Bismuth Tellurium PV Demand Growth Driven by Solar Technology Expansion

Bismuth

Bismuth tellurium PV demand faces divergent growth trajectories as photovoltaic industry expansion supports bismuth consumption while trade conflicts constrain tellurium market development. The bismuth tellurium PV sector dynamics were highlighted at the 2025 China bismuth and tellurium development forum in Chenzhou, where industry experts analyzed critical materials supply chains for emerging solar technologies.

Bismuth Consumption Accelerates Through HJT Solar Battery Growth

Bismuth tellurium PV applications demonstrate strong growth potential, particularly in heterojunction (HJT) solar battery manufacturing. Global bismuth consumption reached 18,000-19,000 tonnes in 2024, with China representing approximately 40% at 6,600-6,800 tonnes according to Vital Technology Group. The HJT battery technology combines crystalline silicon advantages with thin film capabilities, requiring bismuth-based low-temperature welding materials.

Meanwhile, global HJT cell shipments surged from 4 GW in 2022 to 25 GW in 2024. Demand for low-temperature welding materials increased correspondingly from 2,000 tonnes in 2022 to 10,000 tonnes in 2024. Industry projections indicate HJT shipments will reach 80 GW in 2025, requiring 30,000 tonnes of specialized welding materials containing bismuth.

Tellurium Market Faces Trade-Related Headwinds

However, tellurium consumption encounters challenges despite growing photovoltaic industry demand. China dominates global tellurium production with 803 tonnes in 2024, representing 68% of worldwide output totaling 1,179 tonnes. The metal finds primary application in cadmium-telluride (Cd-Te) thin-film solar modules, consuming approximately 130 tonnes per gigawatt of production capacity.

Therefore, trade tensions between China and the US create uncertainty for tellurium demand growth. Major US manufacturer First Solar reduced sales guidance from 18-20 GW to 15.5-19.3 GW in April, citing trade uncertainty and higher tariffs imposed since President Trump's February inauguration. This guidance reduction directly impacts global Cd-Te consumption projections for 2025.

Building-Integrated PV Creates New Demand Channels

Furthermore, building-integrated photovoltaic (BIPV) applications present emerging growth opportunities for both critical minerals. China plans significant BIPV capacity expansion, potentially increasing tellurium utilization according to China Triumph representatives. Global Cd-Te thin-film solar cell output reached 16 GW in 2024, indicating 2,080 tonnes of Cd-Te demand for absorption layer applications.

As a result, bismuth benefits from diversified application portfolios including automobile glass ink (19% of consumption), pigments (13%), catalysts (8%), and pharmaceuticals (8%). This diversification provides stability compared to tellurium's concentrated dependence on solar module manufacturing, which remains vulnerable to geopolitical trade disruptions affecting major consuming markets.

The Metalnomist Commentary

The contrasting trajectories of bismuth and tellurium in photovoltaic applications highlight how trade policies increasingly influence critical minerals demand patterns beyond traditional supply-side considerations. While technological advancement drives fundamental growth in both materials, tellurium's concentrated exposure to US-China trade tensions demonstrates the vulnerability of specialized critical minerals to geopolitical disruptions in key end-use sectors.

First Solar Secures US TOPCon Patent

US-based solar module manufacturer First Solar has successfully obtained a US patent for its solar cell production technology, paving the way for an investigation into potential patent infringements.

The company announced today that it has acquired patents for the Tunner Oxide Passivated Contact (TOPCon) cells, which utilize crystalline-silicon (c-Si) photovoltaic (PV) technology, following its acquisition of TetraSun in 2013.

With this patent acquisition, First Solar has launched an investigation into c-Si solar manufacturers to identify any possible infringement of its patents, which are issued in the US, Mexico, China, Malaysia, Vietnam, Japan, and Australia. The probe also covers pending patent applications in the EU and Japan.

First Solar is known for producing thin-film cadmium-telluride (CdTe)-based photovoltaic modules, a crucial element in advancing solar energy technology and the broader energy transition.

Xianglu Expands Tungsten Wire Production in China

Tungsten Wire

Surge in Tungsten Wire Output

China’s Xianglu Tungsten has significantly expanded its production of super-fine tungsten wire at its Chaozhou facility in Guangdong province. The plant is now producing 500mn meters of wire per month, targeting an annual capacity of 30bn meters that was first outlined in September 2023. This rapid scale-up underscores Xianglu’s growing role as a leading supplier of downstream tungsten products.

The expansion has already impacted the company’s financial results. Revenues for January–March rose 4.2% year on year to 481mn yuan ($66.9mn). More notably, revenue from the tungsten wire segment surged sevenfold, though the company did not disclose the exact figure. Demand is being driven by the photovoltaic sector, where fine tungsten wire is used as a cutting tool for silicon wafer slicing.

Market Impact and Price Influence

Tungsten wires totaling 100mn meters typically consume about 4t of tungsten concentrate, highlighting Xianglu’s role as a major consumer of feedstock. Alongside peers Xiamen Tungsten and Zhangyuan Tungsten, Xianglu’s bi-monthly bidding prices significantly influence spot tungsten markets. Collectively, term contracts from these firms account for 60–70% of China’s tungsten feedstock demand, according to industry estimates.

