US tariff exemptions spare some commodity trade

: Chemicals, Metals, Oil products
25/04/03

US president Donald Trump has exempted many energy and mineral products from his new import tariffs, potentially reducing the immediate impact on commodity trade. But the threat of global economic disruption nevertheless sent commodity futures sharply lower today.

The tariffs, announced by Trump on 2 April, include carve-outs for "copper… semiconductors… certain critical minerals, and energy and energy products," the White House said.

The full list of exempted products includes many non-ferrous metals, oil products, base oils, coal and some fertilizer and chemical products.

The 2 April tariffs will not apply to steel and aluminum, cars, trucks and auto parts, which already are subject to separate tariffs. A 25pc tariff on all imported cars and trucks came into force on 3 April, while a 25pc tax on auto parts will take effect on 3 May.

Oil futures fell by over 3pc early in Asian trading hours, despite the exemptions, on concerns about the impact of the new tariffs on the global economy. The June Brent contract on the Ice exchange fell by as much as 3.2pc to a low of $72.52/bl in Asian trading, while May Nymex WTI dropped by 3.4pc to $69.27/bl. Both contracts remained close to their daily lows at 3:15pm Singapore time (07:15 GMT).

Exchange-traded metals prices also fell. The declines came despite a drop in the value of the dollar, which would typically support prices of commodities by making them cheaper for buyers using other currencies.

By Kevin Foster

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25/04/14

Funding cuts could delay US river lock work: Correction

Corrects lock locations in paragraph 5. Houston, 14 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennessee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock on the Illinois River; Lock 25 on the Mississippi River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

GM stopping, slowing Ontario EV van production

25/04/14

GM stopping, slowing Ontario EV van production

Houston, 14 April (Argus) — US automaker General Motors will stop and then reduce production of its BrightDrop electric delivery van at the Ingersoll, Ontario, assembly plant, initiating layoffs of nearly 500 workers, according to Canada's private sector union Unifor. GM will begin temporary layoffs on 14 April, with workers returning in May for limited production. After that, operations will be idled until October 2025, Unifor said. When production resumes, the plant will operate on a single shift for the foreseeable future — a reduction that will lead to the indefinite layoff of nearly 500 workers. During the downtime, GM plans to complete retooling work to prepare the facility for production of its 2026 model-year commercial electric vehicles. GM sold 274 BrightDrop vans in the first quarter, up 7pc from a year earlier. While GM remains committed to the Ortario facility with planned 2026 upgrades, its future is uncertain without stronger domestic support and fair market access, according to Unifor. "The reality is the US is creating industry turmoil," said Unifor National President Lana Payne, referring to sweeping global US tariffs. "Trump's short-sighted tariffs and rejection of electric vehicle technology is disrupting investment and freezing future order projections." By Carol Luk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IMO GHG pricing not yet Paris deal-aligned: EU

25/04/14

IMO GHG pricing not yet Paris deal-aligned: EU

Brussels, 14 April (Argus) — The International Maritime Organisation's (IMO) global greenhouse gas (GHG) pricing mechanism "does not yet ensure the sector's full contribution to achieving the Paris Agreement goals", the European Commission has said. "Does it have everything for everybody? For sure, it doesn't," said Anna-Kaisa Itkonen, the commission's climate and energy spokesperson said. "This is often the case as an outcome from international negotiations, that not everybody gets the most optimal outcome." The IMO agreement reached last week will need to be confirmed by the organisation in October, the EU noted, even if it is a "strong foundation" and "meaningful step" towards net zero GHG emissions in global shipping by 2050. The commission will have 18 months following the IMO mechanism's formal approval to review the directive governing the bloc's emissions trading system (ETS), which currently includes maritime emissions for intra-EU voyages and those entering or leaving the bloc. By EU law, the commission will also have to report on possible "articulation or alignment" of the bloc's FuelEU Maritime regulation with the IMO, including the need to "avoid duplicating regulation of GHG emissions from maritime transport" at EU and international levels. That report should be presented, "without delay", following formal adoption of an IMO global GHG fuel standard or global GHG intensity limit. Finland's head representative at the IMO delegation talks, Anita Irmeli, told Argus that the EU's consideration of whether the approved Marpol amendments are ambitious enough won't be until "well after October". Commenting on the IMO agreement, the European Biodiesel Board (EBB) pointed to the "neutral" approach to feedstocks, including first generation biofuels. "The EBB welcomes this agreement, where all feedstocks and pathways have a role to play," EBB secretary general Xavier Noyon said. Faig Abbasov, shipping director at non-governmental organisation Transport and Environment, called for better incentives for green hydrogen. "The IMO deal creates a momentum for alternative marine fuels. But unfortunately it is the forest-destroying first generation biofuels that will get the biggest push for the next decade," he said. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Semiconductors alter minor metal demand/supply balances

