Tungsten prices are at highs not seen for some time. This short update will help you to understand the fundamental reasons behind these high prices and give you an insight into the near to medium term outlook for the tungsten market.
The insights provided in this 10 minute video are taken from the new edition of Argus Tungsten Analytics service, presented by Mark Seddon, Principal Consultant.
The video update explores:
• Tungsten prices are at 6-year highs, principally affected by near-term supply issues in China
• Demand for tungsten is generally muted, especially in Europe, but the defence sector is driving demand given the current geo-political issues in eastern Europe and the Middle East
• The medium-term supply picture is likely to be boosted by new projects coming on-stream in 2H 2024 and 2025
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Tariff pressure, supply relief weigh on tin prices
Tariff pressure, supply relief weigh on tin prices
London, 1 May (Argus) — Downward pressure from US tariffs and easing supply constraints prompted a sharp price drop on the official three-month tin contract on the London Metal Exchange (LME) in April, erasing much of the gains made through the first quarter of this year. Prices on the LME's official three-month tin contract dipped to $31,775-$31,825/t on 30 April, down by 20pc from a three-year high of $38,125-38,175/t on 2 April, but up from a month-to-date low of $29,550-29,600/t on 9 April. This decline scrubbed much of the steady increase made over the first quarter when tin prices climbed in response to tighter supply from the Democratic Republic of the Congo (DRC) and mining restrictions in Myanmar. Tight concentrate supply drives 1Q price increases Tin prices rose steadily throughout the first quarter after a major escalation in the conflict in eastern DRC interrupted supply from artisanal and industrial cassiterite mining and a major earthquake in Myanmar disrupted plans to lift a mining ban in the autonomous Wa region. Rwanda-backed militia group M23 launched a fresh push through eastern DRC in late January, seizing control of key mineral-trading towns Goma and Bukavu before expanding west towards the town of Walikale and Alphamin's Bisie tin concentrate mine. The 25,000 t/yr capacity mine was evacuated on 13 March, raising concerns about a supply shortage and prompting a 6pc day-on-day increase in the official three-month LME tin contract. Warehouses in Goma and Bukavu that held artisinally mined cassiterite ore also were raided, with multiple containers of material having been stolen, market participants told Argus . These supply concerns were compounded on 28 March when a 7.7-magnitude earthquake hit Myanmar. Authorities in Wa state have upheld a mining ban in the region since August 2023, but in March, they confirmed plans to roll out a licensing scheme that will allow companies to restart mining operations. The earthquake delayed these plans by a few weeks, prompting further concerns about the stability of future supply and causing another spike in the three-month LME tin contract to a three-year high. Myanmar is the third-largest producer of tin concentrates after China and Indonesia, but most of the tin concentrates produced in the country are exported to neighbouring China for processing. Chinese imports of tin concentrates last year fell to 76,000t, from 187,000t in 2022, before the Wa state mining ban. Wa state is home to Man Maw, the largest tin mine in Myanmar. Prices fall in April But despite the first-quarter gains, tin prices faced strong downward pressure in April. Tariff increases announced by US president Donald Trump sparked uncertainty about long-term demand and caused prices to fall by $8,575/t from 2-9 April, a decline of more than 22pc. Trump's April tariff announcements are expected to dampen global trade and triggered fears of an economic recession, which would weigh on demand for base metals such as tin. And the supply constraints that triggered such strong price increases in the first quarter eased after M23 withdrew from towns close to the Bisie mine, enabling Alphamin to implement a phased restart of operations from 15 April. But the towns of Goma and Bukavu, as well as many artisanal mining sites, remain under M23's control. Authorities in Wa state also were able to progress plans to resume mining operations, having officially released details of a new licensing scheme and meeting with Man Maw's former operators on 23 April. But it could take some months for Man Maw's production to ramp up as companies apply for new licenses, Chinese workers apply for visas and parts of the mine's underground sections may need to be de-watered, the International Tin Association said. By Sian Morris Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Non-China automakers cut targets on BEV demand, tariffs
