US rebar: Prices increase, supply tight

Spanish Market: Metals
29/04/22

Domestic and imported reinforcing bar (rebar) prices increased as supplies remain tight.

The Argus rebar ex-works Midwest assessment was assessed in a range of $1,190-1,220/short ton (st) compared to last week's $1,120-1,140/st.

The Argus rebar import ddp Houston assessment moved up slightly to $1,190-1,200/st from $1,180-1,200/st.

Domestic supply was said to be tight and unable to keep up with demand, which one market contact called "phenomenal."

Imported supply was limited as costs and credit requirements kept some at bay, sources said.

Despite the high costs in March long product imports rose by 45pc to 572,300 metric tonnes (t) compared to the prior year, according to preliminary data from the US Department of Commerce.

Wire rod imports more than doubled to 168,700t in March from 65,300t in 2021, driven by increases from India, Malaysia and Mexico. Rebar imports rose by 15pc to 147,200t, with Algeria and Mexico both more than doubling their volumes to 58,500t and 55,200t, respectively.

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15/05/25

EU stainless prices to continue to fall: Assofermet

London, 15 May (Argus) — An fall in European producers' cold-rolled stainless steel prices and input costs in the third quarter will make output more competitive against imports from Asia, including China and Indonesia, according to Alessandro Bettuzzi, sales director at Italian distributor Oiki Acciai Spa and co-ordinator of Italian steel and scrap association Assofermet's stainless steel division. On the sidelines of last week's Made in Steel event in Milan, Bettuzzi said high service centre stocks and weak demand in key sectors like automotive and household appliances are likely to mean a weak third quarter in Europe, particularly in Italy, with its many distribution centres. "I'm not positive for the next month," Bettuzzi told Argus . "This is because fundamentals are so weak, and prices of scrap nickel are falling, which will produce lower prices than today's level." A further fall in energy costs will also bring down prices, keeping imports at bay, he added. Following January-February's mostly stable prices in Europe, Bettuzzi said the cold-rolled flat product market fell by €100/t from mid-March. The downtrend will probably continue until July, he said, given the pattern of weakening demand over the past eight months. The Argus assessment for stainless steel 304 cold-rolled 2mm sheet delivered northwest Europe had risen to €2,655/t at the end of February from €2,500/t at the end of December, but had fallen to €2,525/t by the beginning of May. Traders surveyed by Argus see further declines, as mills focus on capacity utilisation and filling order books. "The auto and appliances industries at this moment are going through a major lull," Bettuzzi said. "These sectors are very important to absorb stainless steel." Bettuzzi reiterated Asoffermet's view that a recovery can only happen if the EU starts thinking about safeguarding downstream end-products, instead of focusing on protecting upstream steelmakers. "If final consumption disappears, everything upstream will disappear," he said. "Asoffermet is really pushing for this. The EU is focusing too much on the producer." Energy prices remain a problem for European producers, and Bettuzzi said investment in renewables is the long-term solution. "For Italy, it is all out how we negotiate as we are obliged to buy energy from other countries, which can cause fluctuations." Bettuzzi cautioned against allowing Asian semi-finished products, such as slab, to enter Europe exempt from duty, and suggested applying the carbon border adjustment mechanism (CBAM) or a similar duty. "If we apply duties only on coils and sheets, but do not impose duties on semi-finished products, they will come in at 25pc less from Asia compared to Europe," he said. Bettuzzi highlighted flanges, heavily imported by Italy, which have been arriving duty-free. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Global battery demand rises close to 1TWh in 2024: IEA

