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Battery storage is the new focus for lithium producers as demand moves beyond electric vehicles
Leading producers said at an industry 'conference' this week that the lithium industry has become more optimistic about a recovery in the market as booming demand for?battery storage?systems offsets a slowdown on some?electric car markets. Electric vehicles have driven lithium demand in recent years. However, changes to regulations in the United States as well as elsewhere have led to a cooling of sales in certain key markets. This slowdown coincided in part with an overproduction of lithium, which pushed prices down sharply. The market is changing due to the growing demand for stationary batteries storage systems. This is largely driven by artificial intelligence, and the efforts made to improve power grids. Raju Daswani is the CEO of Fastmarkets. He said that "the period of market overcorrection has ended." "Energy Storage has become the primary driver of this market's growth." He said that Fastmarkets estimated?that the lithium demand for battery-storage systems is increasing at 40% annually. Daswani said at the Fastmarkets Global Lithium, Battery and Critical Materials Conference, held in Las Vegas. The organizers reported that attendance at the conference, which is considered to be the largest annual gathering in the world of lithium investors and executives, grew 10% this year, reaching?about 1,100. The mood at the conference was markedly different from that of the 2025 event, which had a gloomy atmosphere. Since then, lithium prices have tripled. Jerome Pecresse is the head of Rio Tinto’s aluminum and Lithium business unit. The company aims to increase lithium production capacity to 2028. Albemarle is the world's biggest lithium producer and noted that battery storage has been growing steadily, as opposed to the lumpy demand for EVs. Eric Norris (chief commercial officer of the company) said on the sidelines of the conference that "grid storage is more evenly distributed throughout the world." It's a very interesting demand driver. As a sign of the market's demand, ioneer announced on Monday that it had signed a Letter of Intent with Hyundai Engineering and a South Korean government arm to support its Nevada Lithium project. GOVERNMENT PRICING SUPPORT IS STILL SOUGHT Executives urged governments to continue to support the price of lithium processing, which is dominated by low-cost Chinese firms. Last week, G7 leaders, for example, agreed to improve coordination efforts in order to boost Western?lithium- and nickel-markets. What are governments willing pay for supply security? Dale Henderson said that a tax is due for this, but it hasn't yet been paid. Audrey Robertson, U.S. Assistant Energy?Secretary, encouraged industry to focus on technology innovations that could change the way the markets for lithium, and other critical minerals, function. Robertson said on the sidelines of the conference that the way lithium is processed today will not be the same in five years. (Reporting and editing by Ernest Scheyder)
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France urges World Bank to keep climate targets
The French development minister made an 11th-hour appeal to the World Bank, Thursday. He urged?it not to give in to pressure from the United States, its largest shareholder, and to stick to the climate finance target that is due to expire at the end this month. The U.S. administration of President Donald Trump has asked the World Bank to abandon its target to dedicate 45% to climate-related lending and instead focus on core development, including a returning to fossil fuels projects. Climate Change Action Plan (CCAP) has been extended for an additional year, but it is likely to expire without a replacement. This is something that many European and World Bank shareholders are concerned about. Eleonore Caoit, France's Development Minister, said that as shareholders of these institutions it was our responsibility to make sure their operations were sufficiently ambitious? when it came to climate finance. "And, of course, this is the case when?other investors have different views about climate, as is the case right now," she continued, referring specifically to the U.S. Donald Trump's administration. The directors of the U.S.A., Japan India, Saudi Arabia Russia, Kuwait, and Saudi Arabia declined to sign the statement. A spokesperson for the World Bank responded to France's plea: "On our Climate Change Action Plan we are in active discussion with our shareholders on what comes next - focusing together what is most important?to our client: smart development and tangible results." France will continue to advocate for Caroit whose train from Paris to London was delayed due track problems caused by European temperature records. Shareholders who are supportive of Caroit said they would "remain incredibly attentive" as to what happens next. She said that she would continue to advocate for the World Bank Climate Change Action Plan to take the correct direction. This is something we have been doing in Washington and will be doing in Bangkok within a few months, in reference to the World Bank's and IMF's annual meetings, which will occur in mid-October. She emphasized how U.S. opposition had stalled other global environmental initiatives including the Plastics Pollution Treaty since Trump returned to office. "We shouldn't abandon. Caroit stated that we should "continue to be focused on the countries who want to continue and ensure this produces results." She added that, with?climate disasters likely to increase in frequency due to global warming, "we need to send out a strong message to all countries, and to all economic players, especially in a period of backlash in certain countries." (Reporting and editing by Barbara Lewis, Deepa Babington, and Marc Jones)
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EIA says US refining capacities will fall by 263,000 barrels a day in 2025.
