US Steel Gary furnace offline until late May

: Coking coal, Metals
22/04/29

One of integrated steelmaker US Steel's blast furnaces at its Gary Works in Indiana will be down for maintenance until late May.

The 1.2mn short tons/yr No. 8 blast furnace at the Gary, Indiana, steel mill was taken down on 11 April for a 45-day outage. The outage could reduce hot metal production by 148,000st.

In September, US Steel took down the 1.36mn st/yr No 6 blast furnace at the Gary mill for maintenance.

Gary Works has four blast furnaces.

The company announced this week that it will take a 21-day maintenance outage in October at its 1.4mn st/yr No 1 blast furnace at its Mon Valley Works near Pittsburgh.

By Rye Druzin

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24/11/13

Cop: Argentina pulls delegation from Baku

Montevideo, 13 November (Argus) — Argentina's government today withdrew its delegation from the UN Cop 29 climate summit in Baku, Azerbaijan. The country's foreign affairs ministry confirmed to Argus that the delegation had been told to leave the event, which began on 11 November and will run through 22 November. No reason was given for the decision, but it fits the general policies of President Javier Milei, who has expressed skepticism about climate change. Milei eliminated the country's environment ministry shortly after taking office in December 2023. He is also pursuing investment to monetize oil and gas reserves, with a focus on the Vaca Muerta unconventional formation. Vaca Muerta has an estimated 308 trillion cf of natural gas and 16bn bl of oil, according to the US Energy Information Administration. In October, the government created the Argentina LNG division with a plan to involve private companies and the state-owned YPF to produce and export up to 30mn metric tonnes (t)/yr of LNG by 2030. It wants to export 1mn bl of crude. The plans are closely linked to a new investment framework, known as RIGI, that will provide incentives for large-scale investments. The administration is also pushing hard for investment in critical minerals, including copper and lithium. Argentina has the world's second-largest lithium resources, estimated at 22mn t by the US Geological Survey. It has copper potential that the RIGI would help tap. The government has not specified if pulling out of Cop 29 means Argentina will withdraw from the Paris Agreement, which Argentina ratified in 2016. The country's nationally determined contribution calls for net emissions not to exceed 359mn t of CO2 by 2030. This represents a 21pc reduction of emissions from the maximum reached in 2007. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Guterres warns of exploitation in minerals race

24/11/13

Cop: Guterres warns of exploitation in minerals race

London, 13 November (Argus) — Demand for critical minerals vital to the electric vehicle and renewable energy sectors should be met without causing a "stampede of greed" that exploits local communities and harms those living in poverty, UN secretary-general Antonio Guterres has said. "We are here to respond to a key challenge — turning the energy transition towards justice," Guterres told the UN Cop 29 climate summit in Baku, Azerbaijan. Guterres warned that as the energy transition accelerates, it could present more risks than opportunities for many developing countries rich in metals such as copper or lithium unless managed with justice and equity. "For developing countries rich in resources, [the energy transition] is a huge opportunity to generate prosperity, eliminate poverty and drive sustainable development. But too often this is not the case," he said. "Too often we see the mistakes of the past repeated in a stampede of greed that crushes the poor," Guterres added. "We see developing countries ground down to the bottom of value chains, as others grow wealthy on their resources." In response to concerns in developing countries rich in battery minerals, the UN in April established the Panel on Critical Energy Transition Minerals. The panel of governments, international organisations, industry and civil society developed "voluntary principles" for managing value chains for critical energy transition minerals. The panel's report outlines seven voluntary guiding principles covering environmental and human rights, responsible investment and finance, transparency and anti-corruption measures, and international co-operation. It also identifies five "actionable recommendations", including establishing an advisory group to accelerate benefit-sharing and economic diversification, developing a mineral traceability framework and creating a fund to address mine closures and other mining legacies. The UN code has no enforcement mechanisms, and so implementation depends on the participation of industry, governments and civil society. By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Echion, CBMM open Nb anode material facility

24/11/13

Echion, CBMM open Nb anode material facility

London, 13 November (Argus) — UK-based niobium battery materials company Echion and the world's largest niobium producer CBMM have opened a niobium anode production facility at CBMM's industrial complex in Araxa, Brazil, this week. The facility will produce up to 2,000 t/yr of Echion's proprietary XNO active anode material, equivalent to 1GWh of lithium-ion cells. The niobium-based anode material is designed to enable safer fast-charging, reducing the risk of overheating or battery damage. The material can also maintain high-energy density at extreme temperatures and high power across more than 10,000 charging cycles, Echion said. Echion and CBMM aim to supply the XNO anode material to electrified heavy-duty industry, commercial and mass-transport customers, as these sectors could benefit the most from safe ultra-fast charging and long-life batteries. Echion already has some downstream customers for its XNO products. Leclanche, a Swiss energy storage technology supplier, announced its XN50 lithium-ion battery cell that uses XNO anode material in September. Leclanche is expected to replace its existing lithium titanium oxide offering with this new range of batteries. Meanwhile, CBMM began testing niobium-titanium-oxide anode materials in short-range lithium-ion batteries earlier this year as part of a project to produce electric buses with Japan's Toshiba and Germany's Volkswagen. CBMM is the world's largest producer of ferro-niobium used to produce high-strength steels, but has expanded into niobium-based battery materials in recent years. The company aims to have 30pc of its revenues come from non-steel-based products by 2030. By Sian Morris Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US inflation rises in October to 2.6pc

