Fastmarkets Ferroalloys Asia 2025 Positions Bangkok as Key Global Hub for Ferroalloy Trade

Fastmarkets Ferroalloys Asia 2025

India, China, and South Korea Showcase Market Strength as Global Players Tackle Tariffs and Sustainability Goals

The Fastmarkets Ferroalloys Asia Conference 2025 concluded in Bangkok with more than 800 global industry professionals in attendance. Held from April 8–10, this flagship event solidified its role as Asia’s largest ferroalloy trading platform, focusing on trade flows, tariffs, sustainability, and supply chain strategies.

This year’s conference drew key stakeholders from across the ferroalloy value chain. Attendees participated in active deal-making, high-level panels, and targeted networking—further reinforcing Asia’s position as the world’s dominant ferroalloy market.

Indian and Chinese Firms Expand Regional Influence Amid Tariff Pressures

Ferroalloy giants from India and China made a strong statement at the event. Companies such as BFCL, INDIANO, MORTX, BERRY ALLOYS, MTALX, and CCMA attended as sponsors. Their presence underlined a strategic shift to deepen market penetration in Asia while mitigating challenges from recent U.S. tariff policies.

By sponsoring the event, these companies emphasized regional alliances and adaptability to global trade shifts. With India and China playing leading roles in global ferroalloy production and exports, their efforts at Fastmarkets Asia 2025 signal a robust push for market resilience and growth.

Producing Ferro-Titanium in Korea

South Korea’s Dong-A Special Metal stood out by announcing its expansion in Ferro-Titanium and Ferro-Titanium Powder production. The company uses eco-friendly pretreatment methods to manufacture high-quality products, gaining attention as one of Korea’s few domestic Ferro-Titanium producers.

This development strengthens Korea’s presence in specialty ferroalloys and aligns with rising global demand for lightweight, corrosion-resistant alloys in aerospace and defense sectors.

Focus on Asia’s Role in a Changing Global Alloy Market

The conference underscored Asia’s growing dominance in ferroalloys, especially through China and India. Fastmarkets emphasized this trend, with expert panels addressing topics like supply chain optimization, carbon reduction, and long-term demand outlook. As trade dynamics evolve, Asia is becoming the central pivot for pricing and policy trends in the ferroalloy industry.

TheMetalnomist continues to track how international conferences like these shape global metal market strategies and investment priorities.

Japan Explores E-Scrap Opportunities in Southeast Asia Amid EU Supply Risks

Electronic Scrap

As concerns about European Union (EU) export restrictions grow, Japan is shifting its focus to Southeast Asia for electronic scrap (e-scrap) procurement to mitigate potential supply disruptions. This strategic pivot comes as the EU contemplates extending stringent controls on e-scrap exports, possibly affecting Japan, a nation heavily reliant on these resources for its non-ferrous metal production, including copper.

EU Regulations Tighten, Japan's Response

The recent implementation of the EU's Waste Shipment Regulation (WSR) in January 2023, which restricts scrap metal exports to non-OECD countries for environmental reasons, has raised alarms in Japan. Japanese custom data indicates that in 2023, Japan imported approximately 73,000 tons of e-scrap from the EU, accounting for about 40% of its total e-scrap imports. The Japanese Ministry of Environment highlights the country's dependence on imports to satisfy nearly half of its domestic e-scrap needs.

In response to the EU's policy shift and the consequent supply risk, Japan and the Association of Southeast Asian Nations (ASEAN) signed a circular economy initiative in August 2023, aiming to foster e-scrap procurement and processing in the region.

Challenges in Southeast Asia

Despite these efforts, the transition to Southeast Asian sources is not without challenges. A ministerial meeting between Japan and ASEAN in Laos in September revealed no specific advancements in circular economy discussions. The Economic Research Institute for ASEAN and East Asia (Eria) reported in 2023 that the region's smelting capacity for non-ferrous metals is significantly underdeveloped, with secondary production figures for aluminium and copper being notably low.

Moreover, the Global E-waste Monitor 2024 by the United Nations indicates a stark contrast in recycling rates between Asia (12% in 2022) and Europe (43%). Indonesia, while being the largest e-scrap producer in Southeast Asia, faces severe limitations in e-scrap management and infrastructure, often resorting to landfill disposal.

Conclusion

As Japan navigates these complex international dynamics, the necessity for diversified and secure e-scrap sources is more apparent than ever. The country's move towards Southeast Asia represents a cautious yet hopeful approach to securing the metals essential for its economic stability and technological advancements.

Asia Semiconductor Demand for AI Data Centres Surges on Regional Infrastructure Expansion

AI

Asia semiconductor demand for AI data centres is accelerating rapidly, driven by generative AI development, regional cloud infrastructure investment, and rising demand for high-bandwidth memory and logic chips. The shift marks a geographic rebalancing in semiconductor orders, which were previously centered on U.S. data centre growth.

AI, HBM, and Logic Chips Drive Semiconductor Orders in Asia

Dutch semiconductor equipment maker BESI reported increased orders from Asian subcontractors in Q1 2025, specifically for AI-related data centre applications. Orders rose 3.3% year-over-year and 8.2% quarter-over-quarter, even as other segments like mobile and automotive remained weak.