U.S. refinery capacity fell by 263,000 barrels a day (bpd) or 1.43% in 2025. This was due to the planned conversion of a major Houston refinery and a Los Angeles area plant that closed citing market dynamics. California is known for its strict environmental regulations. According to the latest report from the U.S. Energy Information Administration (EIA), Marathon Petroleum in Findlay, Ohio continues to be the nation's largest refiner, with 2.986 millions bpd or 16.4% of national capacity. Valero Energy Corp., based in San Antonio, is the second largest refinery with a capacity of 2.23 million barrels per day (bpd), or 12 percent of U.S. production. According to the report, Motiva Enterprises, owned by Saudi Aramco, has a refinery in Port Arthur, Texas with a capacity of 656,400 bpd. The refinery's capacity increased by 15,900 bpd due to improved refining efficiency. The report is based upon reports of capacities of refineries submitted by companies to EIA?by January 1, 2020. Refineries are known to experience a dip in capacity from year to year. This is followed by a?eventual?recovery as they increase capacity through improved operating efficiency. Lyondell Basell Industries, a chemical manufacturer, will shut down its refinery in Houston (which produces 263,776 barrels per day) on February 20, 2025 to convert the site into a petrochemical facility. The company had said that the refinery did not fit into its business model of a global chemical producer. Phillips 66 will shut down its Los Angeles-area refinery in October 2025. The company said that the viability of the plant was uncertain because California's market dynamics have changed. (Reporting and editing by Nathan Crooks, David Gregorio, and Erwin Seba)
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Greenland refuses to renew the mining licence of Australian Energy Transition Minerals
Greenland announced on Friday that it has refused to renew the exploration license for its Kuannersuit Rare-Earths Project from Greenland Minerals, a division of Australia's Energy Transition Minerals. The government issued a statement saying that further exploration in the area was unlikely to result in the discovery of deposits which could be exploited according to the Uranium act. In 2021 the Inuit Ataqatigiit Party, then ruling in Greenland, banned uranium mining, effectively stopping the development of the Kuannersuit Rare-Earths Project, also known by the name Kvanefjeld. This project has uranium produced as a by-product. ETM reported in April that it received a draft?decision?from Greenland's government, indicating the Mineral Resources Ministry intended to recommend the application be declined. In an email, the Australian miner stated that its project will?bring employment, training and revenue to Greenland? and the town of Narsaq. "Greenland is presenting itself as a business-friendly country. ETM stated that this decision created a different impression. The company was given 48 hours to respond?to the technical geological assessment, and refused a one week extension. The decision was made in a short time frame, and did not consider the recent results of ETM's?exploration which revealed new mineralised zones throughout the entire?licence zone," the company said. Mute Egede said that the government made this decision in accordance with legislation passed by the parliament. "At the sam time, we listen to the people - especially in South Greenland - who have?made their position clear since?many?years. "We remain committed to the course Greenland chose," said Egede. He was the prime minister at the time the ban on uranium mines was implemented in 2021. (Reporting and editing by Paul Simao, Rod Nickel and Louise Rasmussen)
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US diesel refining economics remain firm despite Iran war truce