In June, Xianglu raised its bid prices to Yn171,000/t for 50% wolframite concentrate and Yn251,000/t for APT, reflecting increases of Yn8,500/t and Yn9,500/t respectively. Xiamen Tungsten also lifted APT bids to Yn250,000/t, reinforcing an upward trend in feedstock prices. These price moves suggest sustained strength in demand, even as downstream industries navigate broader economic pressures.

The Metalnomist Commentary

Xianglu’s tungsten wire expansion highlights the intersection of renewable energy growth and raw material demand. As photovoltaic installations surge, tungsten’s strategic role is intensifying. With pricing power concentrated in a few Chinese firms, global buyers remain highly exposed to policy, energy, and cost dynamics within China’s tungsten industry.

China's Antimony Market Faces Weak Demand but Tight Supply in 2025

China antimony

Antimony Prices to Remain High Amid Supply Constraints

China's antimony market is bracing for a dual challenge in 2025: a decline in demand driven by export restrictions, substitution efforts, and slowing solar glass industry growth, coupled with persistent supply tightness due to global resource depletion. These dynamics suggest that while demand-side pressures may lead to short-term price fluctuations, antimony prices are unlikely to drop significantly from their recent record highs.

Export Controls Limit Overseas Sales

Since late August 2024, antimony prices in China’s domestic market have softened slightly, falling from approximately Yn164,000/t to Yn140,000-142,000/t ex-works for 99.65% grade antimony metal. This decline follows export restrictions that have curbed overseas demand, forcing more material into the domestic market.

Market observers remain cautious about additional trade barriers, as critical minerals like antimony are increasingly entangled in geopolitical tensions. In 2021-2022, China produced 20,000t of antimony metal and exported 2,700t, while antimony trioxide production reached 29,600t, with 12,400t exported.

Substitution Pressures Threaten Antimony Demand

Antimony's dominant role in flame-retardant applications has long been challenged by substitute materials such as tin dioxide, cerium dioxide, magnesium hydroxide, and certain rare earth compounds. The World Health Organization (WHO) classifies antimony trioxide as a probable carcinogen, prompting some European countries to restrict its use in consumer products like toys, electronics, and cosmetics.

With antimony prices still elevated—hovering well above Yn90,000/t, the level many buyers in the flame-retardant industry consider viable—substitution pressures are expected to rise. However, complete replacement is unlikely, as antimony-bromine flame retardants remain unique in preserving plastic structure, unlike most alternatives. Plastic manufacturers are likely to continue using antimony-bromine compounds as long as bromine prices remain low.

Solar Glass Industry Slowdown May Curb Demand

The solar glass sector, a key growth driver of antimony demand, has been a major consumer of sodium pyroantimonate, a refining agent. Consumption surged from 22,000t in 2022 to 30,000t in 2023, but demand has slowed since July 2024 due to overcapacity concerns.

In November 2024, the Chinese government tightened photovoltaic manufacturing regulations, shifting the focus from rapid expansion to technological innovation and quality improvements. This policy change is expected to curb antimony demand from the photovoltaic (PV) industry in 2025.

Tight Concentrate Supply to Prevent Major Price Declines

Despite weakened demand, China's antimony prices are unlikely to return to 2022-2023 levels due to ongoing supply constraints. Since November 2024, Chinese antimony metal producers have been reluctant to cut prices, citing concentrate shortages as their primary concern.

To compensate for declining domestic reserves, China increased antimony concentrate imports by 44% year-on-year, reaching 45,136t from January to October 2024, according to customs data. However, low metal content (20-30%) in these imports has limited their effectiveness.

China’s annual metal content production of antimony fell from 6,000-8,500t pre-2020 to 3,500-4,100t in 2021-2023, reflecting severe resource depletion. 2024 production is estimated at 4,500t, with no significant rebound expected in 2025.

Conclusion

China's antimony market is caught between declining demand and supply shortages. While export restrictions, substitution risks, and a slowdown in solar glass production threaten consumption, resource depletion and low-grade imports will keep supplies constrained. As a result, antimony prices are expected to remain elevated despite short-term volatility.

US Finalizes 45X Tax Credits to Boost Clean Energy Manufacturing

US renewable energy projects

The US Department of the Treasury and Internal Revenue Service has finalized rules for the 45X advanced manufacturing tax credit, an initiative under the Inflation Reduction Act of 2022. The credit is designed to spur investment in domestic manufacturing for components used in wind, solar, and battery systems, reducing reliance on imports and strengthening the US clean energy supply chain.

Key Highlights of the 45X Tax Credit

• Incentives for Components:

- Solar cells: 4¢/W

- Solar modules: 7¢/W

- Photovoltaic wafers: $12/m²

- Wind turbine blades: 2¢/blade

- Battery cells: $35/kWh

• Mineral Production Tax Credit: US producers of critical minerals like aluminum, cobalt, graphite, lithium, and nickel can claim 10% of production costs.