AI-centric devices are boosting demand for advanced semiconductor packaging, especially for high-bandwidth memory (HBM) 4 and logic chips. BESI received hybrid bonding orders from two memory producers and additional logic chip orders from an Asian foundry, underscoring regional momentum. Compound semiconductors and minor metals remain essential to meet AI’s performance, efficiency, and optical communication needs.

Chinese data centres, in particular, are preparing for broader adoption of optical technologies and laser detectors as they scale capacity to support domestic AI models like DeepSeek.

China, Singapore, and Malaysia Lead AI Data Centre Build-Out

China is rapidly scaling its AI data centre footprint. GLP, a Singapore-China investment firm, raised ¥2.6bn ($356.7mn) for a Beijing-area data centre and controls 20 data centres with a total capacity of 1.4GW across major regions. This expansion is backed by Chinese policy support for AI, cloud, IoT, and 5G development, with the country’s data centre market forecast to grow at a 38% CAGR through 2029.

Singapore remains southeast Asia’s largest data hub, hosting 1.4GW of capacity with expansion plans. However, regulatory restrictions on power and land usage are slowing growth. Meanwhile, Johor, Malaysia, is emerging as a new hotspot, with projected capacity of 1.6GW—poised to surpass Singapore.

Chinese firms have invested over $10bn in Malaysian data centres since 2019. Companies like ByteDance and Alibaba Cloud are leveraging Malaysia’s semiconductor-friendly environment to bypass U.S. export controls and support international operations.

The Metalnomist Commentary

The boom in Asia semiconductor demand for AI data centres signals a decisive shift in global digital infrastructure. As U.S. restrictions reshape supply chains, Asia is emerging as the new battleground for AI-optimized semiconductor and data centre development—anchored by domestic innovation and strategic capital deployment.

Asia-Pacific Growth Slows as US-Iran Conflict Raises Energy and Trade Risks

ADB(The Asian Development Bank)

Asia-Pacific growth is expected to slow in 2026 and 2027 as the US-Iran conflict and renewed trade uncertainty weigh on the region’s economic outlook. The Asian Development Bank now forecasts regional growth of 5.1% in both years, down from 5.4% in 2025.

Asia-Pacific growth was stronger last year because companies front-loaded exports before US tariff increases, semiconductor demand stayed high, and private consumption remained firm. But the ADB said the Middle East conflict now presents the largest risk to the region.

Asia-Pacific growth remains supported by domestic demand, steady labour markets and public infrastructure spending. However, prolonged disruption could raise energy and food prices, tighten financial conditions and weaken industrial momentum across key manufacturing economies.

Energy Shock Threatens Inflation and Industrial Demand

The ADB based its latest outlook on assumptions finalised in early March, shortly after the war began. Those assumptions expected the conflict to stabilise early, but the bank said later evidence now points to a higher risk of prolonged disruption.

Regional inflation is projected at 3.6% in 2026 and 3.4% in 2027 under the early-stabilisation scenario. If the conflict lasts through the third quarter, inflation could rise to 5.6% in 2026.

This matters for metals and manufacturing because Asia remains central to global supply chains for steel, aluminium, copper products, batteries, semiconductors, electronics and automotive components. Higher energy costs could pressure margins, slow investment and reduce demand for industrial raw materials.

Trade uncertainty adds another risk. Export front-loading helped 2025 growth, but that support is fading as manufacturers adjust to tariffs, weaker global trade and shifting procurement strategies.

China, India and Asean Face Uneven Growth Paths

China’s growth is forecast to slow to 4.6% in 2026 and 4.5% in 2027, from 5% last year. Subdued private consumption, property market weakness and slower export expansion are expected to weigh on activity.

The Chinese slowdown remains important for global metals markets. China is the largest consumer of many industrial and battery metals, so weaker growth can quickly affect copper, aluminium, nickel, zinc, rare earths and lithium demand expectations.

India’s growth is forecast to fall to 6.9% this year from 7.6% last year, before recovering to 7.3% in 2027. Resilient domestic consumption, recent trade agreements and structural reforms are expected to support the rebound.

Asean growth is projected at 4.6% in both 2026 and 2027, slightly below 4.8% in 2025. Infrastructure spending and domestic demand should provide stability, but weaker exports and fading front-loading effects could limit manufacturing momentum.

The Metalnomist Commentary

The ADB forecast shows that Asia’s growth engine is still running, but energy security and trade risk are becoming stronger constraints. For metals markets, the key issue is whether infrastructure spending can offset weaker exports and higher industrial costs.

Asia leads renewable capacity growth in 2024, but gaps widen

IRENA

Capacity milestones and technology mix

Asia leads renewable capacity growth in 2024 and shapes global additions. Asia leads renewable capacity growth with 71% of 582GW installed. Total renewable capacity rose 15% to 4.4TW. Solar added 453GW, while wind added 114GW. Renewables now hold 46.2% of global capacity, near fossil’s 47.3%.

Tripling target, regional gaps, and investment

Asia leads renewable capacity growth, yet the world lags the 2030 tripling goal. At today’s pace, capacity reaches only 10.3TW by 2030. Growth must accelerate to 16.6% yearly. Africa, Eurasia, Central America, and the Caribbean added just 2.8%. Closing gaps needs policy, finance, and technology transfer. Global energy investment will hit $3.3tn in 2025, with two-thirds “clean.” China remains the largest clean-energy investor.

