Rare earths
Argus delivers established, independent rare earths pricing and market intelligence across all rare earth elements, including authoritative coverage outside China.
Overview
Rare earth elements (REEs) are critical raw materials used across advanced manufacturing and clean energy technologies, including electric vehicle motors, wind turbines, electronics, defence systems, aerospace, and industrial manufacturing. Rare earths play a vital role in enabling high‑performance permanent magnets, electronics, and specialised materials essential to modern economies.
Argus supports the global rare earths industry with comprehensive spot market pricing and forecasts, supply and demand data and news for the most commoditized rare earth elements including those used to produce ceramics, catalysts, energy storage and permanent magnets. Through the Argus Rare Earths Analytics and Argus Non‑Ferrous Markets services, Argus delivers established pricing benchmarks and forecasts alongside authoritative insight into the international rare earths markets, including those outside China.
Argus’ rare earths pricing and analysis focus on the individual elements most critical to global supply chains and strategic industries. Coverage includes light rare earth elements such as neodymium, praseodymium, lanthanum, and cerium, alongside heavy rare earths including dysprosium, terbium, yttrium, and europium. Each Rare earth element market exhibits its own distinct supply dynamics, demand drivers, and end‑use applications, making element‑specific pricing and analysis essential to understanding liquidity, supply risk, legislation on trade and evolving market fundamentals.
As part of the Argus Rare Earths Analytics and Argus Non‑Ferrous Markets services, Argus publishes a robust suite of established rare earths price assessments and benchmarks covering key light and heavy rare earth elements, including neodymium, praseodymium, dysprosium, terbium, and praseodymium‑neodymium (NdPr). These assessments are supported by transparent, well-established methodologies, on‑the‑ground market engagement, and forward‑looking analysis. In addition to spot pricing for rare earth oxides and metal, Argus delivers one‑year and ten‑year market and price forecasts, alongside detailed supply, demand, and project analysis, supporting planning, procurement, investment, and risk management across international rare earths trading.
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Lula completes comeback, wins Brazil elections
Lula completes comeback, wins Brazil elections
Sao Paulo, 25 October (Argus) — Incumbent Luiz Inacio Lula da Silva will serve as Brazil's president for another four-year term, after beating senator Flavio Bolsonaro in the presidential runoff. With nearly 100pc of votes counted, Lula led Bolsonaro with over 51.77pc of votes. Lula becomes the first in Brazil's history to win a presidential election after trailing in the first round of voting. He received 45.16pc of votes on 4 October, trailing Bolsonaro's 47pc. This will be Lula's fourth stint as Brazil's president. He first served two terms in 2003-2011. Lula's campaign focused on social media following his first-round defeat. Street demonstrations, especially in Sao Paulo and Rio de Janeiro — Brazil's most populous cities — may have also given him a boost. The final televised debate, held on 23 October, may have also helped him swing votes. Fact-checking agencies showed him saying more truthful statements than Bolsonaro, which may have weakened his adversary's campaign. The second round of voting saw fewer absentee voters as well. Around 21pc of voters abstained in the first round, versus around 19pc in the second round. Around 3mn people additional people showed up to vote compared with the first round, and Lula obtained 10mn votes more than in the first round. Voting delays Voting booths stayed open two hours later than usual after both Lula and Bolsonaro's parties requested an extension. Lula's party claimed that problems in public transport denied voters the chance to vote. The federal police arrested Pablo Souza, the mobility secretary of Salvador — the capital of Bahia state, historically a left-leaning state — for reducing the amount of buses available on Sunday. Bolsonaro's party requested the extension in voting hours because of rains in Minas Gerais and Rio Grande do Sul states. Flavio Bolsonaro's brother, Eduardo Bolsonaro — a former congressman who has been in the US since March 2025 and was convicted by the supreme court of coercion with the US to interfere in his father's trial — said before the elections that the candidate Bolsonaro would also head to the US if defeated in the elections. It is still unclear whether Flavio Bolsonaro will remain in Brazil or not. The candidate had yet to concede defeat as of 8:30pm ET. Backing Petrobras During his 2023-2026 term, Lula put state-controlled Petrobras at the center of his energy policy, seeking to broaden the firm's scope. He ended the company's import price parity principle — in a bid to control fuel prices — and his predecessor's policy of selling assets. He returned Petrobras to markets such as fertilizer production . He also spoke in favor of increasing oil and gas production, while also seeking to put it in the center of Brazil's energy transition. Deforestation also fell during his term , after Lula reversed policies of his predecessor, Jair Bolsonaro — Flavio's father, who is serving a 27-year sentence for attempting to overturn the result of the 2022 election. Bolsonaro would have likely sought to win amnesty for his father, but that is unlikely to take place now that Lula will remain as president. Lula will also be