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Lithium's ongoing slump has traders searching for recovery signs
Rtv news
24 Jun 2024, 21:02
Spot prices of lithium carbonate in China have slid to the lowest since August 2021. (Stock Image)
Lithium industry watchers hoping the battery metal was poised to rebound from an epic slump have been hit by the realization prices have fallen again this month, with inventories piling up as electric vehicle demand signals stay gloomy.
Spot prices of lithium carbonate in China have slid to the lowest since August 2021 and the most-active futures on the Guangzhou exchange have lost 12% so far this month. In top producer Albemarle Corp.'s latest auction on June 19, the winning bid was down 6.9% from the previous sale on June 5.
The declines follow a plunge of more than 80% in 2023 due to a glut and slowing demand growth. Although prices stabilized earlier this year, the supply-chain is still working to clear inventories, with customers holding off purchases. The bearish sentiment has also been wreaking havoc on the stock prices of producers, including Albemarle and Piedmont Lithium Inc.
Rising lithium production and expectations of a summer lull are weighing on prices, according to Susan Zou, an analyst at researcher Rystad Energy. Despite the brief rebound earlier this year underpinned by lower supply around China's Lunar New Year holiday period and traders’ speculative buying upward drivers have 'mostly disappeared,' she said.
According to traders familiar with the matter, manufacturers grappling with slowing EV demand growth have been cutting orders for lithium products, in anticipation that they may soon be able to restock inventories at even lower prices.
Still, some traders said they see limited downside in prices, which have already been squeezing the margins of some higher-cost producers. Contracts in Guangzhou for July are the cheapest on offer, suggesting a bottoming out during summer.
Total lithium carbonate inventories in China have been on the rise since April, according to Citigroup Inc. Stockpiles held by downstream players — mainly cathode makers — rose 8% in the third week of June compared with the second, while those for other users including battery makers and traders soared 32%, analysts including Jack Shang said in a note on June 20.
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Mannheim knife attack: Authorities suspect Islamist motive
German federal prosecutors have begun investigating a knife attack which left a police officer dead in Mannheim. On Monday, thousands of people gathered in the southwestern German city to pay their respects.
German authorities say they believe there was an Islamist motive behind a knife attack at an anti-Islam rally in the southwestern German city of Mannheim on Friday during which a police officer was killed.
The federal prosecutor, Germany's highest prosecuting authority with responsibility for terrorism, espionage and international criminal law, is taking on the case due to its "particular importance," a spokeswoman said.
She said the suspected attacker, a 25-year-old Afghan national and nine-year German resident who was shot by police and remains in hospital, is suspected to have wanted to prevent critics of Islam from exercising their right to freedom of expression.
The suspect, who reportedly had no criminal record and was not known to German law enforcement, faces possible charges of murder, attempted murder and five counts of serious bodily harm.
'Clear indications of an Islamist motive'
Justice Minister Marco Buschmann of the Free Democrats (FDP), the junior pro-business partner in Germany's current coalition government, wrote on the social network X, formerly Twitter, that there were "clear indications of an Islamist motive."
He added that "Islam belongs to Germany, but Islamism does not" and said that "the danger posed by religious fanaticism and radical Islamism remains large."
Other FDP politicians demanded that Muslim community groups do more to combat extremism.
"Islamic groups and clergy cannot duck away from the fight against Islamism," Konstantin Kuhle, chair of the FDP's parliamentary group, told German media on Tuesday.
Mannheim: Thousands gather to mourn
Meanwhile, around 8,000 people gathered in Mannheim on Monday to pay their respects to the 29-year-old police officer who on Sunday succumbed to injuries sustained from stab wounds.
The event was organized by a broad cross-section of Mannheim society including Christian, Muslim and Jewish religious leaders and local politicians.
"The death of this young person fills us all with grief, tears us apart and robs us of words," said local Catholic deacon Karl Jung, while Mustafa Aydinli, the imam of Mannheim's Muslim Community, called on citizens to stick together because "God wants us to live in peace."