25/04/14

Semiconductors alter minor metal demand/supply balances

London, 14 April (Argus) — Evolving semiconductor technologies and growing chip consumption across a range of applications are changing demand and supply dynamics in several minor metal markets, delegates heard at the Minor Metals Trade Association's annual conference in Lisbon last week. In the hafnium market, demand from the semiconductor industry could surpass that of super-alloys for the largest share of demand in the next five years, metal and alloy producer Nanoscale Powders president Andrew Matheson said. Semiconductor demand for hafnium could climb to 64 t/yr by 2030, up by 24pc from 40 t/yr in 2024, outpacing 5pc growth in nickel super-alloy demand to 60 t/yr from 45 t/yr. This would also outpace 3pc growth in critical nuclear uses to 18 t/yr. It is unclear whether there is sufficient room to expand hafnium supply to meet the projected demand growth, Matheson said. Global production totalled about 138t in 2024, well below estimated nameplate capacity of 245t. Hafnium and compounds including hafnium oxide (HfO2) have several uses in semiconductor manufacturing, including as a gate insulator in field-effect transistors; in dynamic random-access memory capacitors to enhance capacitance, reduce power leakage and act as a protective barrier layer; and in filaments, electrodes and ultra-thin films in semiconductor fabrication. HfO2 can retain data even without power, providing potential for new types of non-volatile memory. As a result, general growth in semiconductor demand in a range of electronics, telecommunications, automotive and industrial applications is set to boost hafnium demand in semiconductor manufacturing. In addition, growing demand for memory capacity for artificial intelligence (AI), as well as new storage technologies, could drive hafnium demand further. At the same time, growing demand for standalone power generation to serve AI data centres also could lift demand for hafnium in super-alloys, Matheson said. In the indium market, the use of indium phosphide-based fibre optics to replace copper interconnects to meet the requirements of high-speed AI data transfer is creating a new source of demand. Indium-based compounds such as indium arsenide, indium gallium arsenide and indium gallium nitride are used in integrated circuits, lasers and light-emitting diodes (LEDs) for electronic and electro-optical applications. Indium alloys also are used as thermal interface materials to improve heat dissipation in electronic devices. Semiconductor applications account for about 10pc of global indium consumption, and as the liquid crystal display display market has matured, chip demand will be one of the drivers of the indium market's 2-3pc annual growth rate, according to Brian O'Neill, indium business unit manager at AIM Products. Semiconductor demand has contributed to a larger structural change in the global gallium market. Total gallium production capacity has more than tripled since 2016 from about 300 t/yr to more than 1,100 t/yr, driven by expansion in China, according to Jan Giese, senior manager for minor metals and rare earths at German trading firm Tradium. Gallium exports from China have steadily decreased since 2018, dropping further in 2023 when the Chinese government introduced export controls. This has resulted in a contraction of the share of exports in Chinese production to just 7pc in 2024 from 52pc in 2018. China is no longer dependent on exports of gallium metal, as the capacity expansion is required to support China's drive towards full downstream integration into the semiconductor value chain, Giese said. Gallium is used as a dopant in silicon-based semiconductors, as well as in compound semiconductor materials, in the form of gallium arsenide (GaAs) and gallium nitride (GaN). GaAs is critical in high-frequency devices and LEDs, while GaN is used in high-power, high-frequency devices and LEDs. Adoption of GaN is growing in new AI and automotive applications, with Chinese device manufacturers and automakers leading the way in bringing GaN-on-silicon devices into automotive power electronics. China previously imported semiconductors to supply its electronics industry. But US restrictions on exports of advanced semiconductors and manufacturing equipment to China since 2022, supported by the Netherlands and Japan, have prompted China to rapidly establish its own domestic semiconductor production and advance its technological development. The state-backed National Integrated Circuit Industry Investment Fund closed a third round last year of 344bn yuan ($47.5bn), more than double the value of the previous two rounds combined, in addition to growing private-sector investment. The scale of Chinese investment in expanding semiconductor manufacturing is absorbing much of the expansion in gallium capacity and supporting the long-term competitiveness of the Chinese downstream sector, Giese said. But as US tariffs have reduced dependency on imports of Chinese gallium, along with the export controls, they have reduced the competitiveness of the US downstream sector. Some customers have relocated, cutting US gallium demand and in turn failing to spur new primary gallium production. By Nicole Willing Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Треть заявок направлением на запад не обеспечены грузом

