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The combination of factors including the Russia-Ukraine conflict, stimulated economies, thriving post-pandemic demand, and ongoing Covid constraints on logistics have put supply chains under immense stress, triggering multiple price records for metals and mined commodities.
The latest sanctions by the Australian government in banning exports of alumina and bauxite to Russia adds further disruption to UC Rusal’s supply chain and ultimately on its ability to maintain normal primary aluminium production levels.
China’s CATL unveiled its newly-developed sodium-ion battery at a launch event today.
The EU Commission proposed a carbon border adjustment mechanism (CBAM) as part of today’s “Fit for 55” package. James Whiteside, global head of multi-commodity research at Wood Mackenzie, said: “As the first mechanism of its kind, the CBAM is being designed in consultation with industry to avoid unintended consequences. “A CBAM that does not cover a substantial portion of the production chain will encourage carbon leakage - pushing emissions beyond the borders of the EU or shifting competition between EU and non-EU producers to the next stage of the value chain.”
European steelmaker ArcelorMittal today announced plans to become the world’s first steelmaker to produce fossil-free steel using virgin iron. ArcelorMittal, the world’s second largest steelmaker and Europe’s largest producer, plans to produce fossil-free steel via a process known as H-DRI-EAF.
China’s state planner the National Development and Reform Commission (NDRC) announced today an “indefinite suspension of all activities under China-Australia Strategic Economic Dialogue”. Wood Mackenzie experts weigh in on the event.
Rio Tinto has announced it will spend $1bn to reach net zero emissions by 2050
The U.S has increased tariffs on $200bn of Chinese goods to 25%, from 10%, impacting a number of metals. Commentary below comes from the Wood Mackenzie metals team:
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