Scholz to address parliament on security
After saying on Sunday that he was "deeply dismayed" by the death of the police officer, German Chancellor Olaf Scholz is due to make a statement on national security to the German parliament, the Bundestag, on Thursday, according to a Chancellery letter seen by the German DPA news agency.
However, it's unclear whether the subject of Scholz's address will be domestic security in the wake of the attack in Mannheim or foreign policy following his recent decision to allow Ukraine to use German weapons to strike military targets within Russia's internationally-recognized borders.
High alert ahead of European elections and Euro 2024
Domestically, Germany has been on high alert for possible Islamist attacks since the outbreak of war between Israel and Hamas on October 7, 2023.
With European Parliamentary elections on June 9 and football's European Championships kicking off in Germany one week later, the country's domestic intelligence chief warned that the risk of such assaults is "real and higher than it has been for a long time."
German Finance Minister Christian Lindner (FDP) told daily tabloid newspaper Bild that "we must defend ourselves against Islamist terrorism with determination" while Foreign Minister Annalena Baerbock (Greens) urged colleagues not to instrumentalize the attack by demanding tougher migration laws.
"If the aim of extremists, whether far-right or Islamist, is to split a free society, then the answer has to be that we answer together as a society," she said at an event in Düsseldorf organized by the local Rheinische Post newspaper on Monday evening.
"Of course I was deeply affected," she said of the Mannheim attack, but still urged German society and democracy not to allow itself to be "destroyed by hate, violence and murderous intent."
Toyota apologizes as Japanese car testing scandal widens
The head of the Japanese car making giant gave an apologetic press conference after an internal review found Toyota had cheated on certification tests. Japan's government is also investigating.
Toyota Motor Corporation on Monday admitted to cheating on various certification and safety tests for seven models of cars sold in Japan, three of which are still in production.
Chairman Akio Toyoda apologized at a press conference in Tokyo, offering a customary low bow as he did so.
His comments were based on the findings of an internal Toyota review, launched as the Japanese government announced its own investigation at the beginning of the year. That probe is ongoing and affects multiple car manufacturers.
'We are not a perfect company. But if we see anything wrong, we will take a step back and keep trying to correct it,' Toyoda said.
The issue does not affect the non-Japanese market for Toyota. However, it is providing a stern test for Japanese car companies in their lucrative and symbolically important home market.
Only China and the US currently manufacture more cars than Japan, although China makes more than Japan and the US combined these days.
What did Toyota's investigation find, which cars were affected?
Toyota said in a press release that seven models were affected in all.
'The model certification applications in question involve inadequate data in pedestrian and occupant protection tests for three production models,' the Corolla Fielder a station wagon version of the world's most popular sedan, Toyota Corolla, the hybrid Corolla Axio, and the compact SUV called the Yaris Cross.
For four models discontinued in 2014 the Crown, Isis, Sienta and an older version of the luxury Lexus RX there were 'errors in crash tests and other test methods,' the company said.
However, Toyota also asserted that while the cars did not undergo the proper certification and testing procedures, 'we can confirm that there are no performance issues that contravene laws and regulations.' In other words, the company claims the cars would have passed all properly required checks.
'Therefore, there is no need to stop using the affected vehicles,' Toyota said. 'However, considering these findings, we have taken action to temporarily halt shipments and sales of three models currently produced in Japan, effective today.'
The company said it would continue to cooperate with Japanese investigators and 'expedite appropriate measures, including conducting testing in the present of witnesses.'
'Again, we extend our sincere apologies to our customers and stakeholders,' the statement concluded.
Honda, Mazda report similar issues but also say cars still meet regulations
Also on Monday, Mazda Motor Corp reported similar irregular certification testing for two models, the Roadster and Mazda 2. Like Toyota, it temporarily halted production of both. Three other discontinued models were also affected, it said.