Phased Expiry of Credits

The credits will begin phasing out after 2030:

• 75% of the original value for components sold in 2030.
• 50% for 2031.
• Expiring completely after 2033.

Impact on the Renewable Sector

The 45X credit is expected to bolster the US solar industry, which has long relied on imported photovoltaic cells and modules, primarily from China and Southeast Asia. These imports are subject to tariffs and trade investigations, creating additional hurdles for developers.

US-based companies such as First Solar, Enel, and Qcells have already announced plans to establish manufacturing facilities in the US, citing the credits as a critical driver.

A Step Towards Energy Independence

Energy Secretary Jennifer Granholm highlighted the broader implications of the credits:

"These final rules will help strengthen energy dominance while reducing emissions and leveling the playing field for US companies."

With solar and wind energy demand continuing to grow, the 45X tax credit represents a significant step in building a robust, domestic clean energy manufacturing ecosystem, ensuring the US remains competitive in the global energy transition.

China’s Ruitan Commences Construction of Xinjiang Anode Material Plant

Chinese lithium-ion battery anode material producer Xinjiang Ruitan has officially begun the construction of a major new facility in Khorgos, Xinjiang. The plant is designed to reach a production capacity of 100,000 tons per year (t/yr) of anode materials, with the initial phase set to produce 50,000 t/yr. The first phase of construction commenced on August 28, and Ruitan expects to start production by May of the following year.

Resource Utilization and Market Position

Xinjiang’s rich supply of photovoltaic power and petroleum coke is expected to play a crucial role in supporting the new plant's operations, providing both energy and feedstock. This strategic advantage aligns Ruitan with broader industry trends. In addition to Ruitan, competitor Yuexing is also advancing in Xinjiang, with a new plant in Korla city boasting a capacity of 200,000 t/yr. Yuexing’s operations will utilize resources from local suppliers, including petroleum coke from the Xinjiang Tahe Refining plant and photovoltaic power from Xinjiang Ruibao Qianyuan Power.

China’s Polysilicon Output Declines as Producers Seek Market Balance

Daqo New Energy

China's polysilicon production experienced significant cuts in recent months, as leading producers adjusted output to counter oversupply and stabilize the market. According to Daqo New Energy, a leading polysilicon manufacturer, output fell 15% month-on-month in July and 6% in August, marking the lowest production levels of the year. Total production dropped below 130,000 tons in August, easing market pressure and temporarily stabilizing prices.

Market Pressures Prompt Production Adjustments

The oversupply had driven polysilicon prices to a low of 35-40 yuan/kg, below cash costs for Tier 1 producers. However, by September, prices rebounded slightly to 38-43 yuan/kg as downstream buyers took advantage of the lower prices. The sector remains under strain, with four consecutive months of cash losses pushing producers to revise strategies.

In response, Daqo implemented a series of measures:

• Facility Maintenance and Utilization Adjustments: Daqo reduced capacity utilization to 50% in Q3 and produced 43,592 tons, down from 64,961 tons in Q2.
• Production Guidance Downgrade: Full-year guidance was revised to 200,000-210,000 tons, down from an earlier forecast of 280,000-300,000 tons.

CEO Xu Xiang highlighted the ongoing need for further production cuts and stronger downstream demand to sustain price recovery.

Solar Demand and Government Stimulus Provide Hope

While the polysilicon market struggles, the broader solar photovoltaic (PV) sector shows robust demand. New solar PV installations in China reached 160.88 GW in the first nine months of the year, a 25% increase compared to 2023. The fourth quarter traditionally sees the highest number of installations, bolstered by government stimulus packages encouraging state-owned enterprises to invest in renewable energy projects.

The China Photovoltaic Industry Association (CPIA) has set a reference price of 0.68 yuan/W for PV modules, aiming to stabilize bidding processes and provide pricing clarity.

Outlook: Consolidation and Recovery

Despite signs of stabilization, Xu noted that the market may have reached a cyclical bottom but has not yet shown a clear turning point. Poor profitability and cash burn are likely to drive higher-cost producers out of the market, paving the way for long-term capacity optimization and recovery.

Chinese PV Industry Faces Overcapacity and Profit Losses: IEA Reports

Iea(The International Energy Agency)

The International Energy Agency (IEA) has issued a concerning report highlighting the overcapacity and declining profitability in China’s photovoltaic (PV) industry, which is the dominant force in the global solar energy supply chain. The report, presented during a webinar this Thursday, sheds light on the financial struggles faced by major Chinese manufacturers such as JA Solar Technology and LONGi Green Energy Technology, which have reported significant losses in their recent financial statements.

According to Izumi Kaizuka, an analyst at the IEA, the mood at the 17th SNEC PV conference in Shanghai this June was grim. Kaizuka quoted the founder of GCL Group, a major PV manufacturer, who expressed concern that the Chinese PV industry is "entering an ice age" due to a severe imbalance in supply and demand. The report also highlighted the bankruptcy of Zhejiang Akcome, one of China’s leading PV manufacturers, earlier this year, with the IEA predicting more closures in the near future.

