US job growth slows in May, unemployment rate steady

Spanish Market: Coal, Metals
06/06/25

US hiring eased in May, reflecting a labor market that is gradually slowing but has yet to reflect significant damage from the White House's volatile policies including tariffs.

The US added 139,000 nonfarm jobs in May, slightly above economists' expectations for about 130,000 jobs, according to the Bureau of Labor Statistics (BLS). Job growth for April was revised down by 30,000 to 147,000 and job growth for March was revised lower to 120,000 from an initial 185,000.

Job growth averaged 149,000 over the 12 months prior to May, BLS said.

Fed funds futures after the report showed a 99.9pc probability the Federal Reserve will keep its target rate unchanged at the next meeting in two weeks, up 3.3 points from the prior day. The Fed has signalled it will continue to monitor the impacts of the administration's tariff, fiscal and other policies before adjusting policy.

The unemployment rate remained unchanged at 4.2pc and has remained in a range of 4-4.2pc since May 2024.

Federal government jobs declined by 22,000 and are off by 59,000 since January, reflecting the initial impacts of President Donald Trump's efforts to slash the federal workforce, which have been challenged in the courts. Employees on paid leave or receiving severance pay are reported as employed.

Leisure and hospitality added 48,000 jobs last month following 29,000 jobs the prior month. Health care added 78,000 last month following gains of 85,000.

Professional and business services lost 18,000 after gains of 10,000. Temporary help services, considered a leading indicator of labor market strength, lost 18,000. Transportation and warehousing gained 6,000 in May after a loss of 8,000.

Manufacturing jobs fell by 8,000 following gains of 5,000. Motor vehicles and parts added 400 workers. Mining and logging lost 1,000 jobs.

Average hourly earnings were up by 3.9pc in May, unchanged from the prior month.

By Bob Willis

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11/06/25

US copper group seeks tariffs, export ban

Houston, 11 June (Argus) — A US copper trade group is asking the government to impose tariffs on certain imported products while sparing some feedstocks as part of an ongoing trade investigation. In a 6 June filing to US trade regulator the US Bureau of Industry and Security, the Copper Development Association recommended that the US impose tariffs on all semi-fabricated copper and copper alloy products, such as plates, sheets, strip, and wire, and requested a tariff exemption for raw material feedstocks, including copper cathodes and scrap copper. The group seeks the exemptions because it believes tariffs on refined copper cathodes would hurt the domestic semi-fabrication industry and potentially worsen national security risks. The group also called for a ban on all US copper scrap exports to reduce access to US supplies by China and other countries. The US imported 1.7mn metric tonnes (t) of copper and its derivatives in 2024 and exported 956,700t of copper scrap, according to customs data. Copper cathode made up the majority of copper imports last year at 903,100t, which predominantly came from the US' free trade partners Chile, Canada, Peru and Mexico. Copper is currently not considered a critical mineral according to the US Geological Survey (USGS), but in the filing, the association requested copper be added to the newest version of the USGS critical minerals list, which is expected to be published later this year. Critical minerals are defined as those used to manufacture products considered essential to American economic and national security. By Angelina Contreras Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

US inflation up to 2.4pc in May, energy down

11/06/25

US inflation up to 2.4pc in May, energy down

Houston, 11 June (Argus) — US inflation ticked up to an annualized 2.4pc in May as core inflation remained unchanged, a sign US president Donald Trump's shifting tariff policies have yet to meaningfully impact prices. The consumer price index rose from an annual 2.3pc in April, the Bureau of Labor Statistics reported Wednesday. Analysts surveyed by Trading Economics had forecast a gain of 2.5pc. Core inflation, which strips out volatile food and energy prices, rose by 2.8pc over the 12-month period, unchanged from the prior month. The energy index contracted by 3.5pc for the 12 months compared with a 3.7pc contraction through April. The CME's FedWatch tool shows 99.9pc probability the Federal Reserve will hold its target rate unchanged at 4.25-4.5pc at its meeting next week, compared with 97.3pc Tuesday, and as much as a 67pc chance of a likely cut in September. The Fed has said it will monitor the evolving impacts of Trump's tariff, fiscal and other policies on prices and the broader economy before resuming its course of rate cuts, on pause since December. The food index rose by 2.9pc over the past year, quickening from 2.8pc in the 12 months through April. Services less energy services, viewed as a core services measure, rose by 3.6pc in the 12 months through May, unchanged from April. Gasoline fell by 12pc over the 12-month period through May while piped gas services rose by 15.3pc. Shelter rose by an annual 3.9pc. New vehicles rose by an annual 0.4pc. On a monthly basis, CPI rose by 0.1pc in May following a 0.2pc gain in April and a 0.1pc contraction in March. Shelter rose by 0.3pc for the month, leading the overall monthly gain. By Bob Willis Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

