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Global technology provider Microsoft has signed a deal with carbon dioxide removal company Heirloom to provide permanent carbon removal, Heirloom said Aug. 9. The initial deal will see Microsoft purchase carbon removal credits for delivery in 2025, with plans to pursue future purchases as Heirloom rolls out further technology. “Long-term commitments to purchasing high quality […]

US President Joe Biden signed the CHIPS and Science Act into law August 9, unlocking over $52 billion in federal funding for domestic semiconductor manufacturing and other provisions in a bid to ease the impact of the global chip shortage that has tied up several key industries since late 2020. “The CHIPS and Science Act

The lower house of the Indian parliament, Lok Sabha, passed a bill on Aug 8. to set up a domestic carbon market, with the power and renewable energy minister Raj Kumar Singh citing that carbon credits will not be eligible for exports, local press reported. “Carbon credits are not going to be exported. No question,”

Saudi Basic Industries Corp., the petrochemicals company majority owned by Saudi Aramco, saw higher revenues across its petrochemical streams in the second quarter supported by higher crude oil prices, the company said Aug. 9. Revenue for the three-month period ended June jumped 6.3% year on year to $14.98 billion. Revenue for the company’s petrochemicals and

Primary unalloyed aluminum imports into the US totaled 236,084 mt in June, up 4.4% from May, as shipments from Canada picked up by 18.09% to 183,251 mt, according to the US Census Bureau data. Total P1020 imports from January through June jumped 41.64% to 1,073,286 mt, the data showed. Shipments of higher purity aluminum from

German steel producers and traders expect prices to see some upward momentum over August amid low supply, as production levels are expected to drop, according to data from S&P Global Commodity Insights’ monthly steel sentiment survey. The survey saw traders and producers almost equally bullish on pricing, with the August pricing outlook index at around

LME scrap futures contracts saw highest daily volume traded on Aug. 2 on the London Metal Exchange since its launch, while weekly trading volumes reached two-year high. In addition, near term scrap and rebar futures contracts saw strong gains over the week to Aug. 4. Platts assessed the August contract up $14.50/mt to $364.50/mt, according

An indication of demand destruction, US steam coal exports fell 15.2% on the year in June as the CIF ARA monthly average price more than tripled to $371.02/mt, according to US Census Bureau data released Aug. 4. Compared with May, the CIF ARA price rose 13.2% while US thermal coal exports fell 1.3% to 2.8

China’s daily pig iron and crude steel output could see some modest rebound in early August after falling in July as some steelmakers ramp up output due to recently improved profit margins, industry sources said Aug. 4. However, most steelmakers were wary of the margin trend and demand prospects, and were not keen on raising

India’s plans to launch a carbon market advanced Aug. 3 with the tabling in parliament of the Energy Conservation (Amendment) Bill 2022 that sets the framework for a rollout in near future, government sources told S&P Global Commodity Insights. A national carbon market could move closer to finalization if the bill is passed, the government