Strong Asian momentum lifts solar, wind, and grid component demand. However, uneven access to capital limits broader adoption. Therefore, stable frameworks and concessional funding remain critical. Developers must also expand storage and transmission to absorb growth.

The Metalnomist Commentary

Asia’s surge is real, but global equity still lags. Expect supply-chain tightness in inverters, transformers, and HV equipment. Watch policy pipelines and grid upgrades to sustain installation velocity.

Rusal Shifts Focus to Asia as Regional Sales Surge in 2024

Rusal

In the first half of 2024, Russian aluminum giant Rusal continued to shift its business focus from Europe to Asia, with the region now accounting for over 40% of its total revenue. This strategic realignment comes in response to ongoing geopolitical challenges and restrictions on Russian metal in Europe and the U.S. following the Ukraine conflict.

Strong Sales Growth in Asia, Decline in Europe

Rusal's revenue for January to June 2024 dropped by 4.2% year-on-year to $5.695 billion, mainly due to lower aluminum prices and premiums. However, sales to Asia, particularly China, increased significantly, rising by 19.9% compared to the first half of 2023, reaching $2.37 billion. In contrast, sales to Europe plummeted by 32.7% to $1.26 billion during the same period. As a result, Asia accounted for 41.6% of Rusal’s revenue in the first half of 2024, up from 33% the previous year.

Rusal also bolstered its raw material supply chain by acquiring a 30% stake in Chinese alumina producer Hebei Wenfeng New Materials in October 2023, contributing to a nearly 19% increase in alumina output. Aluminum production rose slightly by 2.3%, while net profits surged by 41.6%, driven by a 22% reduction in non-alumina raw material costs.

BIR Conference Bangkok Recycling Industry signals Asia’s circular shift

2025 BIR(Bureau of International Recycling)

The BIR(Bureau of International Recycling) Conference Bangkok Recycling Industry gathered global stakeholders across the value chain. The forum covered ferrous, non-ferrous, and specialty metals in depth. The BIR Conference Bangkok Recycling Industry highlighted circular economy execution, not slogans. Therefore, participants focused on infrastructure, technology, and market standards. Meanwhile, BIR’s scale—1.5 million professionals and USD 160 billion—framed the agenda.

The BIR Conference Bangkok Recycling Industry underscored Asia-Pacific’s accelerating demand. Hosting in Bangkok reflected trade gravity tilting toward Asian hubs. As a result, discussions centered on capacity build-out and logistics reliability. Attendees examined traceability, quality assurance, and ESG disclosure. Moreover, members emphasized data for financing and cross-border compliance.

2025 BIR(Bureau of International Recycling)

Ferrous and non-ferrous flows anchor the circular backbone

Ferrous scrap now supplies over 30% of global steel output. EAF adoption increases scrap intensity and resilience. Therefore, ferrous scrap became a strategic raw material. Asia remains the largest import market for ferrous scrap. Korea, Japan, and Taiwan anchor steady tonnage. However, India’s fast-rising demand drew strong attention this year.

Non-ferrous recycling accelerates stainless steel’s circular economy. Over 70% of stainless production uses recycled feedstock today. Consequently, 300-series stainless scrap commands a nickel-driven premium. Copper, aluminum, and zinc recycling rates keep climbing. Meanwhile, EV batteries and e-waste create new metal pools. Processors target dismantling, black-mass recovery, and closed-loop contracts. As a result, service models expand beyond commodity trading.

2025 BIR(Bureau of International Recycling)

Specialty metals scale: Titanium and Nickel Superalloys

Specialty metals advanced from niche to priority. Titanium scrap offsets costly primary sponge and ingot. Proper sorting enables aircraft, reactor, and implant routes. Clean grades often trade at several thousand dollars per ton. Therefore, certification and segregation matter for aerospace and medical uses.

Nickel-based superalloy scrap rose with aerospace growth. Inconel and Hastelloy streams typically exceed 50% nickel. Refiners upgrade these into new superalloy melts. Moreover, chromium, molybdenum, and cobalt increase strategic value. As a result, secure collection and refining capacity became focal. Asia is emerging as the center for scale and skills.

The Metalnomist Commentary

BIR Bangkok confirmed recycling as core supply-chain strategy. Expect capital to target high-purity sorting, verified traceability, and melt capacity. Asian hubs that certify quality fastest will capture premium flows.

Defense & Security 2025 turns Bangkok into Asia’s defense crossroads

Defense & Security 2025

Defense & Security 2025 opens in Bangkok with record scale and deep strategic signaling. Defense & Security 2025 hosts 580 companies, 28 national pavilions, and 26,000 visitors. Defense & Security 2025 runs 10–13 November at IMPACT under Thailand’s defense ministry.

China’s strategic push shapes the exhibition’s competitive landscape. Thailand has fielded Chinese VT-4 tanks, VN-1 IFVs, drones, and QBZ-195T rifles. Thailand has in recent years purchased more Chinese arms by value than US systems. Therefore, the halls highlight Chinese offerings across air, land, and maritime domains. Meanwhile, invited delegations exceed 350 senior officials from 35 countries.

