, will form the official opposition with an estimated 144 seats so far. The Liberals seat count is comparable to the 160 won in the 2021 election while the Conservatives are up from 119. If the Liberals win a minority they would need the support of other parties to pass legislation, as they did prior to the election. The win completes the comeback for the Liberal party which just a few months ago languished in polls as dissatisfaction of then-prime minister Justin Trudeau rose. Carney and his experience navigating economic crises resonated with voters as they found themselves in a trade war initiated by US president Donald Trump. The US has imposed a 25pc tariff on Canadian steel and aluminum since 13 March and Canadian automobiles since 9 April. Canada has retaliated to each wave with tariffs of their own. Canadian oil and gas has been exempt from US tariffs but Trump's trade action has led many politicians and Canadians at large to re-examine the need to diversify its energy exports. Trade corridors, pipelines and LNG facilities were promoted by both Carney and Poilievre. Carney and Trump agreed in late-March that broader, comprehensive economic negotiations would happen after the election. The Liberals have held power since 2015, but only in a minority capacity since the 2019 election. Inflation, housing, Trump top concerns The key issues for Canadians this election cycle were inflation, housing, cost of living and international relations — particularly the aggressive moves from the US, according to polls. Diversifying trade and growing energy production have been promoted by both Conservative and Liberal leaders — and prime minister hopefuls — looking to become less dependent on US customers and kickstart a lagging economy. Canada is the world's fourth-largest oil producer with over 5.7mn b/d of output, and the fifth-largest natural gas producer at 18 Bcf/d, according to the Canadian Association of Petroleum Producers (CAPP). The US is Canada's largest foreign customer of each, but verbal and economic attacks on Canada by Trump have prompted politicians and Canadians at large to reexamine their trade strategies. Poilievre says Liberal policies over the past decade have stifled the country's productivity and allowed it to become the weakest performer in the G7. Liberal policy needs to be undone so Canada can "unleash" its oil and gas sector to better protect its sovereignty , says Poilievre. Carney's campaign had centered heavily on Trump, emphasizing the threat comes from abroad, not within. Carney wants to make Canada an "energy superpower" but maintains current legislation is the way to do it, despite calls to the contrary by oil and gas executives . By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Environmental markets wary of Trump's next moves

28/04/25

Environmental markets wary of Trump's next moves

Houston, 28 April (Argus) — US President Donald Trump's recent threat of legal challenges against state climate and clean energy policies has roiled environmental markets waiting to learn the scope and avenues those confrontations could take. Trump's 8 April executive order, which directed the Department of Justice (DOJ) to consider contesting state policies that threaten "American energy dominance", targeted California's cap-and-trade program by name, but it may also extend to other policies, including renewable portfolio standards (RPS). But uncertainty about the extent of the administration's ambitions has injected another variable into an already volatile economic landscape. Market anxieties may not fade soon. US attorney general Pam Bondi has until early June to report on actions she has taken and make recommendations for other steps by the White House or Congress. Conservatives in some states already have asked her to scrutinize particular programs. Administration arguments One angle from which the DOJ could attack state programs is the well-trod "dormant Commerce Clause", a legal doctrine that says state laws cannot discriminate against or impose undue burdens on another state's economic activity. But such a challenge is more difficult if a program is merely stipulating, "if you want to come to our state, our electricity market or our fuel market, here are the rules to play by", according to Matthew Dobbins, a partner at Vinson & Elkins and member of the law firm's environment and natural resources team in Houston. Courts have dismissed lawsuits that tried this approach against low-carbon fuel standards in California and Oregon , as well Colorado's RPS. In addition, an appeals court last year threw out a case against Washington's cap-and-invest program, ruling it did not overstep in its handling of in-state versus out-of-state electricity suppliers. The US Supreme Court may soon decide whether to hear an appeal of the case. More broadly, a 2023 Supreme Court decision upholding a California law restricting interstate pork sales based on animal treatment makes such dormant Commerce Clause challenges "a lot harder", according to Nico van Aelstyn, partner at Sheppard Mullin in San Francisco. The DOJ could try using the "Equal Sovereignty" doctrine, which stipulates that one state's rights cannot exceed another's, van Aelstyn said. This has been used in cases against California's vehicle emissions standards and other states' climate "superfund" laws, which penalize oil and gas companies for historical emissions. But van Aelstyn described it as "not really tested yet." That administration has also been hoping to fast-track Supreme Court rulings on the executive orders by justifying them through "declared emergencies," according to Dobbins. 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The Trump administration has no issue using extrajudicial tools to enforce its policies, such as its January pause on federal funding that left states like California — which receives more than $100bn in backing and grants from the US government each fiscal year — grappling with potential budget holes. Two federal courts have said the administration must dole out the funds, but agencies have been slow to comply. "If they can withhold congressionally appropriated research funds for universities because they don't like their policies with regard to free speech on their campuses, what else might they do?" van Aelstyn said. "Withhold Medicaid funding to states where they don't like their renewable energy standards?" By Denise Cathey and Patrick Zemanek Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s coking coal imports extend downtrend in March