Non-China automakers cut targets on BEV demand, tariffs
London, 30 April (Argus) — Several non-Chinese automakers have retreated from ambitious 2025 targets after a bruising first quarter, as slowing battery electric vehicle (BEV) demand and escalating trade barriers forced widespread guidance suspensions and production cuts. German carmaker Mercedes-Benz Group led the pullback, withdrawing its full-year outlook today after US tariffs and weakening Chinese sales drove a 41pc drop in first-quarter earnings before interest and tax (Ebit) to €2.3bn ($2.5bn). Chief financial officer Harald Wilhelm warned that US import tariffs could erase 3 percentage points from automakers' profit margins, compounding pressure from delayed BEV adoption. Automaker Stellantis also suspended its 2025 guidance today, reporting a 9pc year-on-year drop in first-quarter sales and a 14pc fall in revenue owing to extended North American holiday shutdowns and disruptions as it electrifies more of its fleet. The firm halted production of Chinese partner Leapmotor's T03 BEV in Poland , citing EU tariffs on Chinese-made EVs, illustrating how trade barriers are impacting western joint ventures with Chinese automakers. Germany's Volkswagen Group has maintained its 2025 outlook but warned that margins would hit the lower end of its 5.5-6.5pc target after first-quarter pre-tax earnings slid by 40pc. The company faces two key challenges — falling demand in China, with a 17pc drop in first-quarter overall car sales in China, and underutilisation of capacity at its European BEV plants . VW Group's chief financial officer Arno Antlitz also acknowledged today that the company has cut its headcount in Germany by about 7,000 since late 2023 on a cost-cutting drive, and that its unchanged guidance does not reflect any impact from US tariffs. US automakers Ford and General Motors (GM) are similarly exposed. Back in February, Ford forecast a net loss of $5.5bn on its EV and software operations for 2025, roughly in line with 2024. This is in spite of an 82pc year-on-year jump in BEV sales in the first quarter — attributed to Tesla's drop in popularity and significant discounts on BEV models. GM suspended its guidance on Tuesday and halted share buybacks after a 6.6pc profit decline — fearing tariff spillovers in the face of a rare $45mn profit in China — despite a 94pc increase in first-quarter EV sales to 31,887 units. Better performing automakers also face a strain. German BMW's first-quarter BEV deliveries rose by 28pc globally, but overall sales fell by 1.4pc as a dip in China of 17.2pc offset gains elsewhere. South Korean automaker Hyundai Group's operating profit rose by 2pc year on year to $2.52bn in January-March, but global sales edged down by 0.6pc, bolstered only by US sales rising by 11pc as consumers rushed to buy vehicles ahead of car tariffs. Tariffs and EU CO2 targets add to pressure Automakers' guidance suspensions also reflect deeper structural pressures as trade barriers on cars and newly announced export controls on some heavy rare earth elements such as dysprosium and terbium are rocking carefully calibrated supply chains. European automakers rely on Chinese battery materials and US-bound exports, leaving them exposed on two counts. At the same time, the EU's 2025 CO2 rules — requiring a 15pc cut in fleet emissions from 2021 levels — are forcing carmakers to sell BEVs at a loss, according to industry body the European Automobile Manufacturers' Association, although clean energy think-tank Transport & Environment disputes this . BEV sales so far this year have risen owing to these targets, despite profitability issues, with a 28pc rise across Europe in the first quarter . Chinese-owned carmakers have faced fewer constraints, although they have retreated from selling BEVs into Europe ( see graph ) after tariffs imposed on Chinese-made EVs last year. Chinese automaker BYD's first-quarter BEV sales surged by 39pc to 416,000 units — beating rival Tesla's 332,000 units — aided by domestic subsidies and tariff-absorbing strategies such as hybrid exports and European production. And China's Geely's Holding Group delivered 483,372 EVs — up by 83pc on the year — making up 49pc of its overall sales, while China's state-owned SAIC delivered 433,000 units, up by 33pc on the year, using the UK assembly of its MG brand to bypass trade barriers. Sweden's Volvo has withdrawn its guidance for 2025 and 2026 after a 59pc drop in first-quarter operating profits, prompting an 18bn kronor ($1.8bn) cost-cutting programme. By Chris Welch Chinese carmakers' west Europe monthly new car sales pc Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
