New steelmakers in Southeast Asia are embracing hydrogen-based DRI, electric arc furnaces and renewable energy to advance green steel production and counter oversupply pressures, reshaping both market competition and raw material demand.

The SGX 65% Fe iron ore futures contract reached record trading volumes as Chinese steelmakers sought high-grade ores amid tighter production restrictions. This surge underscores the growing role of premium-grade iron ore derivatives in global steel and raw materials markets.

Chile’s energy transition is reshaping its mining sector, renewable energy mix, and climate strategy, with lithium and copper production at the centre of global supply chains. Policy reforms, infrastructure expansion and green technologies are positioning the country as a leader in sustainable energy development.

Steel prices in the US would be weaker if not artificially propped up by trade tariff pressures as underlying demand is depressed, several market participants told Fastmarkets on Friday August 8.

Rare earth permanent magnet producers outside China are securing critical materials through key deals and partnerships. These efforts aim to strengthen the global supply chain amid China’s export controls and rising demand for NdFeB magnets.

Spodumene production in Australia and Canada rose in the second quarter of 2025, with most producers maintaining profitability despite falling prices. However, several high-cost operations remain inactive amid ongoing market uncertainty.

Electra Battery Materials Corp announced on Thursday July 31 that it is starting metallurgical testing on cobalt feedstocks at its historic Cobalt Camp in Ontario and at its Iron Creek, Idaho cobalt and copper project to expand North American supply of critical minerals contained in lithium-ion batteries for electric vehicles (EVs).

Westwin Elements, America’s first nickel refinery, has secured $1.4 billion in long-term deals with Traxys, boosting the domestic critical minerals supply chain and reducing import reliance.

The Mexican aluminium market is experiencing low spot activity and pricing pressure amid ongoing tariff uncertainty and heavy reliance on US trade. Market participants are watching closely for potential trade deals that could reshape the current landscape.

Market reactions to the soon-to-be-implemented US copper tariff are driving short-term volatility and supply imbalances while fuelling long-term efforts to expand domestic production, recycling and infrastructure.