China's Dominance in Global PV Production

Despite the struggles at home, China continues to dominate the global PV industry. In 2023, China accounted for more than half of the 456GW of global solar power capacity added, and nine of the top 10 PV suppliers in the first half of 2024 were Chinese-owned. The country has increased its production share across all segments of the PV supply chain, including polysilicon, crystalline silicon wafers, solar cells, and PV modules, with its share reaching 92%, 98%, 92%, and 85%, respectively, in 2023.

The rapid expansion of China’s PV capacity is evident, with the country increasing its own year-on-year solar additions by 123% from 2022 to 2023, followed by Italy (113%) and Germany (109%). However, the global demand for PV capacity is pushing countries like the EU and the US to expand their own solar production capabilities, with the EU installing over 56GW in 2023 alone.

The EU's Push for Solar Manufacturing

In response to its growing reliance on Chinese imports, the European Union (EU) has set ambitious targets to scale up domestic production of PV panels. Under the Net-Zero Industry Act, the EU aims to produce at least 40% of its annual needs for strategic net-zero technologies—including solar panels—by 2030. With current production at under 5GW annually, the EU is planning to ramp up its manufacturing capacity to 30GW per year by 2030 in order to meet its renewable energy goals.

As the global PV market faces challenges like overcapacity and supply-demand imbalances, the role of China in driving production and the EU’s efforts to boost its domestic capabilities will shape the future of the solar industry.

Hoshine Silicon Metal Output Surges with Export Growth and Industrial Demand

Hoshine Silicon Metal

Record Production Reflects Strong Global and Domestic Market Support

Hoshine silicon metal output surged to 1.87 million tonnes in 2024, a 38% increase from the previous year. The Chinese producer also boosted sales by 21% to 1.23 million tonnes amid strong demand from the polysilicon and aluminium alloy sectors. Exports grew 29% to 725,000 tonnes, driven by renewed interest from global buyers, while domestic use climbed 22%, including a 25% rise in the polysilicon segment.

Silicon Market Strengthens as China’s PV Sector Expands

The broader Chinese silicon metal market also expanded, with national production reaching 4.72 million tonnes—up 28% year-on-year, according to CNIA data. Contributing to this growth was a 28% increase in installed photovoltaic (PV) capacity in the first half of 2024, reaching 277.57GW. This surge supported greater silicon demand, particularly in renewable energy and industrial alloy applications.

2025 Outlook: Efficiency Over Expansion

Despite 2024 growth, Hoshine warns of lower polysilicon run rates in 2025 due to surplus capacity and weak wafer demand. As a result, silicon metal demand may taper off. However, Hoshine plans to phase out outdated equipment and invest in energy efficiency upgrades. In 2024, its silicon metal production operated at 153% capacity utilization due to technology enhancements and recovery improvements. The firm also holds 1.73 million t/yr of organosilicon capacity.

The Metalnomist Commentary

Hoshine’s output expansion highlights China’s silicon dominance in both energy and industrial applications. Yet, rising inventories and softer wafer demand in 2025 may shift the focus from volume to operational efficiency. Strategic upgrades and export growth remain crucial for sustaining competitiveness.

Sinomag Magnet Output Capacity Expands in Vietnam and Thailand

Sinomag

Vietnamese Ferrite Plant Boosts Sinomag’s Global Footprint

Chinese magnet producer Sinomag has increased its magnet output capacity at its Vietnam facility, expanding wet pressure magnetic tile production from 8,000 t/yr to 10,000 t/yr. This move is part of Sinomag’s broader strategy to scale global production outside China. The company targets 50,000 t/yr by year-end and 60,000 t/yr in the next few years, reinforcing its leadership in ferrite magnet manufacturing.

Thai Soft Magnet Facility Set for 2024 Launch

Meanwhile, Sinomag is preparing to launch its Thailand plant for soft magnetic materials by the end of the year. With an initial 8,000 t/yr capacity, this marks China’s first overseas soft magnet production facility. The company aims to grow this to 20,000 t/yr over the coming years. Sinomag’s soft magnets are primarily used in automobiles, household appliances, and new energy vehicles — especially in power modules and EV charging stations.

Strong Demand Meets Global Headwinds

Sinomag magnet output capacity increases come despite a 7.5% drop in first-quarter profits, driven by global photovoltaic slowdowns and stiff market competition. Nevertheless, first-quarter revenues rose 1.2% year-on-year to 256.5mn yuan ($35.49mn). The impact of Trump-era 145% tariffs on Chinese magnet imports remains minimal, as U.S.-bound shipments account for less than 3% of Sinomag’s exports.

The Metalnomist Commentary

Sinomag’s capacity expansion reflects a strategic pivot toward international production to mitigate geopolitical risk. Vietnam and Thailand now play key roles in diversifying China's critical materials value chain, particularly in magnets essential to clean tech and automotive sectors.