Like Toyota, Mazda said none of the violations affected the vehicles' safety or its performance.
Honda also apologized for improper testing on issues like noise levels and torque on a range of older models no longer in production. Again it said all the vehicles conformed with the laws despite not having undergone the proper scrutiny.
First signs of the certification issues started surfacing around two years ago at Toyota, its truck maker Hino Motors, Daihatsu Motor Co specializing in the compact city cars that are particularly popular in Japan and its machinery and car parts subsidiary, Toyota Industries Corporation.
Toyoda, the grandson of the company's founder Kichiro Toyoda, suggested some of Japan's certification rules might be overly stringent, noting how tests vary around the world. But he also repeatedly said that did not condone the violations.
He said the company might have been too eager to get the models approved, at a time when Toyota was manufacturing a very broad selection of vehicles as it was winding down one generation of cars and launching the next.
Toyota sells more than 10 million cars around the world each year, more than any individual company. Most of its manufacturing in Japan takes place in the giant city named after the company, near Nagoya to the west of Tokyo.
Several killed in Czech train crash, dozens injured
At least four people were killed when a passenger train collided head on with a freight train in the Czech city of Pardubice, according to rescue services.
Four people died and more than two dozen were injured after a passenger train collided with a freight train late on Wednesday in the Czech city of Pardubice, the regional governor said.
"A head-on collision between a RegioJet train and a freight train claimed several lives and left dozens injured," Martin Netolicky, governor of the Pardubice region,
said on Facebook.
Firefighters, paramedics and doctors, as well as at least one rescue helicopter, have been deployed at the scene of the accident, some 100 kilometers east of Prague.
The country's interior and transport ministers said they were headed to the accident scene, while Czech Prime Minister Petr Fiala expressed his "sincere condolences to all the bereaved" in a post on social media platform X.
300 passengers on board, carriage derailed
The fast train, operated by RegioJet, was traveling overnight from Prague to Kosice in eastern Slovakia, the Railway Administration said.
The accident occurred shortly before 23:00 (2100 GMT) near the main train station in Pardubice, Czech TV reported.
As per Fire Rescue Services, over 300 passengers were on board.
Many of the passengers were foreigners, Czech TV said.
Footage on local media showed at least one carriage off the track after the crash.
While passengers were being ushered into buses near the Pardubice main station, Czech TV said.
Transport Minister Martin Kupka said a major track between Prague and the eastern part of the country had to be shut down while authorities investigate the collision.
China ready to ‘forcefully’ stop Taiwan independence: Defence minister
Dong Jun says 'whoever dares to split Taiwan from China will be crushed to pieces and suffer his own destruction'.
Chinese Defence Minister Dong Jun has said the country’s military was ready to 'forcefully' stop Taiwan’s independence, in a fiery speech at a Singapore security forum.
Speaking at the Shangri-La Dialogue conference in Singapore on Sunday, Dong said the self-ruled democracy of Taiwan was the 'core of core issues' for China, but claimed Taiwan's governing Democratic Progressive Party (DPP) was incrementally pursuing separatism and bent on erasing Chinese identity.
China views Taiwan as its own territory and has not ruled out the use of force to achieve unification.
Last month it staged two days of war games around the island after the May 20 inauguration of President William Lai Ching-te. Lai and the DPP say it is up to the people of Taiwan to decide their future. Beijing calls him a 'separatist'.
'Those separatists recently made fanatical statements that show their betrayal of the Chinese nation and their ancestors. They will be nailed to the pillar of shame in history,' Dong said.
'The Chinese People’s Liberation Army has always been an indestructible and powerful force in defence of the unification of the motherland, and it will act resolutely and forcefully at all times to curb the independence of Taiwan and to ensure that it never succeeds in its attempts,' Dong told the forum on Sunday.
'Whoever dares to split Taiwan from China will be crushed to pieces and suffer his own destruction.'
