Korea Zinc begins antimony exports to US amid China supply concerns
New Delhi [India], June 17 (ANI): Korea Zinc, a global leader in non-ferrous metal production, has initiated its first shipment of antimony to the United States, South Korean daily newspaper Korea Herald reported.
This signals a strategic move by the company to become a key alternative supplier amid rising geopolitical tensions and tightening Chinese export controls.
The company announced that 20 tons of antimony produced at its Ulsan facility were shipped to Baltimore, Maryland, on Sunday, as reported by the South Korean english-language daily.
The shipment will be distributed to around 10 US industrial clients engaged in defence and high-tech manufacturing, including producers of armour-piercing ammunition, military-grade electronics, and submarine ballast systems.
Antimony, often extracted as a byproduct of lead smelting, is crucial in flame retardants, speciality alloys, infrared detectors, and missile guidance systems, due to its heat resistance and alloy-enhancing qualities.
Given its strategic role, the US, South Korea, and China classify it as a critical mineral and maintain national stockpiles.
While the shipment marks the start of a short-term supply contract, Korea Zinc has expressed intentions to secure long-term agreements with American companies.
The firm aims to export 100 tons of antimony to the US by the end of 2025 and increase that to 240 tons annually starting in 2026. To meet growing demand, it is also considering expanding its current annual production capacity of 3,500 tons.
Korea Zinc's move comes at a critical time for the US, which consumes around 22,000 metric tons of antimony annually but lacks domestic mining operations.
China, which supplied 60 per cent of US antimony imports last year, began restricting exports of the mineral in September 2024, prompting American industries to diversify their supply sources. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
29 minutes ago
- Mint
Labour welfare schemes extend support to over 50 lakh unorganised workers across India
New Delhi [India] June 17 (ANI): The Ministry of Labour & Employment-led welfare schemes have extended support to over 50 lakh unorganised workers across India, particularly in the Beedi, Cine, and Mining sectors, the Ministry of Labour & Employment said in a release. "With a direct impact on over 50 lakh workers and their families, these schemes form a cornerstone of the government's inclusive and compassionate labour welfare strategy," the Ministry added. The Labour Welfare Organisation (LWO), functioning under DGLW, administers these schemes across the country through a well-coordinated network of 18 Welfare Commissioners, who oversee implementation at the regional level. The LWO's goal is to provide social protection, health services, financial assistance for education, and housing support to workers often located in remote and underserved regions. One of the key components of the welfare framework is the Education Assistance Scheme, which provides annual scholarships ranging from ₹ 1,000 to ₹ 25,000 for the wards of Beedi, Cine, and non-coal mine workers. The scheme, implemented via the National Scholarship Portal (NSP), receives over one lakh applications every year, with direct benefit transfer (DBT) ensuring transparent and timely disbursement. Healthcare support under the Health Scheme includes outpatient services through a national network of dispensaries, as well as reimbursement for specialised treatments for critical illnesses such as heart disease, kidney transplantation, cancer, tuberculosis, and minor surgeries. The financial assistance ranges from ₹ 30,000 for minor surgeries to ₹ 7.5 lakh for cancer treatment, ensuring access to life-saving healthcare for low-income workers. Although the Revised Integrated Housing Scheme (RIHS) introduced in 2016 has now been sunset and merged with Pradhan Mantri Awas Yojana (PMAY), the Ministry continues to disburse pending instalments to eligible beneficiaries until 31 March 2024. The Ministry said that these targeted schemes not only improve the quality of life and social security of unorganised sector workers but also underscore the government's vision of Sabka Saath, Sabka Vikas in action. (ANI)
Time of India
32 minutes ago
- Time of India
India to lead global oil demand growth, add 1 mn bpd by 2030: IEA
India, the world's third-largest oil-consuming and importing nation, will lead global oil demand growth by a large margin, adding a steep 1 million barrels per day by 2030 on the back of stellar economic expansion, IEA said on Tuesday. The global oil demand is expected to grow by 2.5 million barrels a day by the end of the decade, reaching a plateau near 105.5 million barrels per day (bpd) by 2030, the International Energy Agency (IEA) said in its latest report released Tuesday. Barring any major disruption to the oil market , the world is expected to remain well supplied through the end of the decade, the global energy watchdog said, though rising geopolitical risks in the Middle East and unresolved trade tensions could cast a shadow over the outlook. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Colombia: Nueva oportunidad de inversión en Miami Financiación Empresarial Más información Undo IEA forecast India's demand for crude oil, which is converted into fuels like petrol and diesel in refineries, to rise from 5.64 million bpd in 2024 to 6.66 million bpd in 2030. The country meets over 95 per cent of its oil needs through imports as domestic production is declining. Live Events "India's oil demand will increase by a steep 1 million bpd over the forecast period - more than any other country - in the wake of stellar GDP expansion, at an average annual rate of 2.8 per cent," it said. The United States, the world's top oil consumer, may see demand peaking at 20.47 million bpd in 2025 (20.42 million bpd in 2024) before starting to fall and may end at 20.01 million bpd in 2030. Chinese oil demand is projected to peak in 2027 when it will touch 16.95 million bpd (16.63 million bpd in 2024) before starting to decline and reach 16.66 million bpd in 2030. India, IEA said, will remain the world's fastest-growing major economy in 2025 for a fourth year running and is projected to overtake Japan as the world's fourth-largest economy this year. "Moreover, while all key (petroleum) products will contribute to the expansion, transport fuels will lead the gains (in India) - a global anomaly," it said. In relative terms, jet fuel/kerosene will rise the fastest, at almost 6 per cent annually. The fuel, starting from a low base, stands to benefit the most from population growth of 5 per cent between 2025 and 2030 and its rapidly expanding middle class keen to spend on luxury goods and services, including foreign travel. "A similar dynamic propels annual gasoline (petrol) demand growth of 4 per cent, which has significant scope for expansion given low levels of car ownership," IEA said, adding its projections assume a 40 per cent increase in the size of the car fleet by 2030. The rate of expansion in the car fleet comfortably outstrips the impact of efficiencies and EVs, with growth in the latter category, mainly in two- and three-wheelers. "A risk to our outlook is that the consumption boom driving demand for India's transport fuels is to a large extent debt-fuelled," it said. Borrowing has become increasingly commonplace among India's middle class. Household debt rose to 43 per cent of GDP in 2024, up from 35 per cent in 2022, and a possible credit spiral could derail expansion. Demand for industrial-linked products will only marginally lag the growth rate for retail-oriented transport fuels, with annual increases in gasoil, naphtha and LPG/ethane of 3.3 per cent, 2.0 per cent and 2.5 per cent, respectively. For gasoil (diesel), making up around one-third of India's total oil use, this amounts to an aggregate gain of 3,80,000 bpd over the forecast period, buoyed by secular trends such as urbanisation, industrialisation and the building out of the country's infrastructure. Expansion in the petrochemical feedstocks tracks the launch of new projects coming on stream with the widespread adoption of clean cooking acting as an additional boost to LPG demand. Government subsidy programmes have been instrumental in this respect, in particular, the Pradhan Mantri Ujjwala Yojana scheme launched in 2016 that aims to provide LPG connections across the country, replacing traditional cooking methods, IEA added. The report, Oil 2025, stated that while global demand growth continues, structural changes in supply and consumption patterns are expected to reshape the oil market over the coming years. While production capacity is forecast to rise by more than 5 million bpd to 114.7 million bpd by 2030, electric vehicles are projected to displace 5.4 million bpd of oil demand globally by 2030. Electric car sales reached a record 17 million in 2024 and are expected to surpass 20 million in 2025, the report said. China, which has been the biggest driver of global oil demand for over a decade, is expected to see its consumption peak in 2027 due to increased electric vehicle adoption, high-speed rail expansion and natural gas-powered trucks. On crude oil production, IEA said Indian production is expected to decline marginally by 30,000 bpd to 6,70,000 bpd by the end of the decade. By 2030, China will retain its status as the world's largest refiner, with capacity rising to 19.5 million bpd, even though excess capacity will remain at nearly 2.2 million bpd. The United States follows at 17.7 million bpd, with India at 6.8 million bpd, just behind Russia at 7.1 million bpd.
Hindustan Times
44 minutes ago
- Hindustan Times
Company faces backlash for fining employees for looking in mirrors, eating at desks: ‘If I catch anyone…'
A Chinese firm is facing backlash after introducing a set of unusual workplace rules. According to a report in South China Morning Post, Man Wah Holdings Ltd, a major home furnishing firm-is under fire after one of its senior executives announced strict staff policies. The company, Man Wah Holdings Ltd, is one of China's biggest furniture brands. Founded in 1992 and based in Guangdong province, it is listed on the Hong Kong Stock Exchange and employs around 27,000 people. In May, a senior executive in the e-commerce department, surnamed Liu, issued a formal notice listing the new rules. He said staff were often missing from their desks, were in the restroom, some looking in mirrors, and others making strange excuses. The new rules include fines for looking in mirrors, eating snacks at desks, and failing to clock in several times a day. Staff are also required to work overtime. Liu warned that any employee caught playing games during work hours would be fired immediately. He also introduced a fine system for eating snacks at work: managers would be fined 2,000 yuan, supervisors 1,000 yuan, and assistant managers 500 yuan. He added that staff who are away from their desks without a valid reason more than three times would have their monthly salary reduced by 2,000 yuan. Those who fail to shut down their computers after work would be fined 100 yuan. Another rule said if a worker is away for over 10 minutes, they must lock their computer and push in their chair, or face a fine. Staff unwilling to comply with the new rules were told they should resign. The incident triggered a strong reaction online, with many people criticising the company's harsh and unusual rules.