EU funding boosts sustainable indium mining at Germany’s Pohla mine

Saxore Bergbau

EU funding for sustainable indium mining is giving new life to Germany’s historic Pohla mine in Saxony. First Tin subsidiary Saxore Bergbau has secured support to prove that sustainable indium mining can be commercially viable through bioleaching, using micro-organisms instead of traditional smelting. The Tellerhauser project hosts more than 700t of indicated indium, alongside tin, tungsten and fluorspar, making it one of Europe’s largest indium deposits. This combination of scale and low-impact technology positions sustainable indium mining as a core element of Europe’s critical raw materials strategy.

Bioleaching moves sustainable indium mining into the low-emission era

The EU-backed XTRACT project will provide €200,000 to develop bioleaching at Pohla, with pilot operations targeted for 2026. Bioleaching, also called biomining, uses micro-organisms to dissolve metals from ore under controlled conditions. As a result, it avoids the high temperatures and sulphur dioxide emissions associated with conventional smelting. The process stabilises sulphate toxins, reduces local air pollution and allows metal recovery from low-grade tailings that would usually be discarded. If successful at industrial scale, bioleaching could prove that sustainable indium mining can both cut emissions and unlock value from legacy waste streams. This aligns closely with EU climate goals and the push to decarbonise upstream metals production.

Turning legacy mine waste into strategic critical metal supply

Pohla previously produced uranium and tin before closing in 1990, leaving behind waste piles and partially mined resources. Now, the Tellerhauser project aims to convert that legacy into a modern source of indium, tin, tungsten and fluorspar. XTRACT will also test technologies for treating old waste piles and abandoned sites, targeting both environmental remediation and recovery of additional valuable metals. In practice, that means turning historical liabilities into assets while reducing the footprint of new mining. For Europe’s electronics, photovoltaic and advanced materials sectors, sustainable indium mining at Pohla could become a blueprint for securing critical supply without repeating the environmental mistakes of past decades.

The Metalnomist Commentary

This project sits at the intersection of critical minerals security and environmental innovation. If bioleaching at Tellerhauser delivers on its promise, it could accelerate wider deployment of biomining across Europe’s legacy sites and reshape how the region views mine waste. For downstream users of indium and associated metals, the outcome will signal how fast Europe can scale cleaner, home-grown critical metal supply.

U.S. Finalizes Massive Solar Tariffs, Reshaping Southeast Asia’s Export Landscape

US solar

Commerce Department sets duties as high as 3,400% on solar products from Cambodia, Vietnam, Thailand, and Malaysia

The U.S. Department of Commerce has concluded a landmark trade investigation by imposing some of the highest anti-dumping and countervailing duties ever recorded on imported solar panels. The decision targets silicon photovoltaic cells and modules from four Southeast Asian nations: Cambodia, Vietnam, Thailand, and Malaysia.

These duties follow a year-long investigation into allegations that Chinese solar companies, previously subject to tariffs, shifted operations to Southeast Asia in an attempt to bypass U.S. trade regulations. The move is widely regarded as a turning point for the global solar supply chain, with U.S. officials and industry leaders viewing it as a necessary step to restore fair competition.

According to the final determination, some companies—particularly those that failed to comply with the Commerce Department’s requests—will now face duties exceeding 3,400%, an unprecedented figure. For example, four Cambodian firms, including Jintek and ISC, will be subject to this highest tier. In comparison, these same companies were only facing duties of 68% under the preliminary findings issued in October 2024.

On a broader scale, countrywide anti-dumping rates have also surged. Vietnam faces an average rate of 271%, Thailand 111%, and Cambodia 125%. Malaysia, while receiving the lowest general rate—just under 9%—still saw several of its companies slapped with individual duties over 80%, due to non-cooperation during the investigation.

The Commerce Department also imposed steep countervailing duties, which are used to offset the benefits companies receive from government subsidies. Cambodia again ranked highest, with a countrywide rate near 535%, while Vietnam, Thailand, and Malaysia saw rates of 125%, 264%, and 32%, respectively. The lowest countervailing duty—under 15%—was assigned to Hanwha Q Cells Malaysian subsidiary.

These tariffs are expected to take effect in June 2025, pending the final approval of the U.S. International Trade Commission (ITC). In certain cases, particularly in Thailand and Vietnam, duties may apply retroactively if the agencies determine that "critical circumstances" exist—such as import surges meant to beat the implementation timeline.

The ruling stems from a petition filed by the American Alliance for Solar Manufacturing Trade Committee, which includes prominent U.S. solar companies like FirstSolar, Mission Solar, and the U.S. arm of Hanwha Q Cells. The coalition argues that Chinese firms exploited a tariff moratorium enacted by President Biden in 2022 to reroute supply chains and avoid penalties, effectively distorting the market.

Tim Brightbill, legal counsel for the petitioner coalition, welcomed the decision. He emphasized that the tariffs represent a major victory for domestic manufacturers and are essential to encouraging long-term investment in the American solar industry. “These duties will go a long way toward protecting U.S. jobs and restoring a level playing field,” Brightbill said.