Reacting to the Chinese minister's statements, Taiwan’s government said it deeply regretted the 'provocative and irrational' remarks.
Dong's comments in Singapore followed the first substantive face-to-face talks in 18 months between the defence chiefs of China and the US. Dong and US Defense Secretary Lloyd Austin met for more than an hour at the luxury hotel hosting the forum.
'We have always been open to exchanges and cooperation, but this requires both sides to meet each other halfway,” Dong said. “We believe that we need more exchanges precisely because there are differences between our two militaries.'
After the meeting, Austin said telephone conversations between US and Chinese military commanders would resume 'in the coming months', while Beijing hailed the “stabilising” security relations between the two countries.
President Joe Biden’s administration and China have been stepping up communication to ease friction between the nuclear-armed rivals, with Secretary of State Antony Blinken visiting Beijing and Shanghai last month.
A key focus has been the resumption of military-to-military dialogue, which is seen as critical to preventing flashpoint disputes from spinning out of control.
China scrapped military communications with the US in 2022 in response to then-US House Speaker Nancy Pelosi’s visit to Taiwan.
On the South China Sea, which China claims almost entirely and where it has been involved in frequent confrontations with Philippine vessels, Dong warned of 'limits' to Beijing's restraint.
Source: Aljazeera
June 16: Eid in Saudi Arabia
The moon of the month of Zilhaj was sighted in Saudi Arabia in 1445 AH. So next June 16 will be the holy Eid-ul-Adha and June 15 will be the day of Arafah.
Khaleej Times reported this news on Thursday (June 6) night.
According to Saudi Arabia, the report said that the moon of the month of Zilhaj was sighted in Saudi Arabia on Thursday (June 6). Moon was seen by a man from Al Hari. So Thursday June 6 is the last day of Zilhaj and Friday June 7 is the first day of Zilhaj. That is, the first day of Eid-ul-Azha will be Sunday, June 16 (Zilhaj 10).
The Day of Arafah, which marks the day before Eid and is known as the holiest day in Islam, falls on Saturday, June 15 (9 Zilhaj).
For Islamic countries like Saudi Arabia and the United Arab Emirates, this Eid is one of the most anticipated religious holidays, with most employees allowed a long weekend.
UAE residents will get one day off on the Day of Arafah (9th of Zilhaj) and three days off on Eid ul-Adha (10th to 12th of Zilhaj).
Eid ul-Adha, also known as the Festival of Sacrifice, is marked by special prayers. Muslims usually slaughter goats, sheep, cows or camels to commemorate the faith of Hazrat Ibrahim (as).
WWII bomb at Frankfurt Airport detonated safely
A phosphorus bomb dating back to the Second World War was found by construction workers on the airport's grounds, according to police.
Frankfurt police announced late on Friday that a World War II bomb discovered at Frankfurt Airport had been successfully detonated.
The phosphorus bomb was discovered during construction work around the new Terminal 3.
Airport operator Fraport had warned that flights may be disrupted as a result of the find.
Authorities cited by Germany's DPA news agency said a highway was closed and four runways could not be used while the operation to detonate the bomb was underway.
Fraport said on X, formerly Twitter, that any disruptions were expected to last until 9 p.m. local time (1900 UTC/GMT).
"Check flight status before traveling to the airport and allow extra time for your journey. We also recommend you check in as early as possible for your flight," the post on X said.
Later on Friday, police said the A5 highway had been reopened.
The discovery of unexploded World War II ordnance in German cities is not unusual.
The country experienced heavy bombing from Allied forces during the conflict, and explosive devices are frequently unearthed, especially at construction sites.
Latin American anger grows over China's economic clout
China's growing influence appears to have some drawbacks in Latin America. Beijing has targeted countries such as Guatemala and outraged retailers in Brazil.
It came as a shock to Guatemalan exporters: according to media reports, China had recently banned the import of Guatemalan coffee and other goods.