Scale and content reinforce the show’s Asia-Pacific weight. Exhibits span missiles, tanks, UAVs, ships, satellites, and secure comms. Exhibitors also show electronic warfare, cyber, and counter-terror systems. As a result, the event functions as a tri-service marketplace with policy dialogue. Twenty seminars and conferences convene industry and government experts.

Defense & Security 2025, China Sector

China’s export expansion meets Thailand’s modernization

China’s export pattern concentrates on Asia and Oceania buyers. Asia-Oceania take 77% of Chinese arms exports, with Africa at 14%. Pakistan accounts for 63% of Chinese exports, followed by Bangladesh and Thailand. Consequently, regional procurement pipelines increasingly feature Chinese platforms and components.

Thailand’s modernization plan advances across multiple suppliers. The cabinet approved a phased purchase of 12 Gripen E/F jets over a decade. The estimated cost is 60 billion baht for the Gripen program. Thailand’s 2024 defense budget totals 198.3 billion baht, up 2% year on year. Therefore, procurement mixes US Strykers, Chinese VN-1s, and Israeli UAVs.

ASEAN’s rearmament cycle accelerates in parallel. Indonesia’s defense budget reached $13.2 billion in 2023. Singapore’s spending reached $13.4 billion in 2023 after a 10% rise. Singapore is acquiring eight F-35B fighters to expand airpower. Vietnam is upgrading naval capabilities to protect maritime claims.

Defense & Security 2025

Global spending pledges and exporter dynamics reframe supply chains

NATO members set a higher ambition at the June 2025 summit. Members committed to invest 5% of GDP in defense. This marks a major uplift from the earlier 2% benchmark. As a result, delivery slots, components, and workforce will tighten globally.

Exporter shares define competitive pressures through 2020–24. The United States held 43% of global arms exports. France and Russia followed in second and third positions. China accounted for 5.9% and ranked fourth. Therefore, Chinese vendors face strong US and European competition in premium segments.

Defense & Security 2025 serves more than a sales floor. Organizers prioritize invited government buyers and curated agendas. Discussions focus on autonomy, AI ISR, resilient logistics, and cyber. Exhibitors pitch lifecycle packages with training and local sustainment. Co-production, MRO, and data rights feature in many deal rooms.

The Metalnomist Commentary 

Bangkok’s show captures a decisive shift toward diversified sourcing and localization. Expect tougher offset terms, co-development, and data-centric sustainment as ASEAN hedges suppliers. Financing creativity will separate winners from followers in the next procurement wave.

Vanadium Resources offtake deal with China Precious Asia

Vanadium

Vanadium Resources offtake deal with China Precious Asia secures a near-term path to cash flow. The two-year pact covers about 1.2mn t/yr of vanadium-rich magnetite DSO from South Africa. As a result, the Steelpoortdrift project gains commercial optionality while financing remains tight.

Terms, conditions, and near-term pivot

The agreement hinges on final pricing terms by 30 August, given no standard spot benchmark. It also requires a mining contractor and product-spec compliance by 30 November. Meanwhile, VR8 keeps talks open with other offtakers, which could unlock higher-grade ore output. Vanadium Resources offtake deal with China Precious Asia complements this parallel marketing strategy.

Market context and financing implications

Steelpoortdrift holds 680mn t at an average 0.7pc V₂O₅, supporting scale. However, the project pause and cost cuts reflect VR8’s limited cash of A$218,000 at March-end. Therefore, DSO sales aim to monetize ore while VR8 seeks a strategic equity partner. Vanadium Resources offtake deal with China Precious Asia may reduce funding risk if milestones are met.

China’s vanadium demand is accelerating on vanadium redox flow battery projects. Pangang cites 2024 consumption of 116,300t V₂O₅ equivalent, underscoring structural pull. Consequently, CPAL’s involvement aligns supply with growing energy-storage applications and traditional steel demand.

VR8 originally targeted first concentrate and flake by late 2025. Yet DSO offers a lower-capex bridge to revenues during market and funding uncertainty. If pricing and logistics crystallize, the DSO route can stabilize cash generation ahead of full development.

The Metalnomist Commentary

This offtake is a pragmatic bridge between stranded resources and market demand. Execution now turns on price discovery, contractor mobilization, and logistics discipline. If VR8 delivers milestones, CPAL’s pull could anchor a broader funding solution.

Enovix Expands into Asia with Strategic South Korea Acquisition

Enovix

US-based battery technology company Enovix has announced the acquisition of a battery cell manufacturing facility in South Korea.

The move marks a strategic expansion aimed at addressing rising demand from the defense sector, a key target market for advanced energy storage solutions. The facility was acquired from SolarEdge, an Israeli energy technology firm. Though the financial terms remain undisclosed, the acquisition includes both the physical plant and essential development and production equipment.

