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Global commodities have seen a more than 20% slump compared to the same period last year, as reflected by the S&P GSCI Commodities index.

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Prices of commodities like crude oil and iron ore have been sliding this year, underlining a continuing economic rout across the globe and possible recession risks, market watchers told CNBC.

Global commodities have seen a more than 25% slump over the last 12 months as reflected by the S&P GSCI Commodities index — a benchmark measuring the wider performance of various commodity markets.

Out of the different baskets of commodities, industrial metals have slid 3.79% during that period (up to June 30), while energy commodities like oil and gas have slipped 23%. Conversely, agricultural commodities such as grain, wheat, and sugar have gained roughly 11%. 

But the overall slide for the index is likely pointing to a global economic slowdown and a recession, analysts say, as China’s Covid-19 rebound loses momentum.

“Iron ore and copper are good barometers of the very cyclical portions of the global economy, including construction and manufacturing, of which are in recession in many places,” Kpler’s Senior Commodity Analyst Reid I’Anson said via e-mail.

“It is my belief that this will flow through to a broader decline in economic activity, especially in the West,” I’Anson added.

He foresees that the U.S. will likely see a GDP contraction in the fourth quarter of this year or 2024’s first quarter, and that Europe will follow suit in three to six months.

“The failure of the Chinese economy to live up to the expectations of the market is the biggest reason commodity markets are struggling to find a footing,” I’Anson continued.

China has been posting a slew of economic data that has been weaker than market expectations, pointing to a faltering Covid reopening after years of strict lockdowns. Bank of America analysts confirm that China’s rebound has been weaker than expected.

“Especially for property,  investment dropped 7% year-on-year,” said the bank’s Head of Asia-Pacific Basic Materials and Oil‎ & Gas Research, Matty Zhao. A property market decline is often associated with a drop in demand for construction materials like steel, aluminum, copper and nickel.

China’s real estate sector slump is predicted to last for years, according to Wall Street banks. And the Chinese government doesn’t look like it’s going to pursue an aggressive fiscal stimulus package, said I’Anson. Even if it does, “it would need to be sizable to impress markets at this point.”

Biggest losers, and what it means

While prices of soft commodities are rising as El Niño hammers crop output prospects, energy and industrial metals are trading a lot lower.

Among the biggest losers of the commodities slide are iron ore and oil, the analysts concur. Kpler has cited the downbeat prospects of copper as well, which acts as a proxy economic pulse check due to its various uses such as electrical equipment and industrial machinery.

Oil prices have declined significantly, with the global benchmark Brent plunging 34.76% year-on-year, even as OPEC’s output cuts come into play.

Weak energy consumption in Europe, in part due to a warm winter, has led to gas storage surging to past-five year high levels in the EU, and pushed down prices, said Zhao. Additionally, the world’s largest oil importer China, has been ramping up coal production instead amid a power crunch.

That being said, in the event of an extreme cold weather event, energy prices may recover in the second half of the year, Zhao forecasts.

According to BofA, the year-to-date average of steel and iron ore prices dropped 16% year-on-year on the back of sluggish construction demand. Poor construction demand also reflects in other building materials like cement, whose inventory levels have reached 75%.

Iron ore is primarily used to make steel, an important material in construction and engineering projects.

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“Commodities such as industrial metals tend to move lower ahead of economic leading indicators like PMIs and historically have helped signal when a downturn might occur,” said Director of Commodities and Real Assets at S&P Dow Jones Indices, Jim Wiederhold. He added that oil tends to “dip drastically” as a downturn is happening.

“In general, many major commodities slumped over the last few months as companies and consumers reduced their demand ahead of a potential economic downturn,” he said.

Commodities also tend to move in tandem with changes in inflation, Wiederhold continued. And if inflation continues to dip lower, commodity markets could see more downside in the short term, he said.

According to the International Monetary Fund, global headline inflation is poised to fall from 8.7% in 2022 to 7% in 2023. 

“Given commodities are an early indicator, I’d say prices will likely struggle to find much footing until next year,” said I’Anson.

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Tesla closes loophole that let Kia owners charge on Superchargers

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Tesla closes loophole that let Kia owners charge on Superchargers

Kia owners were supposed to get access to Tesla Superchargers on January 15, but that timeline was recently delayed. Some owners had figured out a loophole to charge, but it turns out, that loophole is now closed.

It’s been a busy time for the North American EV industry’s transition to NACS, the charging standard originally advanced by Tesla and now standardized by SAE.

We’ve recently seen several brands added to the “coming soon” list, and even beyond that, VW and Honda have both made their own announcements that access is coming soon.

But this past couple weeks were supposed to be even busier, with Kia having previously planned to roll out Supercharger access on January 15th, according to an announcement the company made back in September. Unfortunately there was a delay, and Kia owners will have to wait until later this quarter for official support.

In the meantime, though, owners had found that you could trick the system into letting you charge by telling it that you have a Hyundai. Hyundai and Kia both build their EVs on the same E-GMP platform, so there are a lot of similarities between them.

Kia, like Hyundai, is also in the process of shipping some of the first vehicles with a native NACS port, with the 2025 EV6 including a native NACS port, much like the 2025 Ioniq 5 does. So this similarity seemed to be able to trick the Supercharger network, and Kia EV6s could charge on it for a little while, assuming use of a third-party adapter.

Last week, we reported on this loophole, and were hearing of many owners who had success charging.

But that method no longer works, according to several Kia owners. Now, when attempting to charge at a Tesla Supercharger with an EV6 and adapter, the Tesla app will tell you “Unknown error occurred – Your vehicle is not able to charge at Superchargers at this time.” This has been confirmed to be the case even on Supercharger sites that were previously working.

