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Latest market news

New Zealand pledges $48mn for critical minerals

  • Market: Metals
  • 19/02/26

The coalition government of New Zealand will spend NZ$80mn ($48mn) for developing and processing critical minerals resources, to bring local projects to realisation.

The funds will come from the NZ$1.2bn Regional Infrastructure Fund (RIF), which provides a mix of loan and equity investments to relevant projects. Existing and new projects which have applied to the RIF will be considered, the government said on 19 February.

New Zealand released its critical minerals strategy in 2025 as part of a drive to increase domestic processing and refining.

New Zealand's regional areas contain deposits of critical minerals that could position the country at the forefront of high-value industries, resources minister Shane Jones said on 19 February.

The strategy aimed at developing commodities such as copper, cobalt, phosphate and tungsten, which are all found in the country.

The first-term coalition government has called an election for later this year and has pinned its hopes for economic growth on reforms to energy and industry policy after recent years of rising costs and electricity shortfalls.

By Tom Major

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19/02/26

Canadian exports to US fall by 17pc in December

Canadian exports to US fall by 17pc in December

Calgary, 19 February (Argus) — Canadian exports to the US fell by 16.7pc in December compared to a year earlier as US tariffs continue to redirect export flows to other countries. Exports to the US fell to C$44bn ($32bn) in December, down from C$53bn in the same month of 2024, Statistics Canada said Thursday. Canada meanwhile imported C$39bn worth of goods from the US in December, down from C$41bn a year earlier. Canada's resulting trade surplus with the US shrunk to C$5.7bn in December from C$11.9bn in December 2024. Canada was among the first countries to be targeted by US president Donald Trump's tariffs, which he has used as leverage in trade negotiations, but also to compel companies to produce more goods domestically, rather than importing from other countries. On an annual basis, Canadian exports to the US tallied C$556bn in 2025, down 6pc from the C$590bn in full-year 2024. Imports from the US came in at C$474bn in 2025, down 3pc from the C$489bn in 2024. The resulting trade surplus was C$82bn, down 19pc from the C$101bn in 2024. Canada's exports to non-US countries hit a record C$21bn in December, up a staggering 30pc from the same month of 2024. While each trade partner is still relatively small compared to the US, growing exports to the UK, EU and China have partially absorbed some of the declines to the US. Statistics Canada said unwrought gold, silver and platinum group metals, and their alloys, contributed to the export increase in December, rising by 44pc from a year earlier. Canadian prime minister Mark Carney wants to pivot away from a hostile US and has vowed to double exports to other countries within 10 years. Canadian exports to the US as a percentage of all exports fell to 67.4pc in December, down from 76.2pc a year earlier and the lowest percentage since May 2020. Meanwhile, imports from non-US countries remain elevated at C$28bn in December, but down slightly from an all-time high of C$29bn in November, which was an increase over the C$27bn in December 2024. 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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US trade deficit ticks lower in 2025

19/02/26
News
19/02/26

US trade deficit ticks lower in 2025

Houston, 19 February (Argus) — The US trade deficit narrowed by 0.2pc in 2025, a year marked by US president Donald Trump's reordering of the world trading system through on-again, off-again tariffs that contributed to a slump in the dollar. For full-year 2025, the deficit in goods and services was $901.5bn, down from $903.5bn in 2024, the Bureau of Economic Analysis reported Thursday. Exports were $3.432 trillion, up by 6.2pc, or $200bn, from a year earlier, while imports were $4.339 trillion, up by 4.8pc, or $197.8bn, from 2024 levels. Trump took office in January vowing to strike back at trading partners — both allies and adversaries — he claimed had been "ripping off" the US for decades. He announced massive tariffs but subsequently delayed or revoked some of them as he sought leverage for sometimes unrelated deals. This helped to drive down the value of the dollar and unravel longstanding US relationships, most importantly with traditional allies like the EU and Canada. The trade-weighted dollar has depreciated by nearly 2pc this year following an 8pc depreciation last year, according to Oxford Economics. A weaker dollar supports US exports. The trade deficit peaked at $923bn in 2022, up from $837bn the prior year, then fell to $774bn in 2023. It ranged from $491bn in 2015 to $646bn in 2020, according to Commerce data. Goods and services Exports of goods increased by $119bn to $2.198 trillion in 2025 from the prior year. Exports of services increased by $81bn to $1.235 trillion. Exports of capital goods increased by $64bn, led by civilian aircraft and parts and computers and accessories. Industrial supplies exports rose by $56bn, led by shipments of non-monetary gold. Exports of automotive vehicles and parts decreased by $17bn. Imports of goods increased by $143bn to $3.438 trillion. Imports of capital goods rose by $166bn, led by computers and accessories. Industrial supplies imports were by $23bn, with crude imports down by $27bn. Automotive vehicles and parts imports were down by $52bn. Petroluem trade US petroleum exports were at $254bn last year, the lowest since 2021, while imports of $197bn were the lowest since 2020. The US posted deficits of $219bn with the EU, $202bn with China, $197bn with Mexico, $178bn with Vietnam, $147bn with Taiwan and $73bn with Canada last year. It also posted deficits with Ireland, Germany, Japan, India, South Korea, Indonesia and France. The US showed surpluses of $61bn with Netherlands, $52bn with South and Central America — including $14bn with Brazil — $32bn with the UK, and $28.5bn with Hong Kong and last year. The average US tariff rate on imports rose to 13pc by the end of last year from 2.6pc at the beginning of the year, amid the on-again, off-again levies from the US administration, according to a Federal Reserve Bank of New York study released earlier this month. In recent years, following earlier rounds of tariffs, China's share of US imports fell to less than 10pc from nearly 25pc in 2017. Mexico and Vietnam gained market share. US firms and consumers bear the brunt of the economic burden from the tariffs, the New York Fed study said. December The deficit widened by 32.6pc to $70.3bn in December from $53bn in November. Exports fell by 1.7pc to $287bn while imports rose by 3.6pc to $358bn. 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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IEA ministerial meeting split over energy transition

