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EU climate commissioner Timmermans resigns

  • Spanish Market: Battery materials, Biomass, E-fuels, Electricity, Emissions, Hydrogen, Metals
  • 22/08/23

European Commission executive vice-president Frans Timmermans today resigned as commissioner responsible for climate action. Timmermans is now a candidate in the Netherlands' general election on 22 November, as leader of the country's GroenLinks-PvdA party — an alliance between the green and Labour parties.

Slovak vice-president of the commission Maros Sefcovic temporarily takes over Timmermans' portfolio until the appointment of a new Dutch member of the commission. Sefcovic has been leading the commission's long-term planning and inter-institutional relations. And Sefcovic, energy commissioner in 2014-19, has taken charge of the EU's joint purchasing of gas and launched the European Battery Alliance (EBA) in October 2017.

Timmermans became the commission's executive vice-president for the European Green Deal in 2019, after serving as first vice-president between 2014-19, in charge of better regulation, inter-institutional relations, rule of law and charter of fundamental rights. The European Green Deal is the EU's overarching policy strategy, which aims to take the bloc to "climate-neutral" — or net zero — by 2050. Timmermans also oversaw the EU's so-called Fit for 55 package, under which the bloc aims to reduce emissions by at least 55pc by 2030, from 1990 levels.

And he led international climate negotiations on behalf of the EU, including at the UN Cop 27 climate summit in November 2022, where he fought hard to increase ambition on mitigation — efforts to reduce climate change.

Following legislative adoption of most of the EU's climate and energy laws for 2030, commission president Ursula von der Leyen indicated priorities for Sefcovic as strengthening industrial clean innovation, upgrading grids and infrastructure for energy transition and access to critical raw materials.

"We will continue to develop a stronger international strategy for the European Green Deal, in line with our economic and geopolitical interests", von der Leyen said today.


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16/07/24

Rio Tinto to boost 2H Australian iron ore shipments

Rio Tinto to boost 2H Australian iron ore shipments

Sydney, 16 July (Argus) — UK-Australian mining firm Rio Tinto must ship at least 165mn t of iron ore from Western Australia (WA) during July-December, after a derailment disrupted exports in April-June, cutting first half sales to 158mn t. The firm maintained its WA iron ore shipments guidance of 323mn-338mn t for 2024 on a 100pc basis, despite losing six days of port deliveries because of a derailment in May. It shipped 80.3mn t of iron ore from WA on a 100pc basis during April-June, up from 78mn t for January-March , when cyclone-season weather disrupted exports. It was also up by 2pc from April-June 2023, as productivity gains offset ore depletion. The target of 165mn-180mn t for July-December is achievable for Rio Tinto, which often boosts shipments in the second half of a calendar and its financial year. It shipped 170.7mn t during July-December 2023 and 161.7mn t for January-June 2023, for a total of 332mn t in 2023. Low-grade SP10 iron ore made up 17pc of its WA sales during January-June, up from 14pc through 2023, 11pc in 2022 and zero in 2015. The firm warned that SP10 levels are expected to remain elevated until new mining projects are delivered, which is subject to approvals and heritage clearance. The proportion of the high-grade Pilbara Blend fell to 58pc for January-June from 61pc through 2023, 64pc in 2022 and 73pc in 2015. Rio Tinto is developing higher grade deposits, such as its 40mn t/yr Rhodes Ridge project, to try to reverse the grade decline in WA. The firm maintained its 2024 cash cost guidance for WA iron ore at $21.75-23.50, while warning this would be the top end of this for January-June because of the lower volumes sold. It achieved an average price of $97.30/wet metric tonne (wmt) fob WA in January-July, down from $98.60/wmt in the same period last year. The equivalent price for January-June 2024 at an 8pc moisture assumption is $105.80/dry metric tonne (dmt) fob WA. The Argus ICX price for 62pc Fe fines averaged $117.33/dmt cfr Qingdao in January-June, down from $118/dmt in the same period last year. The Iron Ore Company of Canada (IOC) — in which Rio Tinto owns 59pc — sold 8.65mn t in January-June, up 7pc on the same period last year. It is expected to raise production during July-December with better seasonal conditions to produce as much as 19.5mn t in 2024. By Jo Clarke Rio Tinto iron ore shipments (mn t) Apr-Jun '24 Jan-Mar '24 Apr-Jun '23 Jan-Jun '24 Jan-Jun '23 Pilbara Blend Lump 15.83 15.63 17.76 31.47 36.49 Pilbara Blend Fines 31.34 28.48 33.67 59.81 69.02 Robe Valley Lump 2.52 2.31 2.17 4.83 4.16 Robe Valley Fines 5.84 5.55 4.70 11.39 8.96 Yandicoogina Fines (HIY) 11.36 12.23 12.56 23.59 26.25 SP10 Lump 5.14 4.61 1.65 9.75 3.34 SP10 Fines 8.28 9.22 6.61 17.50 13.45 Total WA iron ore shipments 80.31 78.03 79.12 158.34 161.66 IOC iron ore shipments 4.13 4.52 4.43 8.65 8.05 Source: Rio Tinto Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump taps Vance as running mate for 2024


15/07/24
15/07/24

Trump taps Vance as running mate for 2024

Washington, 15 July (Argus) — Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election. Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense. Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post. Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News. Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania. Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cliffs to buy Canadian steelmaker Stelco