25/04/14

Треть заявок направлением на запад не обеспечены грузом

Moscow, 14 April (Argus) — Около 30% согласованных заявок на экспортные перевозки угля через южные и северо-западные порты в I квартале были инфлированными — не были обеспечены грузовой базой, сообщил заместитель генерального директора — начальник центральной дирекции управления движением РЖД Михаил Глазков на брифинге начале апреля. В прошлом году доля таких заявок не превышала 2%. Ослабление интереса к западным маршрутам со стороны угольщиков объясняется снижением мировых цен на твердое топливо и укреплением курса рубля к доллару США. Между тем РЖД зарезервировала локомотивы и локомотивные бригады под заявленные объемы угля, был заадресован также порожний подвижной состав, который отправился из портов, но не доехал до станции погрузки из-за отсутствия груза. Из-за инфлированных заявок на западном направлении в марте мы теряли более 150 тыс. т угля ежесуточно, или 4,5 млн т в абсолютном исчислении. В апреле эта проблема сохраняется. Каждый день на Северо-Кавказскую, Октябрьскую и Западно-Сибирскую железную дорогу [Запсиб] не предъявляется к погрузке порядка 1,6 тыс. вагонов, что проводит к потерям 100 тыс. т груза ежедневно, — заявил Глазков. Кроме того, 72 тыс. порожних полувагонов, заадресованных на Запсиб, не были востребованы для перевозки. Этот подвижной состав остается на путях общего пользования и ухудшает эксплуатационную обстановку на сети. За простой парка платит отправитель, который заявил к перевозке груз, но не предъявил его впоследствии. В то же время РЖД удалось компенсировать выпадающую погрузку на северо-западном направлении привлечением дополнительного объема черных металлов и минеральных удобрений, сообщил Глазков. Госкомпания предлагает повысить штраф за инфлированную заявку в 24 раза, до 240 руб./т не погруженного груза. Штрафы предлагается сделать поступательными в зависимости от времени отказа перевозки до запрошенной даты. Ранее эта инициатива уже предлагалась, но не была поддержана в Совете Федерации. Мы со своей стороны готовы нести взаимную ответственность за невывоз согласованных к перевозке грузов, — заверил Глазков. Сергей Маруев ___________________ Больше ценовой информации и аналитических материалов о рынке транспортировки навалочных, генеральных грузов и контейнеров — в ежемесячном отчете Argus Логистика сухих грузов . Подписаться на аналитический дайджест Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2025. Группа Argus Media . Все права защищены.

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