The?U.S. The?U.S. The crack spread, which is calculated as the difference in price between U.S. ultra low sulfur diesel futures compared to U.S. crude benchmark West Texas Intermediate Futures, reached $62.84 a bar on Thursday. This was the highest level since June 3. The resilient diesel?refining economy reflects a cautious approach by traders who are wary about being caught out if tensions erupt again in the Middle East. The blockade of Strait of Hormuz has had a major impact on diesel markets, as it is critical for global supplies of fuel and Middle Eastern crude grades that are well-suited to its production. Rory Johnston is the founder of the Commodity Context Newsletter. He said, "It's pretty obvious that the?oil tightness at the moment is concentrated on products, not crude. So it's probably a safer option to?play the upside." Johnston said that the Russian fuel market is tightening due to drone attacks from Ukraine which have damaged refineries in Russia. DIESEL IS MOST SENSITIVE FOR CONFLICT IN THE MIDDLE-EAST The diesel crack spread has, like the oil market in general, dropped dramatically in recent weeks as a result of progress made by the U.S. in negotiations with Iran in order to end the war and reopen the Strait of Hormuz. The U.S. crack spread on U.S. futures was over $90 per barrel in March, the first month of Iran's war. It was even higher in the physical markets. Diesel prices and crack spreads have declined much more slowly than crude oil. WTI futures are down about 22% since the beginning of this month. ULSD futures are down just over 9%. While a number stranded vessels have left the Strait of Hormuz over the past few days, tensions are still high after a container vessel was struck near?Oman and the United Nations suspended its efforts to guide ships and seafarers across the waterway. StoneX, a brokerage, wrote Thursday to its clients that diesel inventories were the lowest of all refined products, and therefore most vulnerable to events in the Middle East. Data from the Energy Information Administration shows that U.S. distillate fuel stocks, which are primarily diesel and small amounts heating oil, stood at 106 millions barrels on June 19. This is 12 million barrels less than the five-year mean. (Reporting and editing by Sanjeev Mglani in New York)
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Silver miner Sinda's NYSE debut falls after $213 Million IPO
The Mexican silver miner Sinda raised $213 million in its U.S. initial public offering. Shares of the company fell 10% on their debut at the New York Stock Exchange. Stocks of the San Miguel de Allende, Mexico based company opened at $10.80 each, lower than the $12 offered price. Sinda sold 17,75 million shares within the marketed price range of $11.25 - $13.25 per share. In recent months, a growing number of mining firms have turned to the capital markets to fund their capital-intensive operations and capitalize on the high metal prices. Pricing of the IPO below the middle of the marketed range could be a sign the IPO 'window' for mining firms only opens selectively and that preproduction miners don't get a free ride - because their value is dependent on how well they execute over a period of several years, said IPOX Research Associate?"Lukas muehlbauer. Sinda, formerly Minera Adularia Exploracion and founded in 2012, is a firm in the exploration stage with operations in Mexico. Mexico is the world's biggest silver-mining country. The Sinda Property is its flagship asset and it's located in Guanajuato, the silver belt. Sinda is a company in the portfolio of Thomas Kaplan, a metals investor and his investment firm Electrum Group. Kaplan is an Oxford-educated metals expert with over 30 years' experience. According to Sinda which targets initial production by 2031, the large primary silver asset could?become a?globally significant mining operation. Muehlbauer stated that "the?company's profile is high-risk and high-reward because of the location?and the experienced backing, but this does not eliminate the uncertainties associated with exploration-stage mining companies." In a Friday statement, Executive Chairman Daniel Muniz Quintanilla revealed that the silver-gold deposit in Sinda was "discovered" beneath a clay covering which had been used to conceal it for generations. (Reporting and editing by Arasu Kanagi Basil, Bengaluru.