responsible for picking four or five supreme court judges in the next four years. One seat is vacant, three others will retire by 2030 and judge Alexandre de Moraes could face impeachment pressure from the right-leaning congress. Some of Lula's main campaign promises dealt with the economy, including maintaining the current fiscal framework while preserving room for public investment, expanding infrastructure spending, advancing the government's industrial policy and mobilizing investment for transitions to cleaner energy. Adversaries heavily criticized his fiscal framework, as Brazil's debt — including the federal, state and municipal governments — reached R11.1 trillion ($2.2 trillion) in August, up from R7.2 trillion at the end of 2022. Lula also promises to continue increasing the minimum wage, expand credit access for small- and medium-sized businesses, strengthen protections for app-based gig workers and pursue a more progressive tax system in which higher-income individuals contribute a larger share of taxes. But the heavily right-wing congress will probably be a hurdle for Lula to enact many of those promises. Lula's win puts Brazil as one of the sole countries in Latin America with a left-wing federal government, after Argentina, Peru, Chile, Colombia and others have elected right-wing presidents recently. Lula's relationship with the US and President Donald Trump were rocky at times , especially because of the tariffs imposed by the US president. Lula has been especially stern with the US' interest in Brazil's critical minerals. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kaiser cuts packaging, auto shipments outlook
Kaiser cuts packaging, auto shipments outlook
Houston, 23 October (Argus) — US semi-finished aluminum manufacturer Kaiser Aluminum revised lower its full-year shipments guidance for its packaging and automotive products, reflecting customers' inventory management and a major outage at its Bellwood plant near Richmond, Virginia. The Tennessee-based company now anticipates that growth in packaging sales volumes will be 5-10pc over 2025 levels, down from its prior outlook of 10-15pc, it said in its third-quarter earnings call on Thursday. For automotive shipments, Kaiser now forecasts steeper shipment declines of 5-10pc from 0-5pc previously. The reduced packaging guidance comes after the company received requests to push out shipments from customers that are looking to control year-end inventory levels amid lower aluminum prices, Kaiser said. Seasonality also prompted buyers to move "orders to the right" with fourth-quarter demand for aluminum cans usually weaker coming off the peak consumption period in the April-September timeframe. Kaiser continues to ramp up its new coating line for lid stock at its Warrick plant in Newburgh, Indiana, saying qualifications with customers are ongoing still. The company remains focused on improving the line's performance at higher run rates and improving its service to consumers. Full-year automotive sales volumes will be lower than expected because of Bellwood, which Kaiser took down in the third quarter for equipment upgrades to expand production capacity of aluminum drive shafts. Bringing those assets back on line will persist through the fourth quarter, reflecting a more challenging ramp-up after "some impacts" from the outage that were a "little outside our control", the company said. Kaiser maintained that the improvements at Bellwood will position it for growth opportunities, adding that the project was backed by long-term customer commitments. The company continued to tout its position on light truck and SUV platforms, for which demand "continues to remain resilient" in the face of headwinds in the broader automotive sector. The company maintained its 2026 shipments outlooks for its aerospace/high strength and general engineering segments, describing strong demand for its aluminum plate and extrusion products from commercial airframers, defense contractors, data center developers and semiconductor manufacturers. Third-quarter shipments in both units were up, supported by expanded production capacity at its Trentwood mill in Spokane Valley, Washington, and restocking from distributors. Kaiser's third-quarter profit decreased by nearly 23pc to $31mn from the prior-year period, primarily reflecting higher one-time benefits in 2025. Revenues increased by 44pc to $1.2bn in the same period. More prime, less scrap to end year Kaiser's decision to delay maintenance work on multiple furnaces to the second half of the year weighed on its scrap usage during the third quarter — a trend the company expects to persist through year-end. Cast house upgrades have necessitated the use of more "higher-cost forms of metal", prompting the company to assume a "lower scrap utilization" during the rest of the year. The company added that scrap buying spreads tightened during July-September following a downturn in aluminum prices in the same period, noting that it expects to operate in that type of environment in the fourth quarter. By Alex Nicoll Kaiser 3Q shipments mn lbs Segment 3Q 2026 3Q 2025 ±% 2Q 2026 ±% Aerospace/high-strength 59.4 41.8 42% 60.8 -2.3% Packaging 153 144.1 6.2% 155.8 -1.8% General Engineering 67.4 63.4 6.3% 67.7 -0.4% Automotive extrusions 20.4 23.9 -15% 21.4 -4.7% Source: Kaiser Aluminum Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German associations challenge EU scrap export limits
German associations challenge EU scrap export limits
