Europe’s fight to build a local EV and battery supply chain
The recent announcement of funding for 47 strategic project, in line with the EU’s CO2 targets for carmakers in force this year, suggests progress. But after the EU’s tariffs on Chinese EVs, and the US waging its own trade war with China, is Europe’s road to electrification faltering?
Join the Argus Battery Materials team — editor Tom Kavanagh, reporter Chris Welch and analyst Dylan Khoo — in discussing what lies ahead in this fast-evolving market.
Key topics covered:
- The EU’s €22.5bn for 47 critical minerals projects
- China’s investments in Europe’s EV supply chain
- What might a US-China trade war mean for Europe?
- Will the EU meet its CO2 targets for 2035?
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US adds 50,000 jobs in December, revisions shed jobs
US adds 50,000 jobs in December, revisions shed jobs
Houston, 9 January (Argus) — The US in December added fewer jobs than expected, and payrolls for the prior two months were revised lower. Full-year job growth fell by about 70pc from 2024. The US added 50,000 nonfarm jobs in December, the Labor Department reported Friday, fewer than the 60,000 expected by economists surveyed by Trading Economics. October and November payrolls were revised lower by a combined 76,000 jobs, with October losses revised to 173,000 jobs and November adding 56,000. Payrolls in 2025 rose by 584,000, or 49,000 jobs/month on average, down from 2mn added in 2024, or 168,000 jobs/month. The economy was rocked by a 43-day partial federal government shutdown that ended in mid-November, federal government layoffs ordered by President Donald Trump and trade tariffs that caused widespread uncertainty among businesses and consumers. Still, the economy expanded at an average 2.5pc annual rate in the first three quarters of the year, largely sustained by consumer spending and business investment, much of it in artificial intelligence. The unemployment rate was 4.4pc in December, down from 4.5pc in November, Labor reported. Wages grew at a 3.8pc annual pace, up from 3.6pc in November. Federal government payrolls grew by 2,000 jobs in December but have fallen by 277,000 jobs from a January peak. Retail trade lost 25,000 jobs in December, while manufacturing shed 8,000 jobs. Mining payrolls fell by 2,000, and construction gave up 11,000 jobs during the month. Transportation and warehousing shed 6,600 jobs. Health care and social assistance added 38,500 jobs. Payrolls at food service and drinking establishments rose by 27,000 in December. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan scrap tender gains on weak yen, renewed demand
Japan scrap tender gains on weak yen, renewed demand
Shanghai, 9 January (Argus) — The Japanese scrap dealer cooperative Kanto Tetsugen's January export tender settled today at a price above market expectations, supported by a weakening Japanese yen and renewed restocking demand from Bangladesh. A total of 20,000t of H2 scrap was awarded at ¥46,771/t free alongside ship (fas) today, up ¥1,083/t from December. On an fob basis, the tender price is equivalent to ¥47,771/t ($303.84/t). Prior to the tender, most market participants had expected the result to remain broadly in line with the previous month, as tradable seaborne prices had been largely stable over the past month on limited buying interest and firm offers. Earlier this week, Vietnamese mills' bids for H2 scrap were reported at $320-323/t cfr. The higher-than-expected January tender result surprised the market, with the cargo scheduled for shipment to Bangladesh in February. Bangladeshi mills had been inactive in the tender over the past two months because of a sluggish steel market and political uncertainty ahead of the national election. "This price is above the current market level, but it reflects buyers' expectations of further price increases in the coming month," a Japanese trader said. Deep-sea bulk scrap from the US west coast is an important supply source for Bangladeshi mills. But the recent rally in the Turkish market has encouraged many west coast sellers to divert tonnages to Turkey. In addition, sellers are anticipating a $30/gt increase in US domestic scrap prices in January, which would make it increasingly difficult for Bangladeshi mills to secure deep-sea bulk cargoes at competitive prices. Consequently, mills may pay some premium for Japanese scrap to secure tonnages. Japanese traders said they would closely monitor whether buyers in Vietnam and Taiwan follow the upward trend and raise their bid levels. The Argus daily assessment for H2 scrap fob Japan stood at ¥44,200/t on 8 January, compared with a December monthly average of ¥44,214/t fob. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Canadian exports to US at multi-year low in Oct