Industry analysts believe that the tariffs will have a ripple effect on solar deployment in the U.S., at least in the short term. Project developers who rely heavily on low-cost imported modules may face delays or cost increases. However, domestic producers see the ruling as a long overdue reset that prioritizes manufacturing resilience over low-cost imports.

As the global solar sector undergoes this structural shift, all eyes are on how China and Southeast Asian exporters will respond—and how U.S. clean energy goals will adapt to a more protected domestic market.

Codelco Secures 1.5TWh of Renewable Energy to Power Copper Operations

Codelco

Chilean copper giant advances toward 100% clean energy target

Chilean copper producer Codelco signed two major renewable power purchase agreements (PPAs) totaling 1.5TWh annually, supporting its goal of achieving a 100% clean energy matrix by 2030. The deals highlight Codelco’s commitment to sustainable copper production through long-term renewable energy sourcing.

New PPAs cover full operations and future demand

The first PPA grants 1TWh/year to Generadora Metropolitana, a joint venture between France’s EDF and Chile’s AME. The second assigns 0.5TWh/year to GR Power Chile, backed by Spain’s Grenergy. These agreements will begin in January 2026 and run through December 2040. They will supply power across Codelco’s mining divisions and cover future expansions.

Grenergy confirmed the energy will come from hybrid projects, including the 340MW Monte Aguilar photovoltaic plant and battery energy storage systems (BESS) in the Biobio region. The agreement guarantees 24/7 electricity availability.

Codelco deepens clean energy strategy

This follows Codelco’s previous 2024 PPAs totaling 1.8TWh/year signed with Colbun, Atlas Renewable Energy, and Innergex. Together, these efforts support Chile’s broader decarbonization goals while ensuring energy security for one of the world’s most critical copper producers.

The Metalnomist Commentary

Codelco’s strategic shift to clean energy solidifies Chile’s role in low-carbon copper supply. These PPAs also reflect the global mining sector’s accelerating push toward sustainability amid growing ESG expectations. 

Yunnan Germanium Increases Production Amid Rising Demand in First Half of 2024

Yunnan Germanium

China's largest germanium producer, Yunnan Germanium, reported a significant rise in production during the first half of 2024. The company attributed this growth to increasing demand from the photovoltaic (PV) and semiconductor sectors, which rely heavily on germanium for critical applications.

Strong Growth in PV and Semiconductor Output

Between January and June, Yunnan Germanium produced 218,300 pieces of PV-grade germanium wafers, a 52% increase from the 143,900 pieces produced during the same period last year. While PV-grade output surged, the company saw a 6% drop in infrared-grade germanium products, which totaled 2.35 tonnes. Production of germanium tetrachloride, used in optical fiber materials, also decreased by 36% to 9.84 tonnes.

The company also experienced growth in other semiconductor products. Its gallium arsenide (GaAs) wafer production jumped 64% to 47,900 pieces, while output of indium phosphide more than doubled, reaching 33,900 pieces, up from 15,300 pieces a year earlier.

Increased Revenue Despite Mixed Results

Despite some declines in specific product lines, Yunnan Germanium's overall revenue grew by 23%, reaching 348 million yuan ($49 million) in the first half of 2024. This was largely due to the increased sales of raw-material-grade germanium, PV-grade germanium products, and semiconductor-related products.

Germanium is a by-product of zinc and lead production. However, many mines have reduced zinc and lead concentrate production due to rising treatment charges, which may impact future germanium supply.

GEM Expands Critical Mineral Recycling to Strengthen China’s Supply Chain Independence

GEM

High-Purity Germanium and Tungsten Recycling to Double by 2027

Chinese battery materials producer GEM is expanding its critical mineral recycling capacity to support China’s supply chain independence. In its 2024 annual report, GEM announced significant investments in germanium recycling and high-purity refining, driven by Beijing’s resource localization strategy. The company aims to rapidly scale its recycling of gallium, indium, and scandium, all of which are subject to China’s recent export restrictions.

Strategic Metals and Battery Materials Drive Growth

GEM will also broaden recycling operations for minor metals such as molybdenum, tantalum, and niobium. These materials are essential for defense and electronics manufacturing. The company currently recycles over 20 metals from waste batteries, electronics, vehicles, and plastics across its eight Chinese plants and international sites in South Korea, South Africa, and Indonesia.

Doubling Output of Tungsten and Platinum Group Metals

To support industrial demand, GEM plans to double its output of tungsten powder and electronic metals to 20 tonnes by 2027. Tungsten’s high conductivity and melting point make it ideal for semiconductors and photovoltaic thin-film cells. In addition, GEM will build a demonstration plant for platinum, palladium, and rhodium refining, targeting similar output growth by 2027.

Core Battery Material Output Set for 46% Growth in 2025

The company expects a strong rise in core product output—nickel, ternary precursors, cobalt, cathode materials, and recycled batteries—with a projected 46% increase in 2025. From 2025 to 2027, the annual growth rate is forecast to moderate to 36%, still reflecting robust demand for EV and energy storage materials.

