The Canadian federal government and the province of Ontario have announced a $6.4 billion support package aimed at strengthening domestic industry and reducing its exposure to US import tariffs.
More than $3.6 billion has been earmarked for the steel industry, including modernizing production facilities, expanding output and diversifying export markets beyond the United States.
Another $1.8 billion will be allocated to expanding electric vehicle production. In addition, $710 million will be invested in infrastructure to facilitate the development of hard-to-access critical mineral deposits in Ontario's Ring of Fire region.
Taiwan's TSMC (Taiwan Semiconductor Manufacturing Company), the world's largest semiconductor manufacturer, is exploring options to replace rare earth-containing components in its production equipment to reduce dependence on supplies from China.
In 2025, China introduced export controls on certain rare earth materials, magnets and related processing technologies. These restrictions pose risks to the global semiconductor industry, as rare earth magnets are used in electric motors powering automated chip manufacturing equipment.
TSMC has asked its suppliers to assess the feasibility of using electric motors that do not contain rare earth components. Meanwhile, the United States and Taiwan are working to diversify supplies of critical minerals. A pilot rare earth materials production facility is planned within three years, with the capacity to meet 50% of domestic demand.
According to estimates by analytics firm Kpler, Asia's imports of liquefied natural gas (LNG) are expected to reach 23.31 million tonnes in October, the highest level in three months, despite a sharp rise in global prices.
China's LNG imports are projected to increase to 5.47 million tonnes, up from 5.2 million tonnes in September. Meanwhile, shipments to Japan are expected to decline to 4.47 million tonnes, their lowest level in five months.
Spot LNG prices for delivery to North Asia have tripled, primarily due to supply disruptions from Persian Gulf countries. European gas storage facilities are 74.6% full, which is 11 percentage points below the level recorded a year earlier.
A further source of uncertainty is the strengthening of the El Niño climate phenomenon, which could increase gas consumption in Northeast Asian countries.
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