Critical Materials and Minor Metals
Independent pricing, news, and analysis across critical materials and minor metals markets, including hafnium, titanium, tungsten, tantalum, gallium, and other key strategic metals.
Overview
Argus provides independent pricing and market intelligence across the minor metals sector, supporting customers in markets where transparency is limited, liquidity varies widely, and supply is closely tied to byproduct production from major metals. Many of these materials also fall under the critical raw material frameworks in many countries, increasing sensitivity to policy changes, trade restrictions, and supply chain risk. For decades, Argus has been a trusted resource for companies looking for a reliable data source for pricing of critical materials outside of China.
Our coverage spans key metals including cobalt, tantalum, hafnium, titanium, tungsten, vanadium, molybdenum, gallium, germanium, indium, selenium, tellurium, magnesium, manganese, bismuth, and antimony and more, providing insight into spot price trends, regional dynamics, and technology-driven demand shifts. With a global team of market analysts across major producing and consuming regions, Argus delivers the independent perspective needed to support procurement planning, risk management, and strategic decision making in these opaque and highly politicized markets.
Argus’ critical materials and minor metals coverage is delivered through our global products, including Argus Non-Ferrous Markets, Argus Battery Materials, Argus Tungsten Analytics and Argus Rare Earths Analytics Service, giving customers a comprehensive view across specialty, technology, and critical metals markets.
Manufacturers dependent on engineered materials have additional challenges in determining the impact of critical metals on the cost of alloys they buy. Argus further supports clients with the Argus Alloy Calculator, enabling fast alloy should-cost analysis and synthetic indicative price generation to provide material value in the absence of traditional spot market assessments.
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US inflation eases in June after truce with Iran
US inflation eases in June after truce with Iran
Houston, 14 July (Argus) — US inflation eased to an annual 3.5pc in June after an interim peace agreement with Iran pushed down energy prices and falling core inflation showed little spillover from the war or tariffs. The consumer price index (CPI) slowed from 4.2pc in May, which was the highest in nearly three years, the Bureau of Labor Statistics (BLS) reported Tuesday. Analysts surveyed by Trading Economics had forecast CPI at 3.8pc for June. So called core inflation, which strips out volatile food and energy, slowed to 2.6pc in June from 2.9pc in May. "The benign reading of the core CPI puts inflation fears on hold and reinforces our baseline forecast for the Federal Reserve to sit tight over the rest of the year," Oxford Economics said in a note. "However, we're still not out of the woods." CME's FedWatch tool, after the inflation report, still gave 81pc probabilities the Fed will hike its target rate by at least a quarter point by the end of the year. That is down from 89pc odds the prior day. CPI fell by a monthly 0.4pc in June after rising by 0.5pc in May, 0.6pc in April and 0.9pc in March from the prior month, BLS said. It rose by 0.3pc on the month in February. Energy prices The energy index eased to an annual 15.7pc in June from 23.5pc in May. Gasoline eased to 26.7pc in June from 40.5pc in May. Energy prices fell after the US and Iran reached a ceasefire agreement in mid-June that allowed a partial reopening of the strait of Hormuz while broader negotiations continued. Fighting has resumed in recent days and crude prices are surging again. The fuel oil index came in at 42.9pc in June from 58.9pc in May, BLS said. Electricity services eased to 4pc in June from 5.9 in May, while piped gas remained unchanged at 3pc in June. The food index slowed to an annual 3pc in June from 3.1pc in May. Shelter was at 3.3pc in June, slowing from 3.4pc in May. Services less energy services rose by 3.2pc in June following a 3.4pc gain in May. Transportation services eased to 3.4pc in June from 4.1pc in May. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Vietnam's first Al smelter starts production
Vietnam's first Al smelter starts production
Singapore, 14 July (Argus) — Vietnam's first primary aluminium smelter, the Dak Nong smelter located in the Nhan Co Industrial Park in Dak Nong province, produced its first batch of metal in early July, market sources familiar with the matter told Argus . The facility has a first-phase nameplate capacity of 150,000 t/yr . A second phase is expected to increase capacity to 300,000 t/yr in early 2027, before the smelter reaches its full design capacity of 450,000 t/yr in late 2027 or 2028. Vietnam is a key alumina producer in southeast Asia, supported by its abundant bauxite reserves. The country exported 1.37mn t of alumina in 2025, according to Vietnam customs data and Global Trade Tracker. The project marks a significant step in Vietnam's efforts to develop an integrated aluminium value chain spanning bauxite mining, alumina refining, and primary aluminium smelting. The commissioning of the Dak Nong facility could increase domestic consumption of alumina and reduce the country's reliance on imported primary aluminium. Market participants are waiting for the smelter to begin offering metal to the spot market, traders said. It remains unclear when commercial volumes will become available as the facility continues its ramp-up phase. The Dak Nong smelter is owned by Tran Hong Quan Metallurgical. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Gladstone coal exports rise in FY2025-26