The Metalnomist Commentary

GEM’s expansion underscores China’s push for mineral sovereignty in a geopolitically constrained environment. By scaling critical mineral recycling, GEM reduces import dependence while reinforcing its leadership in the global circular economy for strategic metals.

Mercedes-Benz Opens Lithium-Ion Battery Recycling Plant in Germany

Battery Recycling Plant

Mercedes-Benz has inaugurated its advanced lithium-ion battery recycling facility in Kuppenheim, southern Germany, marking a significant step in its mission to establish a closed-loop system for critical minerals essential for electric vehicle (EV) production.

The new plant aims to process 2,500 metric tonnes per year of active and inactive materials from shredded battery modules. The active material, known as black mass, contains high-value critical minerals such as nickel, lithium, and cobalt. These will be refined and reused to produce over 50,000 battery modules annually for Mercedes-Benz's EV lineup.

Innovative Recycling Process

The facility utilizes a cutting-edge mechanical-hydrometallurgical process, which Mercedes-Benz claims can recover more than 96% of battery-grade critical minerals from spent lithium-ion batteries. The mechanical phase sorts and separates inactive materials like plastics, copper, aluminum, and iron. Meanwhile, the hydrometallurgical phase processes the black mass to extract critical minerals for reuse in battery production.

Sustainable Operations

Mercedes-Benz's Kuppenheim facility is powered entirely by green electricity, incorporating a photovoltaic system with a peak output of over 350 kilowatts. This aligns with the company's broader commitment to sustainability and reducing carbon emissions.

Technology Partnership with Primobius

The plant was developed in collaboration with Primobius, a joint venture between Australian process technology innovator Neometals and German engineering firm SMS. Mercedes-Benz's subsidiary Licular spearheaded the project, leveraging Primobius' expertise to implement cutting-edge recycling technologies.

Future Expansion Potential

While the Kuppenheim plant represents a significant milestone, Mercedes-Benz is cautious about scaling operations further. A spokesperson highlighted that production volumes could expand in the "medium to long term," contingent on insights gained from the facility’s initial operations.

This recycling initiative underscores Mercedes-Benz's dedication to creating a sustainable supply chain for critical minerals, enhancing EV production, and reducing environmental impact.

Brazil's BNDES and FINEP Announce R$5 Billion Investment in Strategic Minerals Projects

BNDES

Brazil's National Bank for Economic and Social Development (BNDES) and the Financing Agency for Studies and Projects (FINEP) have unveiled a joint investment of R$5 billion ($821 million) to bolster strategic minerals projects within the country. This significant funding initiative aims to stimulate the development of pilot plants and commercial-scale operations for key minerals vital to various industries.

Target Minerals and Project Focus

The investment will specifically target projects focused on lithium, rare earth elements, nickel, graphite, and silicon. These minerals are crucial for the production of advanced technologies, including batteries for electric vehicles and photovoltaic cells for solar energy. The funding will support both the construction of pilot and commercial-scale plants, as well as crucial studies aimed at expanding Brazil's industrial capacity in these strategic sectors. The initiative is designed to attract further private investment, fostering growth in the domestic production of these essential materials.

Driving Clean Energy and Sustainable Development

BNDES stated that this investment aims to support the increasing domestic demand for solar and wind power. Brazil has made significant strides in clean energy production, with 91% of its power coming from clean sources in 2023. Wind and solar power accounted for approximately 20% of this clean energy mix, a notable increase from 16.6% in 2022, according to energy transition think tank Ember. By supporting the development of strategic mineral resources, Brazil aims to further its commitment to sustainable energy and reduce reliance on imported materials.

Brazil's Mineral Wealth

Brazil possesses significant reserves of several key minerals. The country holds the world's largest reserves of niobium and is the leading producer of this element, which is used in various applications, including alloys, tools, dies, and superconducting magnets.  Brazil also boasts the second-largest natural graphite reserves, ranks third in nickel and rare earth element reserves, and holds the fifth and third-largest lithium and silicon reserves, respectively, according to BNDES. This abundance of natural resources positions Brazil as a potential key player in the global supply chain for these critical minerals.

China export VAT rebate cuts reshape solar PV and battery exports

China Solar

China export VAT rebate cuts will raise the effective cost of exporting solar PV and batteries. China export VAT rebate cuts start on 1 April and tighten again in 2027. As a result, exporters face a faster push toward pricing discipline and higher-value products.

China will withdraw the export VAT rebate for solar photovoltaic products from 1 April. China supplies most global solar PV exports, so buyers will feel the shift quickly. Therefore, the policy targets over-expansion and the harsh price war across the sector.

Solar PV exporters face an immediate margin reset

Solar PV exporters will lose a rebate tailwind overnight. Producers will either accept lower margins or lift export prices where contracts allow. Meanwhile, weaker players may accelerate shutdowns, mergers, or capacity delays.

The change also encourages differentiation in higher-efficiency cells and modules. Companies will likely prioritize premium segments and branded channels. However, low-end volume exports will become harder to justify.

