Semiconductor Technology: South Korean chipmaker SK Hynix worries about China future, Auto News, ET Auto

3 months ago ET Auto

SK Hynix and other semiconductor makers are also navigating new U.S. restrictions on exports of advanced semiconductors and chipmaking equipment to China. He said SK Hynix doesn't expect major disruptions at the plant at least until the late 2020s, but things could quickly turn for the worse if Washington refuses to extend temporary exemptions at some point and begins to fully enforce its export controls. The country's operating profit for the three months through September was at 1.65 trillion won ($1.16 billion), compared to 4.17 trillion won ($2.92 billion) during the same period last year. About 40% of Samsung's NAND flash chips are reportedly produced from its factory in the Chinese city of Xi'an, accounting for around 10% of global production. Noh during the call said SK Hynix's "competitors" have also been granted the U.S. waivers, in a possible reference to Samsung and Taiwan's TSMC.
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Lithium Producer: France's Imerys wants to become leading lithium producer in Europe, Auto News, ET Auto

Forvia raises FY sales outlook on currency, higher car output The group forecast full-year sales of between 24.5 billion and 25.5 billion euros ($23.9 and $24.9 billion), citing a positive currency boost of 272 million euros. It also raised its estimate for global production of light vehicles by 3 million to 77 million. See More DetailsFrench minerals company Imerys said on Monday it wanted to become the leading supplier of lithium in Europe through a mining project in France.The announcement comes as European miners rush to launch domestic production of the raw material, a key component in electric vehicle batteries which is currently sourced almost entirely from outside the bloc.Imerys said results of surveys carried out at its Beauvoir mine in the Allier department in central France suggest it will be able to produce 34,000 tonnes of lithium hydroxide for at least 25 years from 2028, enough to supply around 700,000 electric car batteries.The company's shares rose by 5% in early Paris trade.Electric cars are a key plank of European Union plans to cut emissions, and the bloc is trying to reduce reliance on battery supplies from Asia through projects with European-based carmakers and battery specialists.Almost all the critical minerals currently come from outside the continent, with China dominating the global supply chain. The world's main lithium suppliers also include Australia and Argentina.European Commission President Ursula von der Leyen said last month that "lithium and rare earths will soon be more important than oil and gas", adding that the bloc's demand for rare earths alone will increase fivefold by 2030.Various miners are exploring domestic European lithium projects including in Austria, Germany and the Czech Republic.Imerys' French rival Eramet is exploring a project in the Alsace region.Imerys said its Beauvoir project is estimated to involve capital expenditure in its construction of around 1 billion euros, equating to an estimated cash cost per kilo of between 7 and 9 euros per kilo.The site has been producing kaolin for ceramics since the late 19th century.

3 months ago ET Auto
Oil Price Today: Oil prices fall as dollar climbs, but set for weekly gain on supply concerns, Auto News, ET Auto

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia.Brent crude futures came off 42 cents, or 0.4%, to $96.54 a barrel at 0043 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6%, at $88.52 a barrel, paring about half the gains from the previous session.Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4%.Friday's declines came as the dollar index inched up to 110.57, making oil more expensive for buyers holding other currencies.Analysts said the strong rebound in U.S. gross domestic product in the third quarter reported on Thursday highlighted the resilience of the world's largest economy and oil consumer. "From an oil market perspective - despite the high interest rates - that's a direct driver into your demand outlook," said Baden Moore, head of commodities research at National Australia Bank He said volatility in the market is likely to be on the upside, given that global inventories are low, European sanctions on Russian crude are set to take effect in December, and Chinese demand is picking up.The widening premium for Brent over WTI is being stoked by signs of a rise in refinery runs in China, Europe's hunger for crude ahead of the embargo on Russian oil, and pending supply cuts by the Organization of Petroleum Exporting Countries ( OPEC ) and allies, together called OPEC+. "The market remains wary of the impending deadlines for European purchases of Russian crude before the sanctions kick in on 5 December," ANZ Research analysts said in a note.

3 months ago ET Auto
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