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Yahoo
17-07-2025
- Business
- Yahoo
US Set to Impose 93.5% Tariff on Battery Material From China
(Bloomberg) -- The US Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say A trade association representing US graphite producers in December filed petitions with two federal agencies, asking for investigations into whether Chinese companies were violating anti-dumping laws. The new duties will add to existing rates making the effective tariff 160%, according to American Active Anode Material Producers, the trade group that filed the complaint. The anti-dumping duty on graphite is set to increase tensions along the global electric-vehicle supply chain that's already facing Beijing's export controls of some critical minerals and battery technology. Battery supplier shares slipped while North American graphite producers soared. 'Commerce's determination proves that China is selling AAM at less than fair value into the domestic market,' Erik Olson, a spokesperson for the the anode producers trade group, said in a statement. The tariff would be a blow to battery manufacturers, said Sam Adham, head of battery materials at consultancy CRU Group. A 160% tariff equates to $7 per kilowatt-hour added cost to an average EV battery cell, or one fifth of the battery manufacturing tax credits that originated in the Inflation Reduction Act and survived President Trump's budget bill, he said. 'That basically wipes out profits for one or two entire quarters for the Korean battery makers,' Adham said. Tesla Inc. and its key battery supplier, Japan's Panasonic Inc., were among companies pushing to block the new tariffs, arguing that they rely on Chinese graphite imports because the domestic industry hasn't developed enough to meet the quality standards and volume that the carmaker requires. Tesla shares fell as much as 0.7% Thursday. Graphite is a key raw material used to make anodes of the batteries, and nearly 180,000 metric tons of graphite products were imported into the US last year, with about two-thirds of these deliveries coming from China, according to BloombergNEF. China dominates the processing capacity of graphite, with the International Energy Agency calling the material one of the most exposed to potential supply risks and 'requiring urgent efforts for diversification,' according to a report in May. Graphite is expected to remain the most common anode material for all types of lithium-ion batteries in the medium term, according to the IEA, with silicon only expected to begin eating into its market share from 2030. The Commerce Department issued the preliminary determination affirming the anti-dumping duties in a document Thursday, and said the final determination should be announced by Dec. 5. The tariff ruling 'provides the policy clarity and market signals needed to accelerate domestic graphite production,' said Jon Jacobs, chief commercial officer at Westwater Resources Inc., which is building a graphite plant in Alabama. Westwater, which has agreements with Jeep-owner Stellantis NV and South Korea's SK On Co., currently has a pilot line producing 12,500 metric tons of graphite a year. It plans to expand capacity to 50,000 tons annually by 2028, Jacobs said. Westwater rose 15% on Thursday. Canadian graphite firms Nouveau Monde Graphite Inc. and Northern Graphite Corp. also surged on the tariff news. The anti-dumping rate determination 'could impact the cost structure for battery suppliers' like Fluence Energy Inc. and Enphase Energy Inc., analysts at Roth Capital Partners said in a note Wednesday. Fluence shares closed lower by 0.4% while Enphase dropped 0.7%. Additional duties on batteries will add to pressures facing the renewable industry. While energy storage retained key tax incentives in President Donald Trump's budget bill, Treasury Department rules restricting the use of Chinese cells complicates compliance for many developers. Supply chain risks and costs will slow the pace of storage growth on the US grid, according to Wood Mackenzie. --With assistance from Ted Mann and Doug Alexander. (Updates with additional comments and details from the third paragraph.) How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Forget DOGE. Musk Is Suddenly All In on AI The Quest for a Hangover-Free Buzz How Hims Became the King of Knockoff Weight-Loss Drugs ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
09-07-2025
- Business
- Business Recorder
India's iron ore pellet makers seek curbs on Iranian imports via Oman
NEW DELHI: India's iron ore pellet makers have urged the government to curb a surge in imports routed through Oman, which they say originate from Iran despite U.S. sanctions, warning that the cheaper supplies could hurt the local industry, sources and an analyst said. India, the world's third-largest iron ore producer, has imported 800,000 metric tons of pellets so far this year, whereas imports were negligible between 2021 and 2024, Lalit Ladkat, an analyst with London-based CRU Group, told Reuters. Most of these pellets are of Iranian origin and shipped via Oman to circumvent sanctions, Ladkat said. The surge in imports is driven by higher domestic prices of pellets and the availability of cheaper, high-quality Iranian pellets, Ladkat said. India's Ministry of Steel has received a petition from domestic pellet manufacturers and is examining the issue, said one of the sources involved in the matter, who declined to be identified as the deliberations were not public. The ministry did not respond to a Reuters email seeking comments. Iron ore extends rise on falling shipments but mixed China data caps gain In its letter to the ministry, the Pellet Manufacturers Association of India (PMAI) said: Even though pellet imports were shown to originate from Oman, there were 'doubts on the actual country of manufacture/origin as it is understood that this country does not produce pellets.' Rising imports have caused domestic pellet producers to operate at just 69% of capacity, PMAI said. Oman as a country of origin is doubtful, Manish Kharbanda, president of PMAIm told Reuters. In 2019, President Donald Trump imposed new sanctions on Iran, targeting the Islamic Republic's export revenues from its industrial metals sector. Both iron ore and iron ore pellets are used in steelmaking. India's demand is being driven by robust steel production, underpinned by growth in infrastructure, construction, and the automotive sector. India's finished steel consumption reached 25.1 million metric tons between April and May, the first two months of the 2025/26 fiscal year, up 7.1% from a year earlier, while crude steel output rose 9.5% to 26.9 million metric tons.