24/11/13

US inflation rises in October to 2.6pc

Houston, 13 November (Argus) — US inflation ticked higher in October, led by monthly gains in shelter, a reminder that the last lap in the Federal Reserve's marathon to bring inflation to its long-term target remains a challenge. The consumer price index (CPI) accelerated to an annual 2.6pc in October, in line with analysts' forecasts in a survey by Trading Economics, from 2.4pc in September, which was the lowest since February 2021, the Labor Department reported today. Core inflation, which strips out volatile food and energy prices, rose at a 3.3pc rate, unchanged on the month. The energy index contracted by 4.9pc over the 12 months, slowing from a decline of 6.8pc through September. The gasoline index fell by 12.2pc, slowing from a 15.3pc decrease the prior month. The fuel oil index fell by 20.8pc. Federal Reserve policymakers last week cut the target rate by a quarter point, following a half-point cut in September that kicked off an easing cycle from then-23-year highs. Inflation has slowed to near the Fed's 2pc target from highs above 9pc in mid-2022 that proved to be a major impetus behind president-elect Donald Trump's victory at the ballot box on 5 November. The CME's FedWatch tool today gives near-80pc odds of another quarter-point cut in December. "The economy can develop in a way that would cause us to go faster or slower" in adjusting rates lower, Fed chair Jerome Powell told reporters last week after the Fed decision. The food index rose by an annual 2.1pc, slowing from a 2.3pc gain through September. Shelter rose by an annual 4.9pc, unchanged. Transportation services rose by 8.2pc. New vehicles fell by 1.3pc while used vehicle prices fell by 3.4pc. Services less energy services, viewed as core services, rose by 4.8pc. On a monthly basis, CPI rose by 0.2pc in October, a fourth month of such gains after falling by 0.1pc in June. Core inflation rose by 0.3pc for a third month. Shelter accelerated to a 0.4pc monthly gain, accounting for over half of the monthly all-items increase, after a 0.2pc gain. Energy was unchanged in October after falling by 1.9pc in September from the prior month. Food rose by 0.2pc on the month, following a 0.4pc gain. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Five factors to watch for in the tungsten market

24/11/13

Five factors to watch for in the tungsten market

Barcelona, 13 November (Argus) — The tungsten market is evolving quickly and Argus has identified five key developments to watch out for in the market, following the International Tungsten Industry Association (ITIA) conference in Barcelona last week. Increasing demand for tungsten concentrate Tungsten scrap availability is declining, which has increased global consumption of tungsten concentrate. China in particular has a growing appetite for tungsten, and tungsten concentrate prices in the country are rising significantly. Between January and August this year, China's tungsten concentrate imports rose by 95pc, driven by strong domestic demand for raw material feedstock which has faced tight supply for the past two years. Furthermore, production costs in the Chinese tungsten market have risen rapidly. According to a panellist, only a few new projects are expected to be operational this year. Argus' European tungsten concentrate price stood at $260-270/kg on 13 November, up by 8pc on the year. Mergers and acquisitions activity intensifies The industry is experiencing an uptick in mergers and acquisitions, with more expected in the near term. This aligns with broader trends in the global mining sector. Market sources indicated that they expect one or two acquisitions annually in the tungsten sector, with increased activity projected by next year. Over the next decade, industry consolidation is expected, especially in the US where the market remains fragmented. "Companies have the option to grow organically or through acquiring smaller firms, for instance, in the tooling market," a supplier stated. This consolidation trend is already under way in China, leading to more integrated tungsten supply chains. Due diligence requirements evolve There is growing pressure for improved due diligence across the supply chain, although challenges remain. Some downstream consumers are adopting risk-avoidance strategies rather than risk mitigation, asking their entire supply chains to stop sourcing materials from "suspended countries." Disputes regarding due diligence mechanisms amid conflict in the Democratic Republic of Congo add complexity in this area. Additionally, with the US increasing tariffs on Chinese tungsten products, Chinese smelters may shift from the Responsible Minerals Assurance Process (RMAP) to their own guidelines, recently introduced in 2023 by the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters (CCCMC). This shift could enhance their negotiating leverage and may require cross-recognition between the RMAP and CCCMC, potentially benefiting downstream companies. Diversification of supply chains Concerns about a trade war between the US and China and over-reliance on one supplier are driving efforts for supply chain diversification in western countries. The US already charges a 25pc duty on imported Chinese tungsten products. This could escalate under president-elect Donald Trump, who proposed tariffs of up to 60pc on imports from China during his campaign. Notably, China accounts for over 80pc of global tungsten production. Initiatives to diversify sources are under way, such as the Sangdong mine in South Korea, which is expected on line next year. In the US, the Department of Defense is providing funding opportunities for the development of domestic mining. At the moment, Guardian Metals in Nevada is the only project that could come into production in the US in the next three years. Defence, energy and mining could partially offset auto demand decline The tungsten industry is exploring new sector applications to address demand shortfalls in the automotive industry. Electric vehicles utilise less metal than gasoline and diesel vehicles. But there is increasing demand from the mining, oil and gas sectors, as well as military applications and aircraft. Market sources have high expectations for tungsten's use in nuclear fusion engines, which are expected to become a reality potentially within three years. In China, demand for tungsten wire in the solar industry has grown owing to the country's decarbonisation targets, although overcapacity in solar glass could affect this demand. And there have been developments in semiconductors, with chipmakers like Nvidia and TSMC using tungsten wires for chip and panel production. By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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