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Latest market news

Largest bulk sulphur volumes to date arrive in Angola

  • Market: Fertilizers, Metals
  • 29/01/26

About 50,000t of bulk sulphur has recently discharged into the Angolan port of Lobito for onward rail shipment to the copper belt.

Trafigura announced today on LinkedIn that the Lobito Atlantic Railway earlier this month received the largest sulphur bulk carrier to date of 50,000t into Lobito in partnership with Ameropa and Tradevis.

The volumes are then planned for onward rail shipment to the copper belt.

The bulker As One, which loaded in Duqm, Oman, arrived with the volumes into Lobito around 23 January. Originally the vessel was due to part-discharge 20,000t of sulphur into Namibia's Walvis Bay, with the remaining 30,000t into Lobito.

By Fenella Rhodes

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29/01/26

Tupras announces sulphur export tender for Feb loading

Tupras announces sulphur export tender for Feb loading

London, 29 January (Argus) — Turkish refiner Tupras' monthly 8,000t sell tender closes on Friday, with loading in mid-February. Tupras usually runs the tender on a monthly basis for exported sulphur volumes out of its Izmir refinery. Tupras' last export tender closed on 16 December at $455/t fob. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Slowing US EV market hits S Korean LGES' battery sales

29/01/26
News
29/01/26

Slowing US EV market hits S Korean LGES' battery sales

Singapore, 29 January (Argus) — A slowdown in the US EV market dealt blows to South Korea's top battery maker LG Energy Solutions' (LGES) electric vehicle (EV) battery shipments, the firm said today, as it laid out aggressive plans to push into the energy storage space. Its EV battery shipments fell by more than 10pc, pressured by slowing EV sales at major automaker clients and more cautious inventory management, the firm said in its latest quarterly earnings results on 29 January. Its revenue fell by 7.6pc from a year earlier to 23.7 trillion won ($16.6bn) during its 1 January-31 December 2025 financial year, with a 40pc jump in energy storage systems (ESS) battery revenue helping to cushion the blow. Operating losses narrowed to W122bn in October-December from W226bn during the same period a year earlier, and swung sharply from a profit of W601bn a quarter earlier. LGES now expects even more subdued EV market growth of over 10pc in 2026 following heavy US policy changes in 2025, its chief financial officer Lee Chang Sil said during the latest earnings call. The South Korean firm expects the short-term outlook for the EV market to be dim but defended its long-term prospects because of the emergence of robots and autonomous vehicles, it said during its earnings call in response to questions by analysts. Global ESS installations are expected to outpace the EV market and grow by over 40pc in 2026, potentially taking over half of North America's battery market demand, said the firm. Industrial electrification, climate-driven demand for cooling and heating, as well as the expansion of artificial intelligence (AI) and data centres, where more intense power consumption is raising renewable energy use, are all fuelling ESS demand, Lee added. The firm is seeking to tap on partnerships with North American grid utility customers to outperform its record-breaking orders of 90GWh in 2025. It started lithium-iron-phosphate ESS battery production in the US in 2025, having secured multiple ESS orders from US energy companies. Firm-wide ESS capacity could almost double on the year to 60GWh in 2026, it said. It can raise ESS capacity by unlocking over 50GWh of capacity through the repurposing of its existing EV lines, which has partly been carried out. Conversion of its idle EV capacity in Poland and joint ventures in North America for ESS production has been completed. Its Ochang lines in South Korea could contribute 5GWh if necessary, it added. LGES held a backlog of over 300GWh for its 46 series batteries and 140GWh in cumulative ESS orders as of the end of 2025. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Thailand EV boom drives auto market in 2025

29/01/26
News
29/01/26

Thailand EV boom drives auto market in 2025

Singapore, 29 January (Argus) — Thailand's auto output reached over 1.455mn units in 2025, exceeding its target, while battery electric vehicle (EV) registrations jumped by more than 50pc on the year, according to the Federation of Thai Industries (FTI). The vehicle production figure surpassed the target of 1.45mn units, although it still fell short of the previous year's output by 0.9pc, FTI said on 28 January. The 2026 target has been set at 1.5mn vehicles alongside 2mn motorcycles, supported by expectations of falling interest rates, strong foreign investment and an expanding EV market. Internal combustion engine passenger car production fell sharply by 29pc on the year to almost 248,000 units in 2025, as electrification momentum in the segment accelerated. Battery-electric passenger vehicle (BEV) production more than doubled on the year to 71,000 units. Hybrid passenger EV output rose by 12pc on the year to slightly over 214,000 units, while plug-in hybrid passenger EV production more than doubled to nearly 17,300 units. BEV registrations during the year rose sharply by nearly 53pc on the year to around 147,500 units, outpacing the nearly 137,600 units of hybrid EV registration. But cumulative hybrid EV registrations remain far higher at 605,000 units, compared with 372,600 units for BEVs. Major Chinese EV brands in Thailand have continued offering price cuts to entice buyers. A 200,000 Thai baht ($6,434), or 19pc, discount is being offered this year on major EV brand BYD's Atto 3 model, an advertisement by BYD's Chonburi showroom shows. A car dealer's January price list shows a 160,000 baht, or nearly 23pc, discount on Chinese EV brand SAIC's MG4 Electric D model. Thailand is also a major producer of pickup trucks, which account for the majority of its auto production, while electric trucks remain scarce. The country produced around 571,900 double-cab pickup trucks in 2025, but only 555 battery-powered double-cab pickup trucks. Thailand's National EV Policy Board earlier approved policy changes in an effort to avert a potential domestic EV supply glut. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Brazil central bank holds target rate at 15pc