Time of India
09-07-2025
- Business
- Time of India
India's iron ore pellet makers seek curbs on Iranian imports via Oman
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's iron ore pellet makers have urged the government to curb a surge in imports routed through Oman, which they say originate from Iran despite U.S. sanctions, warning that the cheaper supplies could hurt the local industry, sources and an analyst the world's third-largest iron ore producer, has imported 800,000 metric tons of pellets so far this year, whereas imports were negligible between 2021 and 2024, Lalit Ladkat, an analyst with London-based CRU Group, told of these pellets are of Iranian origin and shipped via Oman to circumvent sanctions, Ladkat surge in imports is driven by higher domestic prices of pellets and the availability of cheaper, high-quality Iranian pellets, Ladkat Ministry of Steel has received a petition from domestic pellet manufacturers and is examining the issue, said one of the sources involved in the matter, who declined to be identified as the deliberations were not ministry did not respond to a Reuters email seeking its letter to the ministry, the Pellet Manufacturers Association of India (PMAI) said: Even though pellet imports were shown to originate from Oman, there were "doubts on the actual country of manufacture/origin as it is understood that this country does not produce pellets."Rising imports have caused domestic pellet producers to operate at just 69% of capacity, PMAI as a country of origin is doubtful, Manish Kharbanda, president of PMAIm told 2019, President Donald Trump imposed new sanctions on Iran, targeting the Islamic Republic's export revenues from its industrial metals iron ore and iron ore pellets are used in demand is being driven by robust steel production, underpinned by growth in infrastructure, construction, and the automotive finished steel consumption reached 25.1 million metric tons between April and May, the first two months of the 2025/26 fiscal year, up 7.1% from a year earlier, while crude steel output rose 9.5% to 26.9 million metric tons.
Time of India
27-06-2025
- Business
- Time of India
China eases urea export ban, but not for India
China is loosening its ban on urea exports, a move likely to ease surging international prices that have been buoyed by tension in the West Asia. Limits on exports of the fertilizer will be loosened from this month, according to people familiar with matter. However, Chinese companies will still be subject to quotas and, in some instances, minimum prices for shipments, said the people, who asked not to be named as they're not authorized to talk to the media. Exports to India will still be restricted, they said. China's ministry of commerce didn't immediately reply to a fax seeking comment. Urea, the world's most commonly used nitrogen fertilizer, provides one of the essential nutrients that underpin global food production. As recently as 2023, China was the world's biggest exporter of urea, but a ban on overseas shipments was put in place last June to cut domestic prices to aid farmers and bolster food security. So far, the quota for urea exports has been set at about 2 million tons for the near term, according to Gavin Ju, an analyst at CRU Group in Beijing. "The original intent of the policy was to secure domestic supplies and stabilize prices at a level that farmers could afford," he said. "Local prices have remained within a reasonable range. So taking into consideration affordability for farmers and profits for urea companies, it makes sense to loosen controls on exports." Urea prices in Shandong, a top producing province, fell to the lowest in more than seven years in Jan and have remained subdued since then. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Bloomberg
23-06-2025
- Business
- Bloomberg
Global Urea Prices Surge as Some Mideast Producers Halt Output
Global prices of key fertilizer ingredient urea have surged alongside escalating violence in the Middle East, which threatens to choke supplies of the crop nutrient from a significant producing and exporting region. Nearly half of world's urea exports are sourced from manufacturing facilities on the Persian Gulf, according to Bloomberg Intelligence, with recent strikes putting those supplies at risk. Egypt and Iran have already curtailed production, which alone were responsible for almost 20% of global urea trade last year, according to Chris Lawson, head of fertilizers at consulting firm CRU Group.
