In this week's Market Movers Americas, presented by Maria Jimenez Moya:
• California commission to vote on $31 million in ZEV projects
• US lithium producers discuss domestic projects
• USGC-loading clean tanker freight rallies
• Steelmaker provides update on rising US HRC prices
This week, the California Energy Commission is expected to vote on nearly $31 million for two in-state projects for zero-emission transportation manufacturing. One involves production equipment for three-wheeled, two-passenger vehicles, while the other involves hydrogen fuel cell power systems and vehicle assembly for large, long-haul trucks.
Albemarle and Livent, the two largest US-based lithium producers, will present fourth-quarter earnings this week. Albemarle will discuss the impact of the $150 million grant received from the Department of Energy in Q4 to advance a lithium project in North Carolina. Livent will provide updates on the ramp-up of its expanded capacity at its own North Carolina lithium facility.
In shipping, Americas clean tanker rates are currently at an all-year high on increased fixing demand. The USGC-Brazil route is in focus, being a key voyage for shipowners strategically repositioning tonnage since last week's implementation of the refined-product price cap. This week, arbitrages will heavily come into play as charterers continue to assess tanker freight rates and where best to source refined products.
Finally, Cleveland-Cliffs will evaluate the success of its steel price increases in the US market during its earnings call this week. The steelmaker recently raised prices for the fourth time since last November and is now targeting a $850/short ton minimum for hot-rolled coil. Domestic HRC prices have risen alongside steelmaker price hikes this year, and Cliffs may discuss if further increases are justified.
I'm Maria Jimenez Moya. Thanks for kicking off your Monday with S&P Global Commodity Insights.