Thomas Kavanagh, Editor - Battery Materials, provides an overview of battery materials market with key updates on electric vehicles, lithium, cobalt, nickel and more, including:
- EV market update: tariff wars heat up
- Lithium: production cuts
- Cobalt: Chinese exports increase
- Nickel: uncertainty reigns
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US Fed cuts rate by quarter point: Update 2
US Fed cuts rate by quarter point: Update 2
Updates with recast outlook of results in paragraph 4 Houston, 7 November (Argus) — The US Federal Reserve cut its target interest rate by 25 basis points today, its second cut since 2020, as it said inflation has "made progress" towards its 2pc target. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.50-4.75pc from the prior range of 4.75-5pc. This followed a half-point cut made in mid-September, the first cut since 2020. The Fed has been cutting its target rate from two-decade highs as inflation, which peaked at 9.1pc in mid-2022, has come down to near the Fed's 2pc target. "The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks" in considering additional adjustments to the target rate, the FOMC said in its statement after the two-day meeting. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," it said, adding that the unemployment rate "has moved up but remains low." The rate cut comes two days after Republican Donald Trump, a vocal critic of the Federal Reserve during his first term in office from 2017-2021, was elected president. With vote counting ongoing, the Republicans appeared poised to win both houses of Congress, giving Trump his best opportunity to enact his agenda since 2018. Fed chair Jerome Powell told reporters after the Fed's decision that he would not resign before his term ends in 2026 if asked to do so by Trump. He said the president did not have the power to fire or demote Fed chairmen. Trump, during his first term, nominated Powell to his position as Fed chair and he took office in February 2018, according to the Federal Reserve board's website. President Joe Biden reappointed him and he was sworn in in May 2022 for a second four-year term. Powell declined to discuss the incoming Trump administration's policies or "anything directly or indirectly" related to the election during the press conference. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Fed cuts rate by quarter point: Update
US Fed cuts rate by quarter point: Update
Updates with Powell's comments from press conference after meeting. Houston, 7 November (Argus) — The US Federal Reserve cut its target interest rate by 25 basis points today, its second cut since 2020, as it said inflation has "made progress" towards its 2pc target. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.50-4.75pc from the prior range of 4.75-5pc. This followed a half-point cut made in mid-September, the first cut since 2020. The Fed has been cutting its target rate from two-decade highs as inflation, which peaked at 9.1pc in mid-2022, has come down to near the Fed's 2pc target. "The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks" in considering additional adjustments to the target rate, the FOMC said in its statement after the two-day meeting. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," it said, adding that the unemployment rate "has moved up but remains low." The rate cut comes two days after Republican Donald Trump, a vocal critic of the Federal Reserve during his first term in office from 2017-2021, was elected president. With vote counting ongoing, the Republicans appeared set to win both houses of Congress, giving Trump virtually unrestrained powers. Fed chair Jerome Powell told reporters after the Fed's decision that he would not resign before his term ends in 2026 if asked to do so by Trump. He said the president did not have the power to fire or demote Fed chairmen. Trump, during his first term, nominated Powell to his position as Fed chair and he took office in February 2018, according to the Federal Reserve board's website. President Joe Biden reappointed him and he was sworn in in May 2022 for a second four-year term. Powell declined to discuss the incoming Trump administration's policies or "anything directly or indirectly" related to the election during the press conference. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Fed cuts rate by quarter point, 2nd cut this year
US Fed cuts rate by quarter point, 2nd cut this year
Houston, 7 November (Argus) — The US Federal Reserve cut its target interest rate by 25 basis points today, its second cut since 2020, as it said inflation has "made progress" towards its 2pc target. The Fed's Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.50-4.75pc from the prior range of 4.75-5pc. This followed a half-point cut made in mid-September, the first cut since 2020. The Fed has been cutting its target rate from two-decade highs as inflation, which peaked at 9.1pc in mid-2022, has come down to near the Fed's 2pc target. "The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks" in considering additional adjustments to the target rate, the FOMC said in its statement after the two-day meeting. "Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated," it said, adding that the unemployment rate "has moved up but remains low." The rate cut comes two days after Republican Donald Trump, a vocal critic of the Federal Reserve during his first term in office from 2017-2021, was elected president. With vote counting ongoing, the Republicans appeared set to win both houses of Congress, giving Trump virtually unrestrained powers. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US W mining essential after Trump victory: ITIA
US W mining essential after Trump victory: ITIA
London, 7 November (Argus) — The rise of protectionism and prospects of increasing tariffs between the US and China prompted discussions about the need to mine tungsten domestically in the US during the International Tungsten Industry Association (ITIA) conference in Barcelona this week. "The development of domestic tungsten production in North America is critical," a US tungsten consumer told Argus . The hard metal is gaining attention from the Department of Defence (DoD) owing to its applications within defence industries and potential future use in nuclear fusion. The lack of domestic tungsten is considered a significant risk to US national security. The US introduced a 25pc tariff on imported Chinese tungsten-related products effective from 1 August 2024. Furthermore, imports of tungsten-mined ore from China and Russia for DoD procurement will be banned from 2027. The DoD is providing an increasing number of grants for companies to establish domestic manufacturing. It is doing so through programmes such as the Defence Production Act Investments (DPAI), which, since the beginning of the fiscal year 2024, issued 55 awards totalling $555mn. "Many parties want us to move this project forward as quickly as we can," said Oliver Friesen, executive director of junior miner Guardian Metal, which is developing the largest tungsten deposit in the US, Nevada. "If we were to start production today, the tungsten concentrate from (our project) Pilot Mountain would represent the only primary domestic production in the US," Friesen said. Guardian Metal anticipates it can source 20pc of US tungsten consumption within three years. This funding initiative for domestic manufacturing has bipartisan support from both Republicans and Democrats, but it could accelerate with Donald Trump in the White House. The president-elect proposed tariffs of up to 20pc on all foreign goods and 60pc tariffs on all imports from China on the campaign trail. China accounts for more than 80pc of global tungsten production. One conference attendee told Argus he anticipates the tariffs to be a reality and not mere rhetoric. Any measures could provoke a retaliatory response from China, which has already imposed export controls on dual-use materials such as antimony, gallium and germanium. Despite this, some traders express scepticism about the need for the US to produce its tungsten, as consumers are sourcing material from "friendly jurisdictions" and political allies such as Portugal and Spain, and have plans to buy from South Korea. Additionally, the demand for virgin material may decrease, given the increasing viability of recycling, suggesting that less material may be necessary. However, amid regional shifts, one participant emphasised, "If the US becomes isolated, the material needs to be produced domestically." By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
