Post by
EndZonefor7 on Mar 02, 2024 10:09pm
New Canada/US/Aussie nickel pricing model proposed
TORONTO, March 2 (Reuters) - Canada is concerned about market manipulation and dumping in key metals used in electric vehicle batteries, a federal Canadian minister told Reuters, adding the country wants to explore a U.S.-mooted alternative pricing model.
Canada, along with Australia and the U.S., is looking to develop its critical mineral supply chain to break the monopoly of China which controls over 90% of key metals that are crucial for energy transition.
"There will be significant incremental demand for critical minerals going forward, but we do have some challenges right now with prices and clearly we are concerned about issues relating to market manipulation and dumping," Energy and Natural Resources Minister Jonathan Wilkinson said this week, adding the concerns are shared by many democratic countries.
Dumping refers to an anti-competitive trade practice when a country exports certain products at a price lower than what is sold in its home country.
The minister said the topic will be discussed during the annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world's largest gatherings of mining companies and their financiers, that starts on Sunday.
Wilkinson said there is still some way to go before Canada and its allies solve the issue of dumping, but one of the ideas being discussed is the concept of an alternative pricing mechanism.
https://www.reuters.com/markets/commodities/canada-concerned-about-critical-metals-market-manipulation-minister-says-2024-03-02/
Comment by
EndZonefor7 on Mar 02, 2024 10:12pm
What have I been preaching the last while ? This has to happen for the whole North American EV plan to succeed and will happen IMHO. This is massive news. PDAC will be hoppin ! :)
Comment by
idlefreebird on Mar 03, 2024 8:16am
endzone , been there as I can remember while working in the copper smelter China dumped massive amounts of coppr to the market dropping copper prices to .65 cents a pound ..there was fear in the industry but she came back ...glta
Comment by
EndZonefor7 on Mar 03, 2024 10:51am
Yes idle, I recall in mid late 90's it hit 50 cent level and BC mines were all shut down. Wasn't sure if it was China dumping or recession. I do remember the excitement when it started up again as prices finally rose.