N EU HRC market anticipates price rise/import surge

11/06/25

N EU HRC market anticipates price rise/import surge

London, 11 June (Argus) — North European hot-rolled coil (HRC) prices are expected to increase later this year, as buyers move early to avoid anticipated supply-side constraints. Europe's carbon border adjustment mechanism (CBAM) will increase the cost of imports from January 2026. There are unconfirmed reports that the commission will set the CBAM benchmark for blast furnace-based imports at 1.4t. If true, this would add nearly €53/t to the cost of importing HRC with a carbon intensity of 2.1t, assuming a carbon cost of €72.07/t. The commission will also provide more clarity around its proposed melt-and-pour clause in the third quarter. Should this be imposed in the first half of 2026, it will increase the cost of importing cold-rolled coil (CRC) and hot-dip galvanised. Legal sources suggest that the commission could mandate payment of anti-dumping duties for those that continue to use Chinese substrate. For example, if a re-roller buys Chinese HRC, processes it into CRC and sells it in the EU, it may be liable for the dumping duties currently in place on Chinese HRC, the lowest of which is around 18.1pc. This would not necessarily reduce EU imports of downstream products, and is hard to enforce, but could raise the floor price as re-rollers source more domestically. There will also be changes made to the current steel safeguard, which lapses in June 2026. European steel association Eurofer wants the safeguard to be replaced as early as January 2026 to reduce import penetration, and given the risk of supposed trade diversion from the US where tariffs have now been increased to 50pc for most exporters. Eurofer has been outspoken in its demand for a 50pc cut in imports, to realign market share with historical norms. It is not clear if the commission will acquiesce to this request, but officials have already stated that the new measure will be stricter than the current mechanism. However, some suggest a pre-emptive import surge — as traders race to clear customs before costs rise — could increase supply rapidly in a subdued demand environment. A number of traders have openly admitted to trying to import substantial quantities for fourth-quarter clearance to beat the CBAM and any other potential tariffs. Whatever regulatory obstacles may appear, demand is still the major issue for the steel supply chain. There is potential demand upside from German stimulus efforts, and should wider geopolitical uncertainty ease this year. EU industrial production has started to grow of late, after years of decline, and German manufacturing inventories and new orders are trending the right way too — stocks are falling from high levels, and new orders are contracting less than before. But slower economic growth and rising trade uncertainty also pose downside demand risks — for example, automotive companies and their supply chains are currently grappling with production issues because of reduced Chinese rare earth exports . Should trade tension increase, there is a risk of further supply-side constraints impacting steel-using sectors. By Colin Richardson Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

Vietnam's coal imports hit 23-month high in May

11/06/25

Vietnam's coal imports hit 23-month high in May

Singapore, 11 June (Argus) — Vietnam's coal imports in May rose on the year to the highest level in 23 months, supported by restocking by utilities to cater for an increase in power demand in northern parts of the country. Seaborne receipts reached 7.2mn t in May, up from about 6.5mn t a year earlier and 7.16mn t in April , according to customs data. This marks the highest level since the 7.21mn t of coal imported in June 2023. Imports reached 31.64mn t in January-May, up from 27.06mn t a year earlier, Vietnamese customs data show. The data do not differentiate between coking and thermal coal. Receipts rose in May on restocking by utilities and steady industrial coal consumption in line with the economic activity in the country. The country's industrial output grew by 9.4pc in May from a year earlier, according to Vietnam's General Statistics Office (GSO), supporting its economic growth outlook. The utility restocking comes as hot weather peaks in June in northern Vietnam, which could buoy power demand and prompt utilities to boost coal-fired generation. This could support imports as power plants could continue to restock imported cargoes given that seaborne prices are at multi-year lows. Argus assessed the GAR 4,200 kcal/kg coal market for geared Supramaxes at $42.41/t fob Kalimantan on 6 June, the lowest since 26 March, 2021, when it was marked at $39.37/t. The country's overall generation last month stood at 28.62TWh , edging higher from 28.09TWh a year earlier, and 26.85TWh in April, data from state-owned utility EVN show. Coal-fired power accounted for the bulk of the generation last month at 15.8TWh, although this was down from 17.08TWh a year earlier and 16.09TWh in April. Hydropower output rose to 7.65TWh, up by 64pc from a year earlier, and also rising from an estimated 4.7TWh in April. EVN has asked all its units and plants to ensure stable supply of electricity, it said, and it will also ask local authorities to implement measures to save electricity to help manage loads on the grid. Indonesian coal accounted for the bulk of Vietnam's imports at 2.9mn t in in May, little changed from a year earlier and from April, the customs data show. Imports from Australia rose to 2.38mn t in May, up from 1.18mn t a year earlier, and from 2.23mn t in April. By Saurabh Chaturvedi Vietnam coal imports mn t Vietnam coal import trend mn t Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

Korea's Samsung, Germany's Tesvolt sign battery deal

11/06/25

Korea's Samsung, Germany's Tesvolt sign battery deal

Singapore, 11 June (Argus) — South Korean battery producer Samsung SDI has agreed to supply its battery products to German battery energy storage systems (BESS) manufacturer Tesvolt, with the potential for further negotiations for possible additional supply. Samsung SDI will begin with supplying its battery box 1.0 to Tesvolt from this month onwards, before switching the model to its upgraded battery box 1.5 in April-June 2026, said Samsung SDI on 11 June. Details such as supply volumes were undisclosed. Tesvolt last year secured an order for its BESS products and services to be used in a 65MWh battery storage park in Germany's Worms city. The order — Tesvolt's largest order ever — will see it supporting the project's development, supplying and installing the large-scale storage system, as well as providing service and maintenance for the storage power plant. Tesvolt uses Samsung SDI's lithium nickel-cobalt-aluminum cells in its storage systems. The lithium nickel-cobalt-aluminum cells have a higher energy density and an above-average efficiency when compared to lithium-iron-phosphate cells, said Tesvolt. Tesvolt started building a 4 GWh/yr BESS gigafactory in Germany in April last year, and it expects the factory to be able to produce up to 80,000 units/yr of BESS. The €30mn ($34mn) plant is expected to begin its commissioning this year. Tesvolt has been tasked with commissioning storage power plants with more than 40MWh of capacity across Germany and Sweden, it said in July last year. Samsung SDI has been competing head-to-head with fellow battery producer LG Energy Solutions in the US ESS market . It has secured orders for 90pc of its planned ESS battery production capacity this year, according to the firm. By Joseph Ho Send comments and request more information at [email protected] Copyright © 2025. Argus Media group . All rights reserved.

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