Australia's Gladstone coal exports rise in FY2025-26
Sydney, 14 July (Argus) — Australian producers exported 69.6mn t of coal from Gladstone port — Australia's largest coking coal export hub — in the financial year from July 2025 to June 2026, up by 8.3pc on the year as weaker demand from China and Vietnam was offset by stronger shipments to India and South Korea. The outlook for Australia's 2026 coking coal exports has been buoyed by favourable demand and price expectations . An El Nino event, which typically brings dry conditions across Queensland and limits rain-related disruptions, should aid supply over the next few months. Producers shipped 19.8mn t of coal to South Korea from Gladstone, up by 57.7pc on the year as South Korea sought to boost its stockpiles in early 2026, latest port data show. South Korea ramped up its coal procurement over January-April 2026 to accumulate stocks in response to the US-Iran war. Gladstone's coal shipments to South Korea were up by 179pc and 189pc, respectively, in April and May 2026 compared to the previous year, port data show. South Korea's finance ministry created a 400bn won ($277.48mn) export supply chain guarantee fund in November 2025 for the country's steelmakers, which could have contributed to coking coal demand. Higher automotive sector demand also supported the outlook for country's steelmakers in 2026. Producers shipped 12.7mn t of coal to India from Gladstone, up by 7.8pc on the year. Indian steelmakers have shifted away from Australian coal in preference for cheaper alternatives from Russia, Mozambique and the US. But the country's demand for seaborne coking coal is expected to ramp up as it aims to double its steel production capacity to 300mn t/yr by 2030, and reach 500mn t/yr by 2047. Gladstone's coal shipments to Vietnam fell by 6.2pc on the year to 3.8mn t over July 2025-June 2026. But steel demand in India and Southeast Asia is expected to grow over the medium term due to urbanisation, population growth, ongoing infrastructure and housing programmes, and growth in steel-intensive manufacturing, Australian government commodity forecaster the Office of the Chief Economist (OCE) said. Producers shipped 7.1mn t of coal from Gladstone to China, down by 30.5pc on the year. Chinese steelmakers' demand for Australian coking coal fell in 2025 due to high prices and occasional supply concerns. Chinese steelmakers are importing more coking coal from Mongolia and Russia due to their competitive pricing. Mongolian coal continues to attract Chinese end buyers due to its stable supply, logistics, and favourable pricing compared with other seaborne cargoes. Argus last assessed the price of hard coking coal fob Australia at $189.1/t on 13 July and premium hard low-vol coking coal fob Australia at $231/t on 13 July. By Emma Partis Gladstone export data mn t Destination Jul '25 - Jun '26 Jul '24 - Jun '25 YTD % ± China 7.1 10.2 -30.5 India 12.7 11.8 7.8 Japan 19.8 18.1 9.6 South Korea 15.6 9.9 57.7 Vietnam 3.8 4 -6.2 Total 69.6 64.3 8.3 *Total includes countries not listed Source: Gladstone Port Data Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Canada oil sands deal advances Pathways CO2 project
Canada oil sands deal advances Pathways CO2 project
Calgary, 13 July (Argus) — Alberta's largest oil sands producers have struck a trilateral memorandum of understanding (MoU) with the provincial and federal governments to advance a major carbon capture project and potentially end years of negotiations. The Oil Sands Alliance is moving forward with the Pathways project in northeast Alberta that will capture 6mn metric tonnes/yr by January 2035. The group is comprised of Canadian Natural Resources, Cenovus, Suncor, Imperial Oil and ConocoPhillips Canada. Together they represent about 95pc of Canada's oil sands production. The first phase of the proposed Pathways initiative would divert carbon dioxide (CO2) from 13 oil sands facilities in the Fort McMurray, Christina Lake and Cold Lake regions of the province to an underground storage hub in the Cold Lake area. More than 650km (400 miles) of pipeline would be required and the Oil Sands Alliance must make best efforts to procure it from Canadian suppliers. Another 10mn metric tonnes/yr of emissions reductions would be achieved through future Pathways expansions, with half of that increase coming by 2040 and the balance by 2045. A cost estimate was not provided by the Oil Sands Alliance, but Cenovus chief executive Jon McKenzie estimated in June that it could be as much as C$30bn ($21bn). Canada is offering investment tax credits for capital expenditures related to carbon capture, utilization and storage, and is planning to legislate investment tax credits for enhanced oil recovery related carbon capture. Definitive agreements between the oil sands members and the two levels of government are expected by 15 November this year. Broadly, the trilateral agreement lays out a shared goal of expanding market access, increasing oil production, reducing emissions and engaging with indigenous groups. As such, Pathways is tied to the proposed 1mn b/d oil pipeline to greater Vancouver, British Columbia, that was announced earlier this month and was referred to the federal Major Projects Office for potential fast-tracking. The planned West Coast Oil Pipeline (WCOP) will follow a similar route as the Trans Mountain system and is led by Canada and Alberta, with Pembina Pipeline owning a 10pc stake. WCOP is estimated to cost as much as C$44bn. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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