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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.
Demand across most commodities in China is expected to slow down in the second half of 2021, according to Wood Mackenzie’s new monthly China Economic Focus report.
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.
South Korea's hot metal production will decline by 4.2 Mt or almost 10% in 2020. There is of course a risk that production decline would be greater, if containment of the virus is unsuccessful.
Rio Tinto has announced it will spend $1bn to reach net zero emissions by 2050
US President Donald Trump has announced an increase in Section 232 tariffs on Turkish steel from 25% to 50%
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:
Implementation of IMO 2020 regulation is just eight months away and its implications will be felt beyond refining and shipping. Wood Mackenzie's Asia Pacific experts weigh in on what this means for the different sectors.
Indonesia heads to the polls on 17 April 2019. Wood Mackenzie and sister company Verisk Maplecroft discuss what this means for the energy, and mining and metals sectors.
Commenting on today's announcement from Donald Trump regarding the US' intentions to double tariffs on aluminium imports from Turkey, Wood Mackenzie Senior Research Analyst, Kamil Wlazly, said:
Many market observers were sceptical about China's ability to deal with aluminium overcapacity. But cuts at Weiqiao, the world's largest smelter, shows China's determination to deliver supply-side reforms. The market is now divided into two camps – one that believes China will cut output significantly. The other one reasons that smelters will ramp up quickly and nothing much will really change.
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