Canadian exports to US at multi-year low in Oct
Calgary, 8 January (Argus) — Canadian exports to the US, as a percentage of all exports from the country, have fallen to their lowest level since May 2020, according to new trade data. About 67pc of Canadian goods were exported to the US in October, down from nearly 73pc in October 2024, Statistics Canada said on Thursday. Canadian exports to the US peaked at a 79pc share in February, but that is likely a consequence of hurried trade occurring before tariffs threatened by US president Donald Trump were to take effect. Canada was among Trump's first targets upon taking office earlier this year, prompting politicians and Canadians at large to reexamine their trade relationship with their neighbour to the south and deepen trade relationships elsewhere. Prime minister Mark Carney wants to double Canada's non-US exports over the course of the next decade. Exports to the US fell to C$44bn ($36bn) in October, down from C$47bn in the same month 2024. Canada meanwhile imported C$39bn worth of goods from the US in October, down from just under C$41bn a year earlier. Canada's resulting trade surplus with the US shrank to C$4.8bn from C$6.7bn across the same period. Higher oil exports to China, and less to the US, contributed to this change. Canada also exported more gold with Statistics Canada highlighting the UK as a key destination. Canada's exports to the UK rose by 91pc across the same period to C$5.9bn, while exports to both the European Union and China rose by about 18pc to C$4.2bn and C$3.3bn, respectively. On a year-to-date basis, Canada exported C$467bn worth of goods to the US through the first 10 months of 2025, lower by 4pc compared to the same period in 2024. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico inflation slows to 3.7pc in Dec
Mexico inflation slows to 3.7pc in Dec
Mexico City, 8 January (Argus) — Mexico's inflation decelerated to an annual 3.69pc in December, the lowest reading for the month since 2020, mainly driven by slowing agriculture and energy prices, alongside some easing in core inflation. The consumer price index (CPI) eased from 3.80pc in November, statistics agency Inegi said Thursday, after accelerating from 3.57pc in October. Inflation has trended higher since July, when it stood at 3.51pc — the lowest annual headline reading since December 2020. The annual figure was down from 4.21pc in December 2024 and marked the lowest year-end reading since 3.15pc in December 2020. The result came in below the 3.6pc forecast by Mexican bank Banamex, "interrupting the upward trend recorded since August, which we anticipate will resume in January." The bank added that full-year inflation for 2025 was below the historical average of 4.4pc. Core inflation, which excludes volatile food and energy prices, slowed to 4.33pc in December from 4.43pc in November, after accelerating from 4.28pc in October. This marked an eighth consecutive month above 4pc — the upper bound of the central bank's target range. Within core inflation, consumer goods eased to 4.30pc from 4.37pc in November, while services slowed to 4.35pc in December from 4.49pc. Among the largest contributors to CPI in December, weighted by Inegi, were tourism-related components, particularly airfare and long-distance bus fares ahead of the holiday season. Non-core inflation decelerated to 1.61pc in December from 1.73pc in November, remaining below 2pc in five of the past six months. Agriculture prices — especially fruits and vegetables — have been subdued this year by favorable weather conditions, although pressures are beginning to build. Annual inflation for fruits and vegetables contracted by 5.62pc in December, compared with contractions of 7.79pc in November and 10.27pc in October. The segment has faced rising inflationary pressure, Mexican bank Banorte said, driven by extreme rainfall in several states in November and nationwide roadblocks organized by freight truck associations in December. Energy price inflation slowed to 0.18pc in December from 0.54pc in October and 1.07pc in September. Inflation in the segment has remained contained since President Claudia Sheinbaum in early September renewed an agreement with fuel retailers to maintain a voluntary regular gasoline price cap of Ps24/l ($5.05/USG) for six months. Looking ahead, Banamex expects an increase in merchandise inflation at the start of 2026 due to higher tariffs and taxes, forecasting headline and core inflation to end 2026 at 4.3pc and 4.2pc, respectively. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.