There was no official explanation. Guatemalan President Bernardo Arevalo, however, presumed there was a connection to his country's ties with Taiwan. "We will take care of it," Arevalo said.
Apart from Paraguay, Guatemala is now the only Latin American country with diplomatic ties to Taiwan. Beijing regards the island nation as part of the People's Republic of China. In recent years, Honduras and Nicaragua changed sides, turning their backs on Taiwan and seeking rapprochement with Beijing.
Several small conflicts in Latin America
The blockade of Guatemalan goods is one of several minor conflicts beginning to overshadow China's course in Latin America, which has long been oriented toward growth and expansion.
Those conflicts were, however, of a different nature, Vladimir Rouvinski, an associate professor with the Department of Political Studies at Icesi University in Cali, Colombia, told DW.
"In this case, China clearly uses something as leverage, and it does this less against Guatemala, but rather against Taiwan," he said.
In Costa Rica, the government urged one of the managers of state-owned energy supplier ICE to leave the company after some 70 high-ranking employees had visited a party organized by Chinese technology giant Huawei.
Trade unionists were appalled, while ICE's president, Mario Acuna, urged more sensitivity in the face of simultaneous "contracting procedures and various litigations." The conduct of the employees involved could harm "the image of the institution as well as our reputation," he said.
'China has to play by the rules as well'
Relations between Costa Rica and Huawei are strained after President Rodrigo Chaves established the Budapest convention on fighting cybercrime, which China has not signed, as a standard for economic engagement in Costa Rica.
Afterwards, Huawei's chief executive for Latin America criticized Costa Rica's approach as "unprofessional." "This is a message for Beijing: China has to play by the rules as well," Rouvinski told DW.
The Budapest Convention is the first international agreement on crimes committed on the internet. Focus areas are copyright infringements, computer-related fraud and violations of network security.
There are other examples of economic conflicts between China and Latin American countries. One of them involves cheap steel imports from China, which puts Latin American steel producers under a lot of pressure, thus sparking anger.
In Brazil, meanwhile, cheap textiles from China are posing a serious threat to fashion boutiques. Accusations against Chinese companies causing environmental damage with their operations have also sparked debate.
Brazil imposes tariffs on Chinese imports
Brazil is now fighting back against cheap Chinese imports by imposing a 20% tax. This affects goods valued under $50 (€46) which are bought via international shopping websites.
According to Brazilian media, Chinese online retail platform AliExpress was "surprised" by the decision, as the tax would primarily hit the poorest and discourage foreign investment in the country.
In the textile industry, considerable anger has been directed at Chinese suppliers, because conglomerates such as Shein, which don't produce their goods under the same conditions and general framework as small Brazilian firms, are pushing thousands of local companies out of the market. At the grassroots level, there's a growing feeling that China's strategy destroys local trading structures rather than making them profitable.
Who profits from Chinese-Latin American trade?
"Recently, the challenges and risks related to the rise of China as a dominant actor in many economy and technology areas have become more and more apparent in Latin America as well," Christian Hauser, an expert on Latin America at the University of Applied Sciences in Graubünden, Switzerland, told DW.
Various Latin American societies are increasingly feeling that it's predominantly Beijing which has profited from the region's economic relations with China, said Hauser. Therefore, he said, current criticism of China's trade practices could become even more pronounced.
In addition, a foreign policy element often plays a role. "Latin American countries find themselves increasingly entangled in the conflict of geopolitical rivalry between the US and China," added Hauser.
"Against this backdrop, the current tensions between some Central American countries, like Guatemala and Costa Rica, and China are probably only the beginning of more conflict-ridden relations in the future," he said.
Only China's relations with Nicaragua seem untarnished. The country's authoritarian government has banned countless NGOs, including many which championed environmental protection.
According to reports by Nicaraguan media critical of the government, Chinese companies operating in the country have received 13 mining concessions within little more than half a year.
