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Latest market news

Indonesia to cut nickel mining quota in 2026

  • Market: Metals
  • 11/02/26

Indonesia's energy and mineral resources ministry (ESDM) will cut the 2026 work plan and budget (RKAB) quota for nickel production to 260mn-270mn t, according to market sources.

This is largely within earlier market expectations that the ESDM would revise the nickel RKAB quota to 250mn-260mn t.

But market woes remained because the cut is still about one-third lower than the 2025 approved quota of 379mn t. The reduced quota would also be significantly below the forecast 330mn t of Indonesian nickel ore consumption for 2026, Argus estimates show.

Some participants expect imports to make up for some of the quota shortfall but said imports alone would not be enough to fulfill demand, while others expect smelters may also reduce production.

The RKAB cut is a measure for the Indonesian government to regulate nickel pricing, which has been on an uptrend since December 2025, market sources said. The London Metal Exchange (LME) nickel prices spiked to a 1½-year high of $18,950/t on 29 January, supported by geopolitical tensions, the Indonesian government's plans to change the nickel ore benchmark price formula and its intent to reduce nickel ore supply for 2026.

Market participants are monitoring policy developments while waiting for clearer indications, because the new RKAB would likely only take full effect from April. The market is also hopeful that RKAB quota will increase in later months, given talks that there may be another round of RKAB applications and approvals in the next quarter, market sources said.

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11/02/26

Mozambican port closes after Cyclone warning

Mozambican port closes after Cyclone warning

Cape Town, 11 February (Argus) — Mozambique's Port of Beira's maritime authority (Itransmar) has issued a notice to suspend all maritime navigation from today, 11 February. The move comes as a cyclone warning has been issued, named Gezani. It is unclear at this time when the port will reopen. The Port of Beira is a key port for Africa's fertilizer trade and is also one of the ports linked with the copper belt to bring supplies in and out through truck backhauling. In 2025, Beira imported over 194,000t of sulphur, down from over 215,000t in 2024. The port has been experiencing lengthy delays of vessels discharging with wait times around 50-60 days with high demurrage fees. Vessel berthing delays at the port have worsened in recent weeks, with shippers having little choice but to move to alternative ports. 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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US adds 130,000 jobs in January, 2025 revised down

11/02/26
News
11/02/26

US adds 130,000 jobs in January, 2025 revised down

Houston, 11 February (Argus) — The US added 130,000 jobs in January, about double analyst expectations, but annual revisions sharply lowered monthly gains for 2025 by nearly 70pc. "January's pick-up in payrolls is mostly due to unusually mild weather in the first half of the month … and a one-time jump in healthcare jobs," Pantheon Macroeconomics said in a note. Payroll employment for 2025 was revised lower to gains of 15,000/month from a prior 49,000/month reported in January, according to the Labor Department. With the annual benchmark revisions, total employment growth for 2025 was revised down to 181,000 from a prior 584,000. US president Donald Trump's first year back in office was marked by widespread cuts to the Federal government, an aggressive campaign to expel illegal immigrants and trade wars which made it difficult for companies to make long-term hiring and investment plans. Still, increased productivity, along with solid consumer spending, have enabled the economy to continue growing as the labor market weakens. Job gains for December and November were revised lower by a combined 17,000, with December lower by 2,000 at 48,000. Federal government employment fell by 34,000 in January and is down by 327,000, or 10.9pc, since reaching a peak in October 2024. Manufacturing added 5,000 jobs in January after several months of declines. Healthcare added 82,000 jobs and social assistance added 42,000 jobs. Construction added 33,000 for the month. Oil and gas extraction shed 1,200 jobs. Average hourly earnings rose by 3.7pc in January from a year earlier. Unemployment edged lower to 4.3pc in January from 4.4pc the prior month. CME's FedWatch tool placed the odds of a Federal Reserve quarter point rate cut at its March meeting at 5.9pc after Wednesday's report, down from 20pc Tuesday. 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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Chile miners' backlash risks Atacama protection plan