Battery exports move into a two-step phaseout

Battery export VAT rebates will fall to 6pc from 9pc between 1 April and 31 December 2026. The rebate will disappear from 1 January 2027. As a result, battery makers may adjust product mix, contract terms, and overseas inventory strategy.

China dominates battery materials and power battery supply, so the policy touches global EV and storage chains. Beijing also widened its export licensing scope to include BEVs from 1 January. Meanwhile, regulators are signaling stricter rules to standardize competition across batteries.

The Metalnomist Commentary

This policy looks like an industrial reset, not a trade accident. It pressures excess capacity and forces a quality-led export model. However, the biggest impact will land on low-margin suppliers first.

Germany’s RW Silicium Suspends Silicon Metal Production Amid Soaring Energy Costs

RW Silicium

High electricity prices and weak demand force temporary shutdown at AMG subsidiary’s Pocking facility.

RW Silicium, a leading silicon metal producer and subsidiary of AMG, has suspended production at two of its four electric arc furnaces in Pocking, Germany. The company cited unsustainable electricity prices of €90–100/MWh as the key reason behind the decision. Both units had been operational since March 2024 but were idled in April due to cost pressures.

The company has initiated maintenance activities as part of a temporary shutdown, with plans to restart one furnace during the second quarter of 2025. RW Silicium’s facility has a total annual capacity of 32,000 tonnes, according to data from the US Geological Survey.

Europe’s Silicon Metal Sector Struggles with Dual Pressures

High energy costs are not the only challenge. Weak demand from the European automotive sector has pushed silicon metal prices to multi-year lows, further justifying production cuts. This dual pressure of low market prices and high input costs is threatening the viability of domestic producers.

To mitigate this, the European Commission has launched a safeguard investigation targeting imports of silicon metal and ferro-alloys from non-EU countries. This move aims to protect the regional industry from further erosion caused by cheap imports and external shocks.

Strategic Pause or Long-Term Challenge?

While RW Silicium plans a phased return to production, the situation underscores broader concerns within Europe’s energy-intensive metallurgical sectors. Unless power prices stabilize or structural reforms are enacted, more producers could follow suit.

The future of European silicon metal production may hinge on policy interventions, trade protections, and a rebound in industrial demand, particularly from automotive and photovoltaic sectors.

US Imposes Tariffs on Solar Imports from Four Asian Countries

US Solar

The U.S. Department of Commerce has imposed new duties on solar products imported from Cambodia, Malaysia, Thailand, and Vietnam. The preliminary ruling, announced on Tuesday, claims that manufacturers in these countries have benefited from subsidies that allow them to undercut U.S. companies, thereby disrupting fair competition. The tariffs target crystalline silicon photovoltaic cells and modules, with rates ranging from less than 1% to nearly 293%, depending on the individual companies and their responses to Commerce’s inquiries.

Tariffs Range Widely, Affecting Industry Dynamics

U.S. Customs and Border Protection will now begin collecting cash deposits from importers to match the preliminary subsidy rates. The baseline rates are set as low as 2.85% for Vietnamese imports and as high as 23.06% for those from Thailand, but individual companies could face much higher tariffs if found to be "non-responsive" to Commerce’s investigation. These duties are retroactive by 90 days, adding pressure to the affected importers.

This action stems from a petition filed by the American Alliance for Solar Manufacturing Trade Committee, a coalition of U.S. solar companies including FirstSolar, Mission Solar Energy, and Hanwha Q Cells. The group alleged that Chinese companies have been circumventing U.S. trade law by setting up production in Southeast Asia, exporting large volumes of subsidized solar products to the U.S. under the guise of local manufacturing. This allowed these companies to avoid duties imposed by previous investigations, leading to what the coalition claims is a distortion of the U.S. market.

In 2022, President Biden temporarily paused new duties from a related investigation to mitigate disruption in the U.S. solar market. However, critics argue that this gave Chinese companies an opportunity to shift their supply chains to Southeast Asia. Tim Brightbill, lead counsel for the coalition, expects the preliminary rates to rise as Commerce gathers more data from affected companies. "We are confident that the duty rates will increase as Commerce continues to investigate newly alleged subsidies," he said.

Industry Divided on the Impact of New Tariffs

The decision has sparked a debate within the U.S. clean energy sector. While manufacturers like FirstSolar support the tariffs as a means to protect domestic industry, other trade groups, such as the Solar Energy Industries Association (SEIA) and the American Council on Renewable Energy (ACORE), warn that the tariffs could hinder the country’s decarbonization efforts. ACORE CEO Ray Long emphasized the need for a balanced approach, stating, "What America's clean energy sector needs right now is a balanced trade policy that sustains the progress we're making deploying clean energy and ramping up domestic manufacturing capabilities."

Commerce is set to release a preliminary antidumping determination on November 27, which could further affect the industry landscape. Petitioners have requested that Commerce issue final determinations on both countervailing and antidumping duties simultaneously, which would potentially arrive by April 11, 2025. Without joint issuance, a separate determination on countervailing duties could come as soon as February 10, 2025.