15/05/25

Global battery demand rises close to 1TWh in 2024: IEA

Singapore, 15 May (Argus) — Global battery demand across electric vehicle (EV) and storage applications rose to almost 1TWh in 2024, according to energy watchdog the IEA, in its latest report. Demand was largely driven by EV sales growth, with EV battery demand growing by more than 25pc on the year to over 950GWh, mainly propelled by electric cars which accounted for over 85pc of EV battery demand, said the IEA in its EV Outlook 2025 . The almost 1TWh of demand is expected to more than triple to over 3TWh in 2030 under the IEA's stated policies scenario (Steps), which is based on countries' prevailing policies , with more demand from electric trucks despite electric cars still making up the majority of demand. EV battery demand rose by more than 30pc on the year in China, and currently takes up 59pc of total global EV battery demand. US demand has also grown, with the country taking up 13pc of the total share, on par with the EU. The IEA expects critical minerals supply surplus to persist over the next few years but cautioned that depressed prices could dissuade future investments and lead to supply shortages for lithium and nickel by 2030. "It will take about a decade before recycling has a significant impact on reducing primary mineral demand," said the IEA, citing feedstock limitations. Recent raw material prices for battery recyclers in China, the largest battery recycling market, remain higher than their battery recycling yields such as recycled lithium, nickel and cobalt, a Chinese battery recycler told Argus . Domestic battery recycling plants operating rates are "not high," the battery recycler said, with very thin activity in the domestic black mass market. Excessive battery capacity Global battery cell manufacturing capacity grew by almost 30pc in 2024 to 3.3TWh, more than triple the battery demand, according to the report. South Korean battery manufacturers accounted for over 400GWh of overseas battery manufacturing capacity in 2024, much higher than the 60GWh from Japanese manufacturers and 30GWh from Chinese manufacturers. South Korea's battery manufacturing is poised to further expand to more than 1TWh in 2030, almost double that of Chinese manufacturers, if all announced projects materialise. Global manufacturing capacity could grow to about 6.5TWh in 2030, about double the demand projected under IEA's Steps scenario, if all committed projects are realised. This would also entail China's share of global manufacturing capacity weakening from 85pc in 2024 to two-thirds by 2030. LFP battery share rises Lithium-iron-phosphate (LFP) batteries made up nearly half of the global EV battery market in 2024, said the IEA. Nearly all electric car LFP batteries sold in Europe or US were produced in China, which has a "de facto monopoly", said the IEA, with LFP becoming more attractive to European original equipment manufacturers looking to cut production costs. South Korean battery makers' market share in the EU fell to 60pc last year, down from 80pc in 2022, displaced by Chinese battery producers because the chemistry of LFP makes it more competitive, according to IEA. But top South Korean battery makers — LG Energy Solution , Samsung SDI , SK On — have all unveiled plans to mass produce EV LFP batteries over the coming years, looking to compete in the space. Japanese battery makers meanwhile saw their US market share fall to around 48pc, eroded by South Korea. South Korea took up 35pc of US market share last year, up from 20pc in 2022. Japanese domestic LFP development is also facing challenges, with Japanese carmaker Nissan recently cancelling a LFP plant in Kyushu as it goes through a restructure. LFP's penetration in the southeast Asia, Brazil and India markets is rising even quicker, with LFP battery electric car shares surpassing 50pc in each of the countries in 2024, according to the report. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Syrah to restart Mozambique graphite mine in June

15/05/25

Syrah to restart Mozambique graphite mine in June

Sydney, 15 May (Argus) — Australian mineral producer Syrah Resources will resume operations at its 350,000 t/yr Balama graphite mine complex in Mozambique by the end of June, following a nine-month shutdown over farming and election protests, the firm announced today. The company mines and processes graphite at Balama. It will only start mining graphite at the site in the July-September quarter, the firm said. Syrah's existing graphite stockpile at Balama can support graphite processing for at least three months as mining resumes, it added. Syrah regained access to Balama in early May , for the first time since September 2024 when farmers blocked access to the mine in a non-violent protest. The company's teams have not spotted any site damage. The protest was originally linked to farmers with "historical farmland resettlement grievances", according to Syrah. But the unrest persisted and worsened after Mozambique's general election in October, which triggered violent protests across the country's major cities given claims of electoral fraud. Syrah declared force majeure on some graphite shipments in December, and triggered events of default on a US government loan over the protests. But it did not default on any payment obligations Most protestors left the mine after Syrah signed a deal with farmers and the Mozambique government in April. Mozambique authorities removed remaining demonstrators over 3-4 May and secured the site. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Bolivian president bypasses reelection

