U.S. Treasury Secretary Scott Bessent will urge Group of Seven nations and others to step up their efforts to reduce reliance on critical minerals from China when he hosts a dozen top finance officials on Monday, a senior U.S. official said…The meeting, which kicks off with a dinner on Sunday evening, will include finance ministers or cabinet ministers from the G7 advanced economies, the European Union, Australia, India, South Korea and Mexico, said the official who was not authorized to speak publicly…Together, the grouping accounts for 60% of global demand for critical minerals…Aside from Japan, which took action after China abruptly cut off its critical minerals supplies in 2010, G7 members remain heavily dependent on critical minerals from China, which has threatened to impose strict export controls…China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. These minerals are used in defense technologies, semiconductors, renewable energy components, batteries and refining processes…“The United States is in the posture of calling everyone together, showing leadership, sharing what we have in mind going forward," said the official. "We're ready to move with those who feel a similar level of urgency ... and others can join as they come to the realization of how serious this is."…The meeting was planned well before that action, U.S. officials said. China was still living up to its commitments to purchase U.S. soybeans and ship critical minerals to U.S. firms.

Moroccan miner Managem was planning to switch its cobalt production to sulfate rather than metal, with a new production facility expected to open in the country later this month in Bou-Azzer, Fastmarkets heard on Wednesday January 7…This would mean that there would be no production of cobalt metal broken cathodes by its Compagnie de Tifnout Tiranimine (CTT) division for at least the first half of the year, with a direct effect on the availability of cobalt metal of Western origin…According to market sources, the capacity of the new sulfate plant was estimated at 6,000 tonnes per year, with 1,200 tpy of cobalt content. The plans indicated operating the new facility at just under 60%, Fastmarkets understands…Fastmarkets assessed the price of cobalt standard grade, in-whs Rotterdam, at $24.75-25.65 per lb on January 6…CTT cobalt metal production capacity was estimated at 2,400 tpy, according to Fastmarkets’ research…“It certainly tightens up that availability of Western metal. “A lot is already s tied up in long-term contracts, so we could see prices for spot trades of those brands increase this year.”…Fastmarkets’ twice-weekly price assessment for cobalt sulfate, 20.5% Co basis, exw China, was 92,000-94,000 yuan ($13,157-13,443) per tonne on December 31, unchanged for two weeks…Diversified options for the supply of cobalt sulfate would be welcomed by the downstream market because countries such as the US and trade blocs such as Europe were trying to reduce their reliance on China.

The European Commission set out the conditions on Monday under which China-based electric vehicle makers can replace EU tariffs with commitments to sell at minimum prices and said it would take into account Chinese EV investments in the bloc…China favours minimum price commitments from producers, and the Commission said that, following talks with the Chinese commerce ministry, it had issued written guidance on how minimum price offers could replace tariffs…The EU executive is still requiring that any offered prices eliminate the harmful effects of subsidies, have an effect equivalent to duties, be practicable and minimise cross-compensation…China's commerce ministry broadly welcomed the guidance, saying the EU's adherence to non-discrimination and objective assessments showed both sides could settle differences through dialogue.