11/02/26
News
11/02/26

Chile miners' backlash risks Atacama protection plan

Sao Paulo, 11 February (Argus) — At least five mining institutions have filed official complaints about outgoing Chilean president Gabriel Boric's push to create a new protective reserve for salt flats in the Atacama basin, home to most of the country's lithium reserves. Boric, a leftist, is seeking to designate as many salt flats as protected reserves as possible before his term ends on 11 March and far-right Jose Antonio Kast is sworn in as president. The proposed reserve, called ACMU Soncor, is part of Chile's national lithium strategy, a broad regulatory framework introduced in 2023 to oversee the country's lithium extraction industry. Kast has already signaled his intention to overhaul the strategy, favoring a more open, pro-market approach that would likely scale back environmental protection. Boric's salt flats' protection reserves have largely focused on isolated areas or regions where mining has a limited presence, but Soncor would protect 76,138 hectares in the Atacama basin, where Chile's only two active lithium projects operate alongside potassium and borates reserves. Miners Albemarle and Codelco, Chile's national mining association Sonami, and Grupo Errazuriz firms NX, a potassium chloride producer, and SCM Copiapó, a company that develops and operates mining-support projects, have all objected to Soncor's creation, court records show. Companies push back Each company raised its own concerns with the proposal, but all five shared complaints about methodology and a alleged lack of transparency around Soncor's creation. They collectively argue the reserve's boundaries were set arbitrarily, without technical justification, and note the environment ministry has yet to release the studies supporting the proposed protected area. The firms also criticized timing and process, noting that the proposal's public consultation stage was scheduled over Christmas and New Year, when participation typically falls. Also, the companies were initially given 23 business days to respond, which they say should have been 60. Albemarle says some "crucial documents" were made available only two days before the initial deadline, later extended to 5 February. All five also say the "objects of protection" — the species and ecosystems the government intends to safeguard — are vaguely defined. Albemarle would be most affected. The lithium producer argues the reserve would extend over its operations, including areas containing mineral and water resources it is legally entitled to use and develop. It also says the government is overlooking a binding agreement with Chile's first environmental court that sets governance frameworks to mitigate impacts and should avoid the need for a new reserve within areas where Albemarle holds rights. Albemarle warns that imposing "absolute protection" without technical basis over brine resources could create unjustified restrictions with significant impacts on Chile's lithium production capacity. At the same time, the company is asking the government to explicitly state that, if the reserve's boundaries remain unchanged, Albemarle's operations would be allowed to continue unaffected and be deemed compliant. NX's 200,000 metric tonnes (t)/yr potassium salts plant would also be included in the the reserve, it says. Codelco could also be affected from 2031, when it takes control of SQM's lithium asset in the Atacama basin. Both Codelco and Albemarle are requesting that the reserve area be reduced, with Albemarle also asking for the process to be suspended until it complies with Chilean law. NX and SCM Copiapó asked to void the current consultation and open a new one meeting minimum standards. Sonami requests clearer technical criteria, followed by a new public consultation process. Delays imminent The backlash could translate into delays Boric's administration cannot afford since it has fewer than 30 business days left in its term. After the consultation closes, the environment ministry must publish the supporting technical background and a formal response to the miners' submissions, then issue a final decision. The push-back does not automatically stop the reserve's creation, but it could delay it until after 11 March, especially if the public consultation process is restarted. If Soncor is not officially created by the time Kast takes office, the likelihood for it not being created rises, especially since it could affect the mining sector, which should be a priority in Kast's economic agenda. This situation does not affect any salt flat protection area that has already been created, just the one in the Atacama, Chile's largest and most prominent — both economically and for tourism — salt flat. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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EU accepts VW's price commitment on China BEV imports