Silicon-Anode Battery Production to Scale Up

Enovix specializes in silicon-anode lithium-ion batteries, known for higher energy density and longer life cycles than traditional graphite-based cells. With this new manufacturing footprint in Asia, the company aims to accelerate production to meet growing military and industrial needs. The South Korean facility will allow Enovix to scale its output more efficiently and closer to global clients in Asia-Pacific, enhancing both delivery timelines and cost efficiency. This acquisition reflects a broader trend of American tech firms diversifying production locations amid geopolitical and supply chain pressures.

Broader Market Implications for Defense and Energy Storage

The defense industry has increasingly turned to high-performance lithium-ion batteries to power advanced systems, from drones to tactical communications. Meanwhile, South Korea remains a global battery production hub, home to major players like LG Energy Solution and Samsung SDI. Enovix’s entry into this ecosystem may also signal potential partnerships or talent acquisitions in one of the world’s most competitive battery markets. By localizing part of its manufacturing, Enovix not only enhances capacity but also strengthens its resilience against future disruptions in the US-China technology corridor.

The Metalnomist Commentary

Enovix’s move into South Korea highlights a strategic pivot toward regionalized production to support defense-grade lithium-ion batteries. As demand spikes for high-energy-density storage solutions, this acquisition strengthens the company’s hand in a competitive and geopolitically sensitive industry. For metals suppliers and cell integrators, it also signals growing urgency to align with agile, dual-continent battery players.

Russian PGMs Continue Flowing to Europe via East Asia Despite Direct Import Declines

Russian PGMs Mining

Hong Kong and China Re-export Platinum and Palladium to Europe as Shortages Persist and Prices Stay Depressed

Russian Metal Flows Persist Despite Western Sanctions

Russian-origin platinum group metals (PGMs) continued entering European markets in 2024, despite significant declines in direct exports. Instead, the metal flowed indirectly via Hong Kong and China, both of which ramped up PGM exports after stockpiling Russian volumes in 2023–2024.

The UK, for instance, imported a quarter of Hong Kong’s 857,379 oz of platinum in the first eleven months of 2024—up 500% year-on-year, despite zero direct imports from Russia for two consecutive years.

Re-export Surge Undercuts African Suppliers

As the UK increased platinum imports via Asia, its platinum purchases from South Africa—the world’s largest platinum producer—fell 4% year-on-year. Market participants say rebranded Russian metal, sold at a discount, is undercutting South African supply in Europe.

Meanwhile, Switzerland absorbed most of Hong Kong’s 121,682 oz of palladium exports in 2024, sharply up from prior years. China’s palladium exports also jumped 87%, with half shipped to Switzerland, reinforcing the growing role of East Asia as a trade intermediary.

Global Deficit Grows as Output Shrinks

With supply tight, the EU and UK may continue to rely on these indirect Russian flows. According to the World Platinum Investment Council, platinum and palladium demand will remain robust through 2025, even as global production falls.

Non-Russian producers are scaling back: Sibanye-Stillwater announced job cuts at its U.S. palladium mine, and Impala Platinum may shut its Canadian Lac des Iles site early. Despite tightness, spot prices remain weak, limiting producer incentives to boost output.

Europe's Strategic Dilemma in PGM Supply

Palladium prices have plunged 57% in 2023, followed by another 36% drop in 2024, averaging $998/oz, per Johnson Matthey data. Although sanctions remain in place, Europe’s automotive and industrial sectors have few alternatives for essential PGMs.

Market insiders expect indirect Russian-origin PGM flows into Europe to persist in the medium term, particularly as Asia profits from discounted access. The gap between policy and procurement realities is widening, reinforcing the fragility of Europe’s critical metals strategy.

Novelis Opens Aluminium Recycling Facility in South Korea to Boost Low-Carbon Supply

Novelis

Ulsan Plant Increases Novelis’ Regional Recycling Capacity by 100,000 t/yr

Novelis has opened a new aluminium recycling facility in Ulsan, South Korea, increasing its regional capacity by 100,000 tonnes per year. The facility, fully funded by Novelis with a $65 million investment, is a joint venture with Japan’s Kobe Steel. This expansion underscores Novelis commitment to low-carbon aluminium and a circular economy across Asia’s industrial sectors.

The new Ulsan aluminium recycling facility complements Novelis' existing Yeongju plant, bringing total Korean capacity to 470,000 t/yr. It will recycle used beverage cans, as well as automotive and industrial scrap, producing sustainable aluminium sheet ingot.

As a result, the project is expected to reduce carbon emissions by approximately 470,000 t/yr, aligning with global decarbonization goals.

Sustainable Aluminium Demand Rising in Asia

Novelis Asia president Sachin Satpute emphasized that the Ulsan aluminium recycling centre is a response to growing demand for sustainable materials. Key sectors such as beverage packaging, automotive, and specialty products increasingly require low-carbon aluminium supply chains. Meanwhile, regional policy and ESG pressures are accelerating investment in closed-loop recycling infrastructure.

The aluminium recycling facility in South Korea highlights Novelis’ strategic intent to lead in sustainable aluminium production. With Asia as a major consumption base, this move positions Novelis competitively in both environmental and industrial performance.

The Metalnomist Commentary

Novelis’ investment in Ulsan reflects the industry's pivot toward regionalized, sustainable aluminium production. With policy and market aligning on carbon goals, such facilities are not just environmental assets—they're strategic imperatives.