19/02/26
News
19/02/26

IEA ministerial meeting split over energy transition

London, 19 February (Argus) — Energy watchdog the IEA's biennial ministerial meeting in Paris this week was split over the energy transition, with a closing statement reflecting a sharp divide between the US and Europe. The IEA issued a chair's summary of the two-day meeting of energy ministers, rather than the communique that has followed meetings since 2017. The chair's summary does not require unanimity. Meeting chair Dutch climate minister Sophie Hermans said the format was chosen "to make sure we could cover all the subjects" on which there were differences of opinion. All references to climate or greenhouse gas (GHG) emissions in the text were attributed only to "some" or "a large majority of" ministers, while the role of renewables was recognised by "many". And compared with the last communique, from 2024, the document makes fewer mentions of climate and emissions, and no reference to international climate agreements from UN Cop summits in Paris and Dubai. The meeting was marked by interventions by US energy secretary Chris Wright , who criticised the IEA's focus on the energy transition and threatened to pull the US out of the IEA if it does not reform. Wright also said the US would " put pressure " on the IEA to change. European leaders, meanwhile, spoke about the importance of the transition for energy security — a shift of focus from the transition's role in reducing climate change on show two years ago . French economy minister Roland Lescure said: "In France we do not have oil, any more than in the 70s. Our major challenge with fossil fuels is to replace them." And the "strategic answer" regarding energy dependency for France and Europe is electrification, he said. French president Emmanuel Macron yesterday described dependency on fossil fuels as a "vulnerability" for Europe. IEA director Fatih Birol could not confirm whether the agency would maintain its net-zero scenario in its next outlook, saying it "had not thought about that yet". But the agency will keep examining emissions in each of its scenarios, he said. In the outlook published in November, the agency reinstated a "current policies" scenario, which the US welcomed. Alongside the chair's summary, the meeting yielded a joint ministerial declaration on critical mineral supply security, which was an area of "common ground", meeting chair Hermans said. By Rhys Talbot Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Landslide hits Indonesian nickel tailings site

19/02/26
News
19/02/26

Landslide hits Indonesian nickel tailings site

Singapore, 19 February (Argus) — A landslide on 18 February triggered by heavy rains has caused the collapse of a tailings facility at the Indonesia Morowali Industrial Park (IMIP) on the eastern side of Sulawesi. The facility is operated by battery materials producer QMB New Energy Materials, many market participants said, although the company has denied ownership. The facility serves as a site for tailings disposal generated from nickel production. Details remain limited, but several pieces of heavy equipment and an operator have been buried and operations are suspended at this stage, according to market participants. This may weigh on nickel production and sulphur and acid demand. Tailings disposal challenges have persisted since last year. QMB New Energy Materials was previously forced to cut operating rates in November 2025 because of a tailings capacity issue before resuming full operations in December after securing a new disposal site. It remains unclear whether the landslide occurred at this new location. The high-pressure acid leaching (HPAL) process generates an estimated 1.4–1.6t of tailings waste for every 1t of nickel produced. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Mexico growth outlook hinges on USMCA renewal: IMEF

18/02/26
News
18/02/26

Mexico growth outlook hinges on USMCA renewal: IMEF

Mexico City, 18 February (Argus) — Mexico's finance executives association IMEF left its 2026 GDP growth forecast unchanged at 1.3pc in its February survey but warned that the outlook depends heavily on the 1 July deadline to renew the US-Mexico-Canada (USMCA) free trade agreement. IMEF has maintained the 1.3pc forecast since introducing the USMCA question in July 2025, assuming the treaty will be renewed. "It is based on current circumstances that assume renewal of the USMCA," said Victor Herrera, IMEF's director of economic studies, during the 17 February presentation. The US, Mexico and Canada are set to hold a joint review on 1 July, marking six years since the treaty took effect. They could agree to extend it through 2036, with a review in 2032. Formal talks began in September 2025, and while some milestones have been completed, key issues remain unresolved with 132 days before the review. Herrera described recent threats by US president Donald Trump to leave the treaty as "probably a negotiating tactic," but noted growing concerns over "the possibility that the US might not want to reach an agreement by 1 July, and we would enter a phase that would generate a lot of uncertainty." "Once we get past 1 July, the forecasts change and economic conditions will gradually worsen for every month no resolution is reached," Herrera told Argus after the event. "Investment will not pick up until that renewal is final." If no agreement is reached, the next formal renewal window under USMCA law would be July 2027, though an informal deal could emerge earlier. Prolonged uncertainty would weigh on the peso, Herrera said, increasing the cost of state-owned Pemex's largely foreign-currency debt and adding pressure on federal finances. Reflecting recent currency strength, IMEF now expects the peso to close 2026 at Ps18.5/$1, stronger than its Ps19/$1 forecast in December. After appreciating 16pc against the dollar in 2025, the peso has gained a further 5pc this year, reaching Ps17.16/$1 on 18 February. IMEF raised its 2026 inflation forecast slightly to 4pc from 3.95pc previously. This follows the central bank's 5 February decision to pause its rate-cut cycle and hold the policy rate at 7pc, citing higher-than-expected core inflation. Headline inflation rose to 3.79pc in January from 3.69pc in December, while core inflation accelerated to 4.52pc. IMEF still expects two rate cuts in the first half of 2026, bringing the policy rate to 6.5pc by year-end. Its 2027 estimates were largely unchanged, with GDP growth at 1.8pc and inflation at 3.85pc. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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