Probably one of the reasons for this is the use of third-party adapters. While third-party adapters are available, manufacturers are always wary when owners use non-verified equipment – especially when it’s related to the most expensive part of the car, the battery.

Kia themselves told us that “warranty coverage may be impacted by use of a third party or aftermarket adapter, and we expect to have our authorized version available in late Q1 2025” when we contacted them about our previous article (though we’re not sure how that would shake out legally – there are a lot of laws covering car warranties and what can and cannot void them).

This isn’t the first time we’ve seen some mix-ups with Supercharger access. Last November, Tesla announced that Nissan cars had access to Superchargers, but it turned out they jumped the gun. Everything is hunky-dory now for Nissan, and it seems like a bunch of new brands will gain access in the coming months, but we expect a few more fits and starts along the way (chaos tends to happen when you fire the whole Supercharger team for no reason).

But, once EV6s do gain access to Superchargers, we expect to see them show exceptional charge performance. The EV6’s cousin, the Ioniq 5, recently showed that it can charge faster than a Tesla, even on Tesla’s home turf. The EV6 should be able to accomplish similar feats, once it is unleashed onto North America’s biggest charging network.

If you’re looking to buy one of the fastest-charging EVs on the road today, use our link to check local dealers and get in line for when they get the new 2025 Kia EV6s in stock.


But when you’re charging at *home*, charge your electric vehicle using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*

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Jaguar Land Rover invests $2M in rare earth magnets recycling 

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Jaguar Land Rover invests M in rare earth magnets recycling 

Jaguar Land Rover’s investment arm InMotion Ventures has invested $2 million in rare earth magnets recycling company Cyclic Materials, bringing its Series B funding round to $55 million.

Jaguar Land Rover’s InMotion Ventures has invested in a range of technologies including supply chain traceability, battery repair, reuse and recycling, and now, rare earth magnets recycling.

“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements (REEs) and critical materials,” said Mike Smeed, managing director at InMotion Ventures. “Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”

Cyclic Materials says it will use the investment to accelerate the expansion of its operations across North America and Europe, boost its processing capabilities, and refine its recycling technologies.

This Series B extension builds on Cyclic Materials’ earlier $53 million round that already has the backing of BMWi, Microsoft, and Hitachi.

Rare earth magnet recycling

Rare earth magnets are a type of permanent magnet made from alloys of REEs, which are part of a set of 17 chemical elements in the periodic table. Rare earth magnets, particularly neodymium magnets, are essential in electric traction motors in EVs. Their strong magnetic fields help deliver high performance and efficiency, which extend an EV’s driving range and reduce battery load.

Rare earth magnets can also be found in everything from data centers and wind turbines to cell phones and power tools. 

However, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030. Ontario-based Cyclic Materials says its proprietary MagCycle and REEPure technologies recycle REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled Mixed Rare Earth Oxides.

Read more: Solar overtakes coal in the EU, and gas declines for 5th year running


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Nissan secures batteries for about 300,000 EVs in the US, but when will we see them?

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Nissan secures batteries for about 300,000 EVs in the US, but when will we see them?

Nissan plans to buy 20 GWh of batteries from SK On, enough to power around 300,000 EVs to be sold in the US. However, after delaying EV production in the US again, when will the new EVs finally arrive?

Nissan revealed plans to invest $500 million in its Canton, Mississippi, plant almost three years ago to prepare the facility for its newest electric vehicles.

Production was initially set to begin in Canton this year, but Nissan pushed the start date back until 2026 last January with concerns over profitability and EV demand. According to the Madison County Journal, the company is now pushing the start date until 2028.

Just yesterday, an Automotive News report claimed Nissan was also canceling plans to build a smaller electric SUV in the US. The SUV was expected to sit between the LEAF and Ariya.

The smaller electric SUV was expected to be the fifth EV built in Canton, following a pair of Nissan and Infiniti electric sedans. Nissan spokesperson Brian Brockman said the company was focusing on other, more profitable projects that would see more demand.

Nissan-electric-SUV-US
2025 Nissan Ariya Platinum+ e-4ORCE (Source: Nissan)

Nissan to buy batteries from SK On for new EVs in the US

Despite the delays, the automaker is still expanding its supply chain in the US to prepare for the upcoming EVs.

A Nikkei report on Thursday claimed that Nissan secured a battery supply from SK On for EV models sold in the US. Nissan agreed to buy 20 GWh of batteries, or enough to power roughly 300,000 EVs.

Nissan-EV-batteries-US
2025 Nissan LEAF (Source Nissan)

The automaker will reportedly begin installing the new SK-supplied batteries by 2028, which is when it plans to start building EVs in the US.

Nissan’s battery supply deal comes as the company looks to establish a domestic supply chain for EVs in the US.

Nissan-electric-SUV-US
Nissan Epic electric SUV concept (Source: Nissan)

Although Nissan announced plans to team up with Honda in December to keep pace with EV leaders like BYD and Tesla, it doesn’t expect to realize any substantial benefits until around 2030.

Nissan Motor’s, including Infiniti’s, US market share has dropped 2.1% over the past five years to just 5.8%. In 2024, the automaker sold just over 31,000 electric vehicles in the US, including roughly 20,000 Ariya models and 11,000 LEAFs.

Honda, which began delivering the Prologue just last March based on GM’s Ultium platform, sold over 33,000 models last year.

The new battery supply deal is a start, but in 2028, Nissan will face an influx of new EV models with which it will have to compete.

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