15/07/24
15/07/24

Cliffs to buy Canadian steelmaker Stelco

Houston, 15 July (Argus) — US integrated steelmaker Cleveland-Cliffs will acquire Canadian integrated steelmaker Stelco in a cash and stock deal. The acquisition of Stelco, an independent steelmaker in Hamilton, Ontario, was announced by both companies this morning. Stelco shareholders will receive C$60/share ($44/share) of Stelco common stock and 0.454 shares of Cliffs common stock, or $C10/share of Stelco common stock. The transaction is valued at C$3.4bn ($2.5bn) and the deal is expected to close in the fourth quarter of 2024, according to a news release. Stelco will maintain its headquarters in Hamilton, and capital investments of at least C$60mn will be made over the next three years. Stelco will aim to increase production from current levels and will operate as a wholly-owned subsidiary. In its news release, Cliffs said the purchase of Stelco will double Cliffs' exposure to the flat-rolled spot market, adding that Stelco's primary customer base is service centers buying hot-rolled coil (HRC) products. Stelco shipped 636,000 short tons (st) of steel products in the first quarter, of which 74pc was HRC, according to a quarterly report. Cliffs already operates seven tooling and stamping plants in Canada and a scrap yard run by its Ferrous Processing and Trading Company (FPT), all located in Ontario, according to the company. The head of the United Steelworkers (USW) union, David McCall, is said to support the transaction. Cliffs' move to buy Stelco comes nearly a year after Cliffs began its failed bid to purchase steelmaking competitor US Steel. Japanese steelmaker Nippon Steel is now in the midst of negotiating the $15bn purchase of US Steel, a deal that has been the subject of public political hand wringing and open dispute among the executives of Cleveland-Cliffs, US Steel, Nippon Steel and the USW. By Rye Druzin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Australia’s Snowy, Lochard ink Iona gas storage deal


15/07/24
15/07/24

Australia’s Snowy, Lochard ink Iona gas storage deal

Sydney, 15 July (Argus) — Australian state-owned utility Snowy Hydro has signed a 25-year deal to store gas at the country's largest domestic gas storage in Victoria state to support its gas-fired power stations. The agreement with the 26PJ (694mn m³) Iona site, owned by domestic gas storage firm Lochard Energy, will commence in January 2028. This will be ahead of the permanent closure of the 1,480MW Yallourn brown coal plant, operated by Hong Kong-owned utility EnergyAustralia, in mid-2028. "The gas storage agreement with Lochard Energy will support the operation of our gas-fired power stations in Victoria," Snowy Hydro chief executive Dennis Barnes said on 15 July. Snowy Hydro, which owns and operates three gas-fired power stations totalling 1,290MW at present, is building the 750MW Kurri Kurri gas-fired plant , of which the initial 660MW stage is scheduled to come on line in late 2024. Snowy's 320MW Laverton North and 300MW Valley Power generators are located in Victoria. The deal is expected to underwrite the Heytesbury underground gas storage project , Lochard's chief executive Tim Jessen said, which will expand the capacity of Iona by approximately 3PJ. Australia's southeastern states are expected to face significant shortfalls of gas later this decade as fields supplying Victoria's 1,150 TJ/d (30.7mn m³/d) Longford gas plant deplete. A mixture of pipeline expansions to bring more gas south from Queensland state, LNG import terminals, and reducing demand have been floated to bridge this gap. Two LNG import terminals are proposed for Victoria but both require environmental approvals from the state government. Snowy Hydro is facing significant pressure from the federal government over its delayed Snowy 2.0 pumped hydroelectric project, which has suffered significant cost overruns and delays. Snowy last year said the scheme's costs had doubled to A$12bn ($8.1bn) from a previous A$5.9bn estimate , which was itself higher than the original guidance. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Vietnam’s Vinfast cuts EV sales goal, delays US plant


15/07/24
15/07/24

Vietnam’s Vinfast cuts EV sales goal, delays US plant

Singapore, 15 July (Argus) — Vietnam-based electric vehicle (EV) manufacturer Vinfast Auto has lowered its 2024 EV delivery goal and delayed its North Carolina EV plant's first production by three years, because of economic headwinds. "We have adopted a more prudent outlook that is carefully calibrated to near-term headwinds, taking into full consideration the realities of market volatility and potential challenges," said the chairwoman of Vinfast's board of directors Le Thi Thu Thuy on 12 June. Vinfast now expects to deliver 80,000 EVs in 2024, down from the 100,000 units it set earlier this year and having missed its delivery goal of 40,000-50,000 last year. Vinfast delivered 21,747 EVs in January-June, almost doubling on the year, according to the company. Its EV sales over April-June stood at 12,058 units, up by 24pc on the quarter and 26pc on the year. It started building a $2bn EV factory in US North Carolina's Chatham county last year, with output scheduled to begin in 2025 . But the firm has now made the "strategic decision" to push it back to 2028, Vinfast said. VinFast earlier this year said that it would invest $2bn in south India's Tamil Nadu state to develop its EV sector, including building an EV plant that can produce 150,000 units/yr. The plant will be "opened" in the first half of 2025, said Vingroup's chairman Pham Nhat Vuong last month, adding that India will be Vinfast's biggest Asia market. The global battery and EV sectors have been facing various economic and geopolitical headwinds. This includes persistently elevated interest rates that are curbing consumer spending, and rising geopolitical market barriers starting with the US and EU's tariffs on Chinese EVs, as well as Canada looking into potential punitive duties on Chinese EVs. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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