14/05/25

Bolivian president bypasses reelection

Montevideo, 14 May (Argus) — Bolivian president Luis Arce will not run for a second five-year term and instead backed a united front to elect another leftist candidate. Arce's decision on Tuesday came on the eve of the filing deadline for the 17 August election. He called on former president Evo Morales to also step aside from the race to improve the chances of another left-wing contender. Morales is fighting a court ruling that he is ineligible to run after already having multiple terms. Arce said the Movement to Socialism (MAS) party should rally behind senate president Andronico Rodriguez, 36. Rodriguez announced his candidacy on 3 May as a third way, but remains closely aligned with Morales. He has led the senate since 2020. Four center-right candidates are expected to compete in the race. The MAS has governed Bolivia for most of the past 20 years. Arce and Morales, allies turned enemies, blame each other for Bolivia's economic turmoil, including its dwindling oil and natural gas production. Inflation through April was 5.5pc, up from 1.3pc in the same period last year. Inflation was 9.9pc last year, the highest since 2008. The World Bank forecasts GDP growth at 1.4pc for the year. The oil and gas sector is at the heart of the crisis. Bolivia has gone from fuel independence to importing 54pc of gasoline and 86pc of diesel, both of which are heavily subsidized. The government forecast $2.9bn on fuel subsidies this year. Crude production was close to 21,000 b/d in 2024, according to the statistics agency. It was approximately 51,000 b/d in 2014. Natural gas output, the cornerstone of Bolivia's economic growth for most of this century, has fallen. Output was approximately 33mn m³/d in 2024, down from a peak of 56mn m³/d in 2006. Proven reserves were at 4.5 trillion cf in 2023, less than half of the 10.7 trillion reported in 2017, according to the state-owned YPFB. YPFB in early May announced a new tender to certify reserves by the end of this year. Bolivia stopped daily piped gas exports to Argentina in September and has a contract to export up to 20mn m³/d to Brazil. Domestic demand for gas is close to 14mn m³/d, stated YPFB. On 1 April Argentina began using Bolivia's pipeline infrastructure to ship natural gas to Brazil. Three companies — Argentina's Pluspetrol and Tecpetrol, and France's TotalEnergies — have so far sent gas to Brazil. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Rio Tinto sells first PBF cargo with new specification

14/05/25

Rio Tinto sells first PBF cargo with new specification

Sydney, 14 May (Argus) — UK-Australian metal producer Rio Tinto on 13 May sold its first cargo of Pilbara Blend Fines (PBF) iron ore with a revised iron content specification of 60.8pc. Years of grade challenges have led to declining volumes of the blended product, which previously contained 61.6pc Fe. Rio Tinto continues to review product strategy, based on consumer needs and available ore grades, the company told Argus on 13 May. It has notified consumers of Pilbara Blend specification changes and is engaging with them, a spokesperson added. Over the past year, market participants have reported rising volumes of the company's SP10 blend — which has a lower iron ore content, but higher alumina and phosphorus levels, than PBF — being sold into China's portside market to maintain the grade of its PBF product. The reduction in grade in PBF is expected to result in greater volumes of its flagship product being available. Rio Tinto said the average realised fob price from its Australian assets was $97.40/dmt last year — slightly below Argus ' average 2024 iron ore fines 62pc Fe (ICX) fob Australia netback of $98.46/dmt. Rio Tinto's realised fob price includes fines and lump products from across Western Australia. These include lower-grade products and the more-valuable lump, which accounts for about 30pc of total sales over most quarters. Rio Tinto is not the only company facing grade challenges. Typical grades for Australia's BHP have also been steadily declining over recent years, and ores typically deliver below 62pc Fe. Mineral Resources' average ore grade at its 10mn t/yr Pilbara Hub complex was 57.3pc in July 2024-March 2025, down from 58.2pc a year earlier. Argus ' iron ore fines 62pc Fe (ICX) cfr Qingdao price was assessed at $102.40/dmt today, down from $98.95/dmt on 14 April. Rio Tinto's revised PBF product with July delivery traded at $96.41/dmt. Argus plans to launch an assessment for 61pc Fe iron ore fines next month to reflect the ongoing decline in average grades in Australia's Pilbara region. The new price will be calculated from the same underlying spot data as the existing ICX 62pc Fe benchmark. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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