28/01/26
News
28/01/26

Brazil central bank holds target rate at 15pc

Sao Paulo, 28 January (Argus) — Brazil's central bank held its target rate unchanged at 15pc in its first meeting of 2026, citing an uncertain global environment due to US policies and their repercussions on global financial markets. The decision to hold the rate, announced on Wednesday, follows a string of similar decisions since June 2025, when the central bank wrapped up a series of seven increases that raised the rate from a cyclical low of 10.5pc in September 2024, the central bank said. Domestically, economic activity appears to be moderating while the labor market is showing signs of resilience. Headline and underlying inflation measures continue to soften, but still remain above the inflation target. Brazil's headline inflation decelerated to an annual 4.26pc in December. Still, inflation expectations, as calculated by the bank's Focus survey, remain above target, at 4pc and 3.8pc for 2026 and 2027. The policy committee continues to monitor the impacts of the geopolitical context on Brazilian inflation, as well as how evolving fiscal policy impacts monetary policy and financial assets. Most financial market participants expected the central bank to hold at the first meeting of 2026 but project a 50 percentage point cut in March, bank BTG Pactual says. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US Fed holds target rate unchanged: Update

28/01/26
News
28/01/26

US Fed holds target rate unchanged: Update

Adds Powell comments, details Houston, 28 January (Argus) — US Federal Reserve policymakers held their target interest rate unchanged today, citing "somewhat elevated" inflation even as the jobless rate has shown "some signs of stabilization." The Fed's Federal Open Market Committee (FOMC) kept the federal funds rate at 3.5-3.75pc in the first meeting of the year, following quarter point cuts in September, October and December last year. "The outlook for economic activity has clearly improved since the last meeting, and that should matter for labor demand and employment over time," Fed chair Jerome Powell told reporters after the meeting. "After the three recent rate cuts, we are well positioned to address the risks we face on both sides of our dual mandate," he said, referring to the Fed's mandate of promoting maximum employment and stable prices. Even as job growth slowed sharply last year, the unemployment rate edged lower to 4.4pc in December from 4.5pc in November. He attributed the slow hiring to a shrinking labor force due to the US' clamp-down on immigration and fewer job openings as artificial intelligence reduces the need for certain jobs. "Labor supply came way down," he said, but it "turns out demand for labor also came down a very similar amount." The economy grew at a 4.4pc annual rate in the third quarter last year, even though when averaged for the first three quarters it came in at 2.5pc. Powell noted that core PCE inflation, the Fed's favorite gauge, ended the year at 3pc, above the Fed's long term 2pc goal. But he added that some of that gain was an overshoot due to tariffs on goods, whose effects he said would dissipate. Tariffs less than announced "Our economy has pulled through pretty well,... given the very significant changes in trade policy," he said. US tariff announcements in many cases were far higher than what was implemented, Powell said, while other countries did not retaliate as significantly as expected. Also much of the tariff costs have yet to be passed through to consumers, he said, "... being taken by companies that stand between the consumer and the exporter." Powell said the Fed "will continue to make our decisions meeting-by-meeting, based on the incoming data and the implications and outlook for the balance of risks." The Fed in December penciled in one quarter-point rate cut this year, following 1.75 basis points worth of cuts in 2025 and the prior year that brought the target rate down from a more than two decade high. Independence and Trump offensive The meeting comes as US president Donald Trump has ratcheted up his campaign to undermine the independence of the central bank. The Justice Department recently launched a criminal investigation into Powell's testimony before Congress regarding cost overruns on a Fed building project, following months of public pillorying of Powell for allegedly being "too slow" to cut rates. Trump has also sought to unseat a Fed governor over alleged mortgage fraud. Powell's term as chair ends in May. Asked about Trump's attacks on him and the Fed, Powell said central banks were independent "pretty much everywhere among the countries that look at all like the United States. If you lose that .... it would be hard to restore the credibility of the institution." Before the Fed's rate announcement, the CME's FedWatch tool on Wednesday showed a 0.6pc probability of a quarter-point cut, with 99.4 odds of a hold. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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