China's Easpring builds lithium CAM facility in Finland
China's Easpring builds lithium CAM facility in Finland
Beijing, 30 April (Argus) — Major Chinese lithium-ion battery cathode active material (CAM) producer Beijing Easpring Material Technology has started building a CAM production plant in Kotka in southeast Finland, to meet demand from European customers. Easpring formed subsidiary Easpring Finland New Materials with state-owned Finnish Minerals (FMG) and its wholly-owned subsidiary Finnish Battery Chemicals (FBC), in which Beijing Easpring holds 70pc and FMG with 30pc. The joint venture will take charge of building and operating Easpring's European new material production base. The total investment of the project is approximately €800mn ($703mn) and the overall planned CAM capacity is 500,000 t/yr, including 200,000 t/yr of lithium nickel-cobalt-manganese-oxide (NCM) and 300,000 t/yr of lithium-ion-phosphate (LFP)/lithium-ferromanganese-phosphate (LMFP). The first phase has a capacity of 60,000 t/yr of NCM. More details, including the construction schedules and launch date, were undisclosed. "The facility will not only meet the growing global demand for high-quality CAM, but also set new standards for sustainability and innovation in the battery industry," said Easpring's chairperson Chen Yanbin. "The groundbreaking of the Kotka plant is a significant milestone in strengthening the battery CAM production capabilities in Europe." "The beginning of the plant construction is an important step in developing the Finnish battery value chain," said Finnish Minerals' chief executive officer Matti Hietanen. "At the same time, it helps Europe produce the materials required for the electrification of transport." Major battery manufacturers LG Chem, Samsung, SKI and CATL have been expanding their capacities by building lithium-ion battery production plants in Poland, Hungary and Germany in recent years. NCM, LFP and lithium cobalt oxide (LCO) are Easpring's main products. The firm's total CAM output surged by 70pc from a year earlier to 103,401t in 2024, including NCM, LFP and LCO. The firm has established partnerships with SK On, LGES, Samsung SDI and secured feedstocks from CNGR, Huayou Cobalt, GEM, Citic Guoan, and Albemarle. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Indonesia imposes new nickel royalty rates
Indonesia imposes new nickel royalty rates
Singapore, 29 April (Argus) — The Indonesian government has implemented new royalty rates, also known as the non-tax revenue or Penerimaan Negara Bukan Pajak (PNBP) for nickel products, effective from 26 April. Some of the effective royalty rates were slightly adjusted from the previous proposal on 8 March. The PNBP royalty rate for nickel ore remained the same as the proposal, which was revised from a fixed 10pc to a range of 14-19pc, depending on the Harga Mineral Acuan (HMA) nickel price — the reference price for nickel ore. Implemented nickel pig iron (NPI) royalty rates were also as proposed at 5-7pc, depending on the HMA, from a flat rate of 5pc. The Indonesian government set the new royalty rate for ferronickel at 4-6pc, a slight drop from the proposed 5-7pc but an increase from the previous fixed 2pc. Royalty rates of nickel matte were similarly imposed lower at 3.5-5.5pc, down from the proposed 4.5-6.5pc but higher than the previous 2-3pc. Royalty rates for nickel mixed-hydroxide-precipitate (MHP) were newly introduced at a flat rate of 2pc. The new royalty rates are expected to increase production costs in the longer term but is likely to have limited immediate impact on prices. The nickel industry and government are in ongoing discussions over profitability concerns and possibility of delaying the implementation, but other details could not be confirmed. Nickel royalty rates HMA nickel ($/t) Proposal on 8 March (%) Implemented rates (%) Nickel ore <18,000 14.0 14.0 18,000 < 21,000 15.0 15.0 21,000 < 24,000 16.0 16.0 24,000 < 31,000 18.0 18.0 ≥ 31,000 19.0 19.0 NPI <18,000 5.0 5.0 18,000 < 21,000 5.5 5.5 21,000 < 24,000 6.0 6.0 24,000 < 31,000 6.5 6.5 ≥ 31,000 7.0 7.0 Ferronickel <18,000 5.0 4.0 18,000 < 21,000 5.5 4.5 21,000 < 24,000 6.0 5.0 24,000 < 31,000 6.5 5.5 ≥ 31,000 7.0 6.0 Nickel matte <18,000 4.5 3.5 18,000 < 21,000 5.0 4.0 21,000 < 24,000 5.5 4.5 24,000 < 31,000 6.0 5.0 ≥ 31,000 6.5 5.5 MHP Flate rate - 2.0 Source: Indonesian government Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