11/02/26
News
11/02/26

EU accepts VW's price commitment on China BEV imports

Beijing, 11 February (Argus) — The European Commission has accepted a price commitment from German automaker Volkswagen for imports of battery electric vehicles (BEVs) from China, according to the China Chamber of Commerce to the EU (CCCEU). The decision will allow Volkswagen to import its CUPRA Tavascan model, produced at its plant in Anhui, China, to the EU at its proposed minimum import price, exempting it from the countervailing duties that were previously applied to BEV imports from China. The EU imposed definitive countervailing duties on BEV imports from China for a period of five years in October 2024. The duties are 17pc for BYD, 18.8pc for Geely, 35.3pc for SAIC, and 7.8pc for US-based Tesla on vehicles imported from China. Other co-operating companies face a duty of 20.7pc, while the rate for all other non-co-operating firms is 35.3pc. The price commitment was submitted by Volkswagen and its EU affiliate, Spain-based SEAT. An investigation by the Commission concluded that the price floor set by Volkswagen for this specific model would not cause injury to the EU industry and so was accepted. In addition to selling at the agreed minimum price, Volkswagen has committed to limiting the volume of its BEV imports into the EU. The company will also invest in a series of strategic BEV-related projects within the EU, aimed at setting clear phase-in targets that support the bloc's industrial strategy and climate transition objectives. The CCCEU said that its automotive working group recently initiated technical-level dialogue with the EU after the latter issued guidance on submitting price commitment applications . Some Chinese EV makers may assess and consider submitting their own price commitment proposals to the Commission based on their individual business circumstances, the chamber added. The CCCEU also stressed the importance of clear and fair procedures in evaluating such proposals, calling on the EU to adhere to the principles of fairness, transparency, and non-discrimination throughout the assessment and implementation process to ensure equal treatment for Chinese companies. The EU remains a major export market for Chinese new energy vehicle manufacturers. China exported 420,000 NEVs to the EU in the first three quarters of 2025 despite the BEV tariffs, because Chinese automakers increased shipments of plug-in hybrid electric vehicles (PHEVs), which are not subject to the same duty rates. China exported 302,000 NEVs worldwide in January, double the volume recorded in the same month a year earlier, according to data from the China Association of Automobile Manufacturers. A potential recovery in China's EV exports to the European market could help alleviate pressure on Chinese automakers. The government rolled back certain incentives starting in January, including halving purchase tax exemptions . This pullback contributed to a year-on-year decline in China's monthly domestic EV sales in January, the first such drop in years. China's domestic new energy vehicle (NEV) sales reached 643,000 units in January, down by 19pc from the same period a year earlier. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Argentina’s inflation quickens in January

10/02/26
News
10/02/26

Argentina’s inflation quickens in January

Montevideo, 10 February (Argus) — Consumer prices in Argentina accelerated to an annual 32.4pc in January, marking a third month of annual gains. Inflation rose from 31.5 in December after reaching a cyclical low of 31.3 in October, statistics agency Indec reported on Tuesday. Annualized inflation had come down steadily after peaking at nearly 300pc in March 2024. That trend stopped in November. Annualized inflation in January is still well below the 84.5pc recorded a year ago, but the latest steady upwards march in prices poses a challenge to President Javier Milei's government. Housing and related services rose by an annual 40.2pc in January, while transportation rose by an annual 32.8pc in January and education costs rose by 52.4pc. Monthly grind Monthly inflation has been increasing since last May, when it stood at 1.5pc. It reached 2.9pc in January. Higher monthly consumer prices in January were led by a 4.7pc increase in the food/beverage category, a 4.1pc increase in the restaurant/hotel category and 3.6pc increase in the communication category. Milei's government had initially pegged inflation in single digits for this year, but adjusted up the target to 10.1pc when it finalized the 2026 budget. It could miss that and its agreed-upon targets with the IMF if inflation does not start to recede. The administration also had to contend with an unexpected economic slowdown in November, with GDP contracting by an annual 0.3pc that month from a 3.2pc increase in October. It was the first annual contraction for a month since September 2024, according to Indec. The government is now banking on strong exports, a big uptick in private investment and a new trade agreement with the US to boost economic growth and bring down inflation. Exports in 2025 were $87.1bn, up 9.3pc, according to the Foreign Affairs Ministry and the administration forecasts that growth this year will be led by energy and mining. The government anticipates oil/gas and mineral exports alone will top $75bn in the coming decade. The Argentinian and US governments signed a reciprocal trade and investment agreement on 5 February. It eliminates barriers on a wide range of goods. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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