28/04/25

Japan’s coking coal imports extend downtrend in March

Singapore, 28 April (Argus) — Japan's coking coal imports extended a downtrend in March, reflecting the prolonged downturn in the steel sector, which has weighed on raw material demand. The country imported 2.57mn t of coking coal in March, down by 18pc on the year but up by 5pc from February, according to data from the country's finance ministry. Shipments dropped by 10pc to 8.15mn t in January-March 2025 from a year earlier. Top supplier Australia shipped 19pc less volume from a year earlier at 1.78mn t, and volumes in January-March fell by 18pc from 2024 to 5.59mn t. Arrivals from Canada fell to 192,903t in March, down by over 60pc compared with a year and month earlier, but January-March volumes rose by 11pc on the year to 1.22mn t. Metallurgical coke imports rose by around 30pc on the year and month to 78,729t in March, with volumes in January-March 28pc higher on the year at 255,804t. Crude steel production from basic oxygen furnaces (BOF) rose by 3pc on the year to 5.3mn t. But output could fall in coming months. Japanese steel producer JFE will suspend operations at one of its three BOF in the West Japan Works from around mid-May on the back of lower steel demand in domestic and export markets, the firm announced on 2 April. This is expected to lower annual crude steel output by around 15pc. Meanwhile, the mill will proceed to invest in an electric arc furnace (EAF) facility in western Okayama, which could begin commercial operations in April-June 2028. Other steelmakers such as Nippon Steel and Kobe Steel have also been making the shift from BOF to EAF. The Argus premium low-volatile hard coking coal price fob Australia averaged $174.84/t in March, down by 7pc from February. By Xiuqi Huang Japan's coal imports Origin Mar 25 Mar 24 y-o-y ± % Feb 25 m-o-m ± % Jan-Mar 2025 Jan-Mar 2024 y-o-y ± % Coking coal ('000t) Australia 1,781 2,206 -19 1,522 +17 5,589 6,780 -18 Canada 193 493 -61 554 -65 1,221 1,103 +11 US 297 215 +38 252 +18 743 848 -12 Indonesia 298 230 +29 85 +249 495 329 +50 Colombia 0 0 n/a 25 -100 25 0 n/a Others 0 0 n/a 0 n/a 80 48 +67 Total 2,569 3,144 -18 2,438 +5 8,153 9,109 -10 Met coke (t) China 74,633 57,426 +30 56,445 +32 222,202 188,235 +18 Others 4,096 4,069 +1 3,713 +10 33,602 11,323 +197 Total 78,729 61,495 +28 60,158 +31 255,804 199,558 +28 Source: Japan Finance Ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s Lynas cuts Jan-Mar rare earth oxide output

28/04/25

Australia’s Lynas cuts Jan-Mar rare earth oxide output

Sydney, 28 April (Argus) — Australian mineral producer Lynas Rare Earths reduced its rare earth oxide output by 46pc on the year in January-March, because of maintenance and improvement work across multiple plants. Lynas left its total oxide production target for the fiscal year ending 30 June unchanged at 10,500t in its January-March quarterly report on 28 April. The company's improvements should enable it to increase production over April-June, following two quarters of declining output. Lynas produced 1,911t of rare earth oxides, including 1,509t of neodymium-praseodymium (NdPr) oxide, in January-March. The company cut its NdPr oxide production by 12pc on the year over that period, prioritising NdPr oxide over other rare earth oxides ( see table) . NdPr oxide accounted for 79pc of the company's total oxide output in January-March, down from 49pc a year earlier. But Lynas' NdPr oxide share of production may drop in April-June. The company built dysprosium and terbium processing circuits in Malaysia last quarter, and expects to start refining the minerals in May and June, respectively. Lynas' expansion into dysprosium and terbium production comes as Chinese manufacturers — the largest exporters of dysprosium and terbium — weigh the impact of recent rare earth export controls, with some firms limiting offers . Lynas produces oxides in Malaysia using rare earths mined and initially processed in Western Australia (WA). The company spent the January-March quarter doing kiln maintenance work in Malaysia and improving its WA processing methods. Its Malaysian work finished during the quarter and its WA improvements are ongoing, the company said on 28 April. Lynas chemically treated rare earth carbonates from its WA plant before converting them to oxides in October-December, because of sulphate impurities, slowing production over the quarter. Its WA process changes are meant to prevent that from happening again. Lynas continued work on a Texas rare earth plant in January-March. The company is in talks with the US government over funding support for the project, the company said on 28 April. Recent US tariffs and water treatment issues could increase its Texas project costs, it added. The first Trump administration backed Lynas' US project in 2019, invoking the Defence Production Act to fund marketing, engineering, and design work. Argus ' praseodymium-neodymium oxide min 99pc fob China price has been quite volatile over the past three months. The price was last assessed at $56,000/t on 25 April, down from $62,250/t on 24 February and $57,150/t on 27 January. By Avinash Govind Lynas Oxide Production Jan-Mar '25 Jan-Mar '24 Oct-Dec '24 Jul-Mar '25 Jul-Mar '24 y-o-y Change (%) YTD Change (%) Rare earth oxide (total) | t 1,911 3,545 2,617 7,250 8,720 -46 -17 NdPr oxide | t 1,509 1,724 1,292 4,478 4,151 -12 7.9 NdPr oxide share | % 79 49 49 62 48 62 30 Lynas Rare Earths Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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