Quarterly rare earths market update – July 2024
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Quarterly rare earths market update – July 2024
Gain insight into the rare earths market with our July quarterly update, covering key price movements, near-term expectations, and dominating headlines.
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Understand the drivers of rare earths with our April quarterly update video covering neodymium, praseodymium, dysprosium, terbium, lutetium, yttrium and more.
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Mexican GDP growth in 4Q lowest since 2021
Mexican GDP growth in 4Q lowest since 2021
Mexico City, 31 January (Argus) — Mexico's economy slowed in the fourth quarter to its lowest pace since early 2021, as the agriculture and industrial sectors dragged on growth. Mexico's gross domestic product (GDP) growth slowed to annualized rate of 0.6pc, statistics agency Inegi reported. This is down from an annual 1.6pc in the third quarter and 2.1pc growth in the second quarter, which was the strongest quarter last year. The result marks the slowest growth in 15 quarters for Mexico, coming in below estimates. This was largely due to annualized 4.6pc decline in the agriculture sector, swinging from 4.1pc growth in the third quarter as drought conditions return. Inegi reported the industrial component of GDP also contracted, down 1.7pc in the fourth quarter, compared with a 0.5pc expansion in the previous quarter, on slowing construction and persistent declines in the oil component. Services, meanwhile, expanded an annualized 2.1pc in the fourth quarter, compared with a 2.2pc expansion in the previous quarter. Inegi reported full-year GDP growth at 1.5pc in 2024, slowing from 3.3pc in 2023 and the lowest level since the pandemic-stricken downturn in 2020. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump tariffs to hit Canada, Mexico, China on 1 Feb
Trump tariffs to hit Canada, Mexico, China on 1 Feb
Washington, 31 January (Argus) — President Donald Trump will proceed with plans to impose 25pc tariffs on imports from Canada and Mexico and 10pc on imports from China on 1 February, the White House said today. The White House pushed back on reports that the tariffs would be delayed and declined to confirm whether Trump made a decision on whether to exclude Canadian and Mexican crude from the tariffs. "Those tariffs will be for public consumption in about 24 hours tomorrow, so you can read them then," the White House said. The looming face-off on tariffs has unnerved US oil producers and refiners, which are warning of severe impacts to the integrated North American energy markets if taxes are imposed on flows from Canada and Mexico. Industry trade group the American Petroleum Institute has lobbied the administration to exclude crude from the planned tariffs. Trump on Thursday acknowledged a debate over the application of tariffs to oil but said he had yet to make a decision on exemptions. The White House dismissed concerns about potential inflationary effects of Trump's tariffs. "Americans who are concerned about increased prices should look at what President Trump did in his first term," it said. Canadian prime minister Justin Trudeau reiterated today that Ottawa would retaliate against US tariffs. Nearly all of Mexico's roughly 500,000 b/d of crude shipments to the US in January-November 2024 were waterborne cargoes sent to US Gulf coast refiners. Those shipments in the future could be diverted to Asia or Europe. Canadian producers have much less flexibility, as more than 4mn b/d of Canada's exports are wholly dependent on pipeline routes to and through the US. Canadian crude that flows through the US for export from Gulf coast ports would be exempt from tariffs under current trade rules, providing another potential outlet for Alberta producers — unless Trump's potential executive action on Canada tariffs eliminates that loophole. Tariffs on imports from Canada and Mexico would most likely have the greatest impact on US Atlantic coast motor fuel markets. New York Harbor spot market gasoline prices are around $2/USG, meaning a 25pc tariff on Canadian imports could up that price by as much as 50¢/USG. This could prompt buyers in New England or other US east coast markets to look to other supply options. Canadian refiners could also start sending their product to west Africa or Latin America. US refiner Valero said that the tariffs could cause a 10pc cut in refinery runs depending on how the tariffs are implemented and how long they last. The tariffs may affect regional natural gas price spreads and increase costs for downstream consumers, but there is limited scope for a reduction in gas flows between the two countries — at least in the short term. The US is a net gas importer from Canada, with gross imports of 8.36 Bcf/d (86.35bn m³/yr) in January-October, according to the US Energy Information Administration (EIA). The US' Canadian imports far exceeded the 2.63 Bcf/d it delivered across its northern border over the same period, EIA data show. Tariffs on Canadian and Mexican imports also will disrupt years of free flowing polyethylene (PE) and polypropylene (PP) trade between the three countries, market sources said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Saudi 2mn t/yr steel mill to be sold
Saudi 2mn t/yr steel mill to be sold
London, 30 January (Argus) — A 2mn t/yr long and flat steel production plant in Dammam, Saudi Arabia, is up for sale, US-based global asset management company Gordon Brothers said. The mill, which has not operated for nearly two decades, houses two billet casters, a thin slab caster, a 5-stand 4-high hot strip mill, an induction furnace, an electric arc furnace, a ladle refining furnace, and diesel power generators. The plant was previously operated by Saudi steelmaker Al Tuwairqi. The company in 2006 contracted South Korea's Posco Engineering to supply machinery and equipment to the plant, but the equipment has remained unused since its shipment, coinciding with the global financial crisis in 2008. Al Tuwairqi has a 1.85mn t/yr long steel mill in Makkah, a billet and rebar production site with 1.5mn t/yr capacity in Dammam, and 500,000 t/yr of direct-reduced iron (DRI) capacity. The equipment in Dammam dates from 1994-2008 but could be upgraded if necessary, and the company could potentially commence production soon after, market sources said. Once the mill is operational, it is expected to increase domestic output. Market participants would welcome the additional capacity, given strong current demand bolstered by large-scale construction and infrastructure projects in the region. The addition of flat steel capacity is particularly attractive because the Gulf Co-operation Council region imports most of its flat steel and has few producers. A US steel company is considering purchasing the mill, market participants have suggested, although no official statements have been made. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Recent deep-sea and short-sea cfr Turkey scrap deals
Recent deep-sea and short-sea cfr Turkey scrap deals
London, 30 January (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 27-Jan 3,000 350 February Marmara Romania Bonus Y 24-Jan 3,000 329 January Marmara Romania HMS 1/2 90:10 N 22-Jan 3,000 325 January Marmara Bulgaria HMS 1/2 90:10 Y Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 29-Jan 30,000 349 (80:20) February Iskenderun USA HMS 1/2 80:20, P&S, shred Y 28-Jan 40,000 340 (80:20) March Izmir UK HMS 1/2 80:20, bonus Y 28-Jan 30,000 342.50 (80:20) February Izmir Scandinavia HMS 1/2 80:20, P&S, bonus Y 28-Jan 30,000 342.50 (80:20) February Izmir USA Shred, bonus Y 22-Jan 18,000 332.50 (80:20) February Iskenderun Cont. Europe HMS 1/2 80:20, shred, bonus N 22-Jan 30,000 345 (90:10) February Iskenderun USA HMS 1/2 90:10, bonus (option) Y Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.