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EU Wheat Slides with Chicago, Maize Holds Near Highs During Heatwave
Euronext Wheat fell on Friday, in line with Chicago. Falling crude oil prices and the advancing harvests in the Northern Hemisphere distracted attention from a severe heatwave that ravaged Western Europe. Maize remained near contract highs. September wheat?on?Paris-based Euronext?was down 1.6% to EUR202.75 ($231.24) per metric ton, at 1603 GMT. This was a further retreat from the four-week-high of EUR210.75 on Wednesday. Chicago wheat has also fallen by about 1.5%. As a result of increased traffic in the Strait of Hormuz, crude oil prices fell by around 4%. The de-escalation of the Iran conflict has also allowed fertilizer shipments to the Gulf to resume. This has contributed to a drop in prices. The concerns over the drought-diminished U.S. yields of wheat and the heatwave damage to France have been tempered by the rapid harvest progress on both side of the Atlantic, and the strong production prospects for the Black Sea Export Zone. Frontier Agriculture, a British merchant, said in a recent note that traders are weighing?weather risks against the Black Sea harvest's progress. This continues to support a bearish sentiment. The International Grains Council raised its forecasts for global wheat production in 2026/27 on Thursday, boosted by an upward revision of Russia's numbers. FranceAgriMer reported that farmers in France had harvested 7% soft wheat by Monday. This was ahead of the five-year average harvest of 1%. Last week, soft wheat conditions decreased but 76% were still rated good or excellent. Traders assess the impact of the heatwave on?wheat production. Some are now predicting that the crop will fall below last year’s 33.4 million-ton 'crop. The French Agriculture Ministry cited a 30% reduction in production, while growers feared a steeper drop. Euronext November Maize is 0.1% lower at EUR221.00 per ton. It's hovering around a contract high EUR224.75 from Wednesday. FranceAgriMer data revealed that the maize crop condition deteriorated dramatically?last weekend to reach a record low. Next week, the heatwave is expected to end in France but there is little rain forecast as maize is entering its crucial pollination phase.
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Greenland refuses to renew the mining licence of Australian Energy Transition Minerals
Greenland Minerals (a unit of Australia’s Energy Transition Minerals) has been refused a renewal application for its exploration licence by the Kuannersuit project. The government issued a statement saying that further exploration of the area was unlikely to result in deposits that could be exploited according to the Uranium Act. The then ruling left-wing Inuit Ataqatigiit Party in Greenland, banned uranium mines in 2021. This effectively stopped the development of the Kuannersuit Rare-Earths Project, also known by its other name, Kvanefjeld. It has uranium produced as a 'by-product. Energy Transition Minerals announced in April that it had received from the Greenland Government a draft decision indicating the Mineral Resources Ministry intended to recommend the application be denied. When contacted outside of regular office hours, the Australian miner failed to respond immediately when contacted. Mute Egede is the Greenlandic Minister of Foreign Affairs and Mineral Resources. In a Facebook post, he said that the government had made this decision on the basis of legislation passed by the parliament. "At the sam time, we are listening to people in South Greenland who have been voicing their concerns for years. "We are committed to the course Greenland chose," said Egede. He was Prime Minister when the ban on uranium was implemented in 2021. (Reporting and editing by Paul Simao; Louise Rasmussen)
Gold increases as the dollar weakens, but still on course for a fourth consecutive weekly loss
Gold prices rose on Friday, as the dollar fell and expectations of an interest rate increase in the U.S. eased after inflation data. However, they are still heading for a fourth successive weekly decline.
By 1:35 pm EDT (1735 GMT), spot gold had risen 1.3% to $4,077.64 an ounce.
U.S. Gold Futures for August Delivery settled 1.2% higher at $4,096.30 an ounce.
The U.S. Dollar eased off recent highs following the release of the Fed?s preferred inflation gauge on Friday. The U.S. The Personal Consumption Expenditures Index soared 4.1% over the '12 months to May', which was in line with economists' predictions in a survey. According to CME Group’s FedWatch Tool, traders are pricing in a 59% probability of a U.S. interest rate increase in September. This is lower than the earlier expectation?of 64%.
Jim Wyckoff is a market analyst with American Gold Exchange. He said that gold has seen a modest recovery after being under pressure to sell earlier in the week. The appeal of non-yielding gold is reduced by higher interest rates and tighter policy, which tend to increase bond yields and return on?interest bearing assets. This week, spot gold prices fell by 2.1% and hit a record low.
TD Securities?said that sustained strength in the energy markets may put downward pressure on gold in 'the months to come. This week, gold started trading at a higher price in India for the first time since a month-and-a half. A price correction had prompted a surge in buying while the demand in China, its largest consumer, remained subdued. Silver spot rose by 2.2% per ounce, among other precious metals. Palladium rose 2.5%, to $1,213.87, while platinum gained 2%, to $1632.80. All three metals were heading for weekly decreases.
(source: Reuters)