China’s Gotion Predicts LFP Batteries Will Dominate Global EV Market

Gotion High-Tech

Chinese battery producer Gotion High-Tech forecasts that lithium-iron-phosphate (LFP) and lithium-manganese-iron-phosphate (LMFP) batteries will claim up to 70% of the global electric vehicle (EV) battery market in the next 2-5 years. Speaking at the ASEAN Battery Technology Conference in Singapore, Gotion’s Asia-Pacific president Cheng Qian highlighted the rising prominence of LFP chemistry, particularly in affordable EVs and energy storage systems.

The Rise of LFP Batteries

Qian projected that LFP batteries will dominate not only the global EV market but also the entire energy storage system (ESS) sector, exceeding even the IEA’s 80% forecast. He attributed this growth to advancements in LFP battery range and faster charging times, catering to the needs of everyday EV consumers. In contrast, nickel-cobalt-manganese (NCM) batteries are expected to remain essential only for high-performance and long-range EVs.

This shift has placed pressure on the nickel market, as manufacturers pivot to cost-efficient LFP solutions. South Korean giants such as Samsung SDI and SK On are preparing to mass-produce LFP batteries by 2026. Meanwhile, LG Energy Solution (LGES) has committed to supplying 39GWh of LFP batteries to Renault's EV division Ampere, underscoring Europe’s growing focus on LFP technology.

Two-Wheeler EV Transition in Asia-Pacific

The two-wheeler EV market, particularly in Asia-Pacific, is also expected to transition from NCM to LFP batteries. India, Indonesia, and the Philippines are leading this shift due to cost concerns and government initiatives.

• India: Achieved record EV sales in FY2023-24, with two-wheeler EV sales rising 30% year-on-year to 944,126 units.
• Indonesia: Aims for 2 million electric motorcycles by 2025, supported by a $458 million subsidy program launched in March 2023.
• Philippines: Targets a 50% electric motorcycle and tricycle share by 2030, with cost efficiency driving adoption.

A Global Shift in Battery Technology

With its affordability and sustainability, LFP battery technology is reshaping the global EV landscape, especially in cost-sensitive markets. Companies like Gotion, LGES, and Samsung SDI are at the forefront of this transformation, signaling a shift towards accessible and efficient energy solutions.

SK Innovation Boosts Malaysia Data Center with Advanced Energy Systems

SK Innovation

South Korea’s SK Innovation data center energy systems will power one of Asia’s largest digital infrastructure projects in Malaysia. The company has signed an agreement with Bridge Data Centers to provide advanced backup power, energy storage, and fuel cell systems, alongside cooling technologies and a Data Center Management System (DCMS).

SK Innovation Data Center Energy Systems in Malaysia

SK Innovation will design and deliver backup power systems, including energy storage systems (ESS) and hydrogen fuel cells, for Bridge’s Malaysian facility. The integration of DCMS will ensure real-time monitoring and rapid response to power fluctuations, enabling seamless data center operations.

Malaysia Data Center Expansion and Capacity Goals

Bridge Data Centers’ new Malaysian site is projected to exceed 270MW capacity, placing it among Asia’s largest data centers. The company currently operates 300MW of live capacity and has more than 200MW under construction, reflecting growing digital infrastructure demand in Southeast Asia.

The Metalnomist Commentary

SK Innovation’s involvement highlights how energy companies are increasingly central to the data center power transition. By integrating ESS and fuel cells, SK addresses both sustainability goals and operational reliability. This partnership also underscores Malaysia’s rising role as a regional data hub driven by cloud, AI, and digital service growth.

Chengxin Lithium Secures License for Asia's Largest Lithium Deposit in Sichuan

Yajiang County Huilong Mining

Yajiang County Huilong Mining, a subsidiary of Chengxin Lithium, has obtained a mining license for the Murong lithium mine in Yajiang County, Sichuan Province, China. The license, effective until 2048, grants access to a resource of 61.095 million tons with an average grade of 1.62% lithium oxide, equivalent to 989,600 tons of lithium oxide. This positions Murong as one of Asia's largest hard rock monomer lithium deposits, with an annual production capacity of 3 million tons of ore.

Expanding Lithium Production Amid Rising Demand

In 2023, Chengxin Lithium increased its lithium salt production—primarily lithium carbonate and lithium hydroxide—to 56,700 tons, marking a 19% year-on-year growth. Sales rose by 11% to 52,900 tons, reflecting growing global demand for lithium-driven by electric vehicles and renewable energy storage solutions.

Chengxin's total production capacity now stands at 137,000 tons per year, with 77,000 tons sourced domestically from China and 60,000 tons produced in Indonesia. To diversify its feedstock, the company also taps its Sabi Star lithium mine in Zimbabwe, which contributes 200,000 tons annually of concentrate.

A Strategic Advantage for Chengxin and China

The Murong lithium mine acquisition strengthens Chengxin Lithium's foothold in the global lithium supply chain, critical for battery production and clean energy transition. This move aligns with China's strategy to secure domestic and international lithium resources, ensuring its leadership in the EV and energy storage markets.

Key Takeaways

Murong Lithium Mine: One of Asia's largest hard rock lithium deposits with high-grade lithium oxide reserves.