London, 23 October (Argus) — Proposed restrictions by the EU on scrap metal exports to non-OECD countries contain several legal errors, according to a legal opinion prepared by German law firm Okl & partner on behalf of metal recycling industry groups BVSE and CMA. "The expert opinion shows that the [European] Commission is exceeding the limits of the Waste Shipment Regulation (WSR) by restricting scrap exports," CMA managing director Guido Lipinski and BVSE managing director Eric Rehbock said in a joint statement. "A legal act with so many weaknesses must not be enacted in this form." The commission in September published a draft list of non-OECD countries that are authorised to receive specified non-hazardous waste, including ferrous and non-ferrous scrap, under the new WSR. According to the legal opinion, the draft list violates the structure of the WSR and principles of EU law, while there are legal vulnerabilities in the proposed restrictions. Among the objections, the fundamental concern is the standard of the review and the use of the heavy metal risks to justify exclusion of certain scrap metals. Hazardous waste in principle cannot be exported to non-OECD countries under article 39 of the WSR, the groups say, with the proposed list only concerning non-hazardous waste. "The draft treats scrap metal as if it were hazardous waste. It isn't, and the European legislator agrees," Lipinski said. "The commission justifies its decision with risks that it has no say in the matter with the list of member states." The associations also question the proportionality of the proposed measure, with the WSR already requiring independent audits on facilities receiving EU-origin scrap, saying that blanket restrictions would be unnecessary. Both BVSE and CMA also warn that export restrictions would have economic effects, and that the European market cannot absorb all the processed metals, and that international buyers are an important outlet for these surpluses. "A restriction of these markets would therefore not only affect trade, but also make it more difficult to finance collection and processing. Ultimately, fewer secondary raw materials would be available to European industry," they say. The BVSE and CMA urged the commission to revise the draft. Earlier this week, the Bureau of International Recycling called for the commission to reconsider proposed restrictions on recycled metal exports and asked for a four-week extension to the consultation period. The feedback period following the announcement of the proposal closed on 16 October. A total of 161 companies and associations from inside and outside the EU gave feedback, according to the commission's website. By Corey Aunger Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Thailand’s proposed curbs halt scrap trade
Thailand’s proposed curbs halt scrap trade
Houston, 22 October (Argus) — Thailand's proposed import restrictions on certain recycled metals and rubber have stalled scrap trade to the southeast Asian country as a lack of clarity around the measures prompts some buyers to cancel or delay cargoes. The Thai Customs Department on 21 October recommended new curbs on shipments of recycled steel, copper, aluminum and rubber as part of efforts to combat "illegal imports of electronic and hazardous waste", the Bureau of International Recycling (BIR) said in a notice to the trade group's members on Thursday. Details remain sparse around what the restrictions would entail or when they would take effect, but no outright ban is in force currently, BIR noted. Still, buyers were quick to react to the news, with one US zorba supplier saying that a customer canceled multiple cargoes that were already booked but had yet to be shipped. Some US aluminum scrap sellers have already received multiple requests from consumers to hold shipments because of the uncertainty around the proposed measures, while others' focuses have shifted to finding alternative homes for their material or attempting to reroute cargoes already on the water. A ferrous scrap exporter on the US west coast said Thai customs authorities began scrutinizing loading photos of containerized scrap more heavily last week. The trader had to divert some Thailand-bound shipments to other southeast Asian countries last minute because buyers in Thailand thought the scrap would not clear customs. Market participants have noted that Thailand has accelerated physical inspections at Laem Chabang and other ports in recent months, with the heightened scrutiny primarily affecting only the timing to clear containers. Some suppliers did have cargoes returned to them following customs searches, but the recommendations this week seemingly take the government's efforts a step further, sources said. Thailand has been the top destination for US aluminum scrap through August on the year, accounting for around 340,000t — or 20pc — of total exports in that timeframe, US customs data showed. The country primarily takes lower-grade aluminum scrap that cannot be widely consumed in the US, including zorba, which can contain circuit boards because of its automotive origins. Thailand imported 1.93mn t of ferrous scrap through August, up 35pc on the year, with the US supplying 766,000t, or about 40pc, Thai customs data showed. Some market participants questioned Thailand's reported ferrous scrap import volumes, suggesting some material classified as ferrous scrap could instead be misclassified non-ferrous scrap. For US ferrous scrap shippers, Thailand's absence would primarily affect container shipments of lower-quality ferrous grades. The US previously shipped both bulk and containerized scrap to Thailand, but exporters have not shipped a bulk cargo to the country since June 2021, US customs data showed. By Alex Nicoll, Brad MacAulay and James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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