Production Growth: Chengxin's lithium salt production surged by 19% in 2023.

Global Supply Chain: Significant contributions from China, Indonesia, and Zimbabwe bolster Chengxin's raw material security.

With rising EV adoption and renewable energy investments, Chengxin's latest acquisition underscores its pivotal role in powering a sustainable future.

Lopal and EVE Energy Ink $694mn LFP Cathode Supply Deal

Lopal

Strategic Partnership for Malaysian Battery Production

Chinese lithium iron phosphate (LFP) cathode producer Jiangsu Lopal has signed a landmark supply agreement with EVE Energy’s Malaysian subsidiary, underscoring the growing importance of Southeast Asia in the global battery supply chain. The five-year deal covers the delivery of 152,000t of LFP cathode material between 2026 and 2030, with a total estimated value exceeding 5bn yuan ($694mn). The agreement includes flexibility clauses allowing EVE Energy to adjust order volumes within predefined limits, while pricing will be determined quarterly to reflect market conditions.

EVE Energy began operating its first overseas battery manufacturing facility in Malaysia in February 2025. The plant, designed with an annual output capacity of 680mn cylindrical batteries, primarily serves the electric tool and electric two-wheeler markets. By sourcing LFP cathode materials locally within Asia, EVE Energy aims to strengthen supply chain resilience and reduce exposure to cross-border trade risks.

Global LFP Supply Chain Diversification

Lopal has emerged as one of China’s most prominent LFP cathode producers since acquiring the business from Shenzhen BTR New Energy Material. The company operates large-scale production complexes across Jiangsu, Shandong, Tianjin, Sichuan, and Hubei, giving it significant domestic manufacturing coverage and the ability to meet large-volume contracts. In addition to EVE Energy, Lopal has also secured long-term supply deals with Cornex and Ford Motor Company this year, further expanding its customer portfolio.

This deal comes amid escalating US–China trade tensions, particularly in the energy storage sector. The United States has imposed a 40.9pc tariff on Chinese-produced LFP batteries for energy storage systems (ESS), driving manufacturers to diversify production locations. China still produces over 90pc of the world’s LFP batteries, but other countries are rapidly entering the market. LG Energy Solution (LGES) in South Korea has already started mass production of LFP batteries in the US, signaling a shift in global production strategies.

With geopolitical pressures, fluctuating raw material prices, and the ongoing global push for electrification, long-term supply contracts like this one between Lopal and EVE Energy are becoming increasingly critical for securing stable production pipelines and competitive advantage.

The Metalnomist Commentary

This agreement reflects a broader industry shift toward decentralizing battery material production across multiple regions to reduce geopolitical and logistical risks. As global demand for LFP batteries accelerates, Southeast Asia is poised to become a crucial manufacturing hub, offering both cost efficiency and strategic proximity to major markets.

US Copper Scrap Exports Reach Six-Year High in 2024

Copper Scrap

Total Copper Scrap Shipments Surge by 15%, Led by Strong Demand from China and Asia

In 2024, US copper scrap exports hit their highest levels in six years, marking a 15% increase from the previous year. Total copper scrap exports rose to 310,200 metric tonnes (mt), up from 270,100 mt in 2023. According to data compiled by Global Trade Tracker, this surge reflects rising demand across all forms of copper scrap.

Strong Growth in Copper Scrap Exports to China and Asia

Among the different categories of copper scrap, exports of bare bright scrap increased by 1.7%, reaching 81,400 tonnes in 2024. A significant portion of this growth was driven by a 3,200-tonne increase in exports to China. Exports of #1 copper scrap, which rose by 20% to approximately 112,400 tonnes, were also dominated by demand from China, which received 19,700 tonnes more than the previous year. Similarly, exports of #2 copper scrap saw a 21% increase, totaling over 116,500 tonnes, with higher deliveries to China, Malaysia, and Thailand.

This growing demand from Asian markets, particularly China, has contributed to the rise in US copper scrap exports. The Chicago Mercantile Exchange (CME) copper price for 2024 averaged $4.23 per pound, a 37¢ increase compared to 2023. Asian #1 copper scrap discounts averaged 19¢ per pound under the CME price, widening from the previous year’s 13¢ per pound. As a result, consumers faced a 31¢ per pound increase compared to the previous year due to the elevated exchange price.

Copper Scrap Exports: A Key Indicator of Global Demand

The rise in US copper scrap exports is a clear indicator of the strong global demand for copper, particularly in Asia. With China and other countries ramping up their copper production and consumption, the US remains a critical player in the copper supply chain. As demand for copper continues to grow, especially for use in green technologies and infrastructure, copper scrap exports will likely remain a vital component of the global market.

Nornickel 2025 Earnings Rise as PGM Prices and Asian Sales Support Growth

Nornickel

Nornickel 2025 earnings improved as stronger precious metals prices and higher sales volumes lifted results. Revenue rose 10pc to $13.76bn, while Ebitda increased 9pc to $5.67bn. Net profit climbed 36pc to $2.47bn. As a result, Nornickel 2025 earnings showed that stronger palladium and copper markets offset a weaker nickel environment.

This performance matters because the company is still adjusting to a very different trade map. Western sanctions have made payments, logistics, and equipment access more difficult. Nornickel responded by redirecting more sales to Asia, especially China. Therefore, Nornickel 2025 earnings were shaped not only by prices, but also by market reorientation.

Metal sales were the main earnings driver. Revenue from metal sales reached $12.98bn in 2025, supported by higher precious metals sales volumes and stronger prices for most metals except nickel. Consequently, palladium prices and Asian metals sales became central to the company’s latest financial improvement.

Asian Metals Sales Are Reshaping Nornickel’s Strategy

Asian metals sales are no longer a short-term response. They are becoming part of Nornickel’s longer-term industrial strategy. The company is exploring moving part of its copper smelting capacity to China by 2027. It is also deepening ties with Chinese buyers for battery and industrial materials. As a result, Nornickel 2025 earnings reflect a structural pivot as much as a cyclical recovery.

This shift matters because Asia now offers both demand and processing depth. China remains the largest consumer in several key metals markets. That gives Nornickel a clearer path to sustain volumes despite weaker western demand. Meanwhile, the company is trying to reduce its dependence on western equipment suppliers through modernization and local adaptation.

Nickel Market Surplus Still Limits the Full Upside

Nickel market surplus remains the biggest challenge in Nornickel’s portfolio. The company estimates global nickel supply reached 3.86mn t in 2025, above demand of 3.62mn t. That created a surplus of around 240,000t. Therefore, Nornickel 2025 earnings improved despite nickel, not because of it.

The outlook for copper and palladium looks more supportive. Copper demand continues to benefit from grid investment, renewable energy, and data center growth. Palladium markets also stayed broadly balanced, supported by automotive demand and hybrid vehicles. As a result, copper and palladium remain the more constructive parts of Nornickel’s earnings story.

Nornickel still plans to keep nickel output stable in 2026 at around 193,000-203,000t. That signals a focus on operational efficiency rather than aggressive expansion. Consequently, the company appears more focused on protecting margins and upgrading assets than chasing volume growth in an oversupplied market.

The Metalnomist Commentary

Nornickel’s results show that the company is benefiting from stronger precious metals and smarter market redirection, even while nickel stays under pressure. The bigger story is strategic. Nornickel is gradually redesigning its trade and processing footprint around Asia while waiting for nickel fundamentals to improve.

Serra Verde Secures $150 Million for Rare Earth Expansion in Brazil

Serra Verde

Brazilian mining company Serra Verde has been awarded $150 million in funding to bolster its efforts in developing sustainable rare earth element (REE) production. The investment, led by Denham Capital, the US' Energy and Minerals Group, and the UK's Vision Blue Resources, is set to enhance operational capacity and drive long-term expansion of rare earth supply chains.

This funding initiative aligns with the Minerals Security Partnership (MSP) project, a global effort involving 14 countries and the European Union. The MSP focuses on accelerating the development of critical energy mineral supply chains to support the global energy transition.

Pioneering Rare Earth Production Outside Asia

Located in the central-western state of Goias, Serra Verde commenced commercial production earlier this year. It is recognized as the first large-scale rare earth operation outside Asia, leveraging Brazil's third-largest global reserves, estimated at 21 million tons according to the US Geological Survey.

The Serra Verde deposit contains a high proportion of both heavy and light rare earth elements, including neodymium, praseodymium, terbium, and dysprosium. These critical minerals are essential for manufacturing clean energy technologies such as wind turbines, electric vehicles, and high-performance magnets.

A Boost for Sustainable Rare Earths Supply

As demand for rare earths continues to grow globally, this investment positions Serra Verde as a key player in diversifying rare earth supply chains, reducing reliance on Asia-dominated markets. The focus on sustainable production practices also aligns with rising environmental and governance standards in the mining industry.

With Serra Verde’s expanded operations, Brazil solidifies its position as a critical rare earth supplier, contributing to global energy and technological advancements.

World Refined Copper Market Records Deficit in January: ICSG

ICSG

Refined Copper Demand Exceeds Supply at Start of 2025

Global refined copper consumption outpaced production in January, leading to a 19,000-tonne deficit, according to the ICSG. The refined copper output reached 2.38 million tonnes, while consumption totaled 2.4 million tonnes. This shortfall is slightly less than the 24,000-tonne deficit recorded during the same month last year.

Production Rises in Asia and Peru, But Offsets Remain

Copper mine production increased by 2.1% year-on-year, driven by growth in Peru, the DRC, and Asia. However, output declines in North America and Chile partially offset the global gains. Refined copper output was up just 1%, with Asia (excluding China) seeing a notable 10% rise from new refinery projects. In contrast, Chile’s refined output fell 14%, and production remained flat in China and the DRC.

Global Usage Driven by China, While Western Demand Slows

Refined copper usage rose 0.75%, with a 1% increase in Chinese apparent demand. Meanwhile, consumption growth outside China was limited to 0.5%, reflecting ongoing weakness in the EU, Japan, and the US. The supply-demand gap highlights regional imbalances in copper demand recovery and industrial output growth.

The Metalnomist Commentary

The January deficit underscores a shifting copper landscape: Asian output is rising while Western demand remains tepid. As clean energy and electrification trends accelerate, these early signals point to tightening global balances in the refined copper market.