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Brazil Aug cargo handling grows despite US tariffs

  • Spanish Market: Agriculture, Freight, Metals
  • 16/10/25

Brazil's cargo handling in all of its ports increased in August from a year earlier despite the additional US tariffs that came into effect in the beginning of the month, as export volumes surged to India, Mexico, Argentina and China.

Brazilian ports' cargo handling rose by 7.8pc in August from a year earlier, waterway transportation agency Antaq data show. Exports increased by 3.2pc over the year, while shipments to the US dropped by 17pc thanks to increased tariffs in key products such as coffee and beef enacted on 1 August.

Brazilian shipments increased more than fourfold to India, nearly doubled to Mexico, rose by 50pc to Argentina and grew by 12pc to China in the month from a year earlier.

Iron ore exports to all destinations rose by 11pc to 42.2mn metric tonnes (t) in August. Corn exports also grew by 3.4pc to 10.7mn t over the period.

Record in Jan-Aug

Brazilian ports reached an all-time high cargo handling year-to-date August, up by 2.8pc from a year earlier, according to Antaq.

National ports handled 914.8mn t of cargo in January-August, mostly driven by liquid bulk handling and increased flows in private terminals. Brazil also reported records in long distance shipments, comprising exports and imports, and domestic destinations.

Iron ore was the key export product in the period, with 271.7mn t handled in the first eight months of 2025, followed by crude, with 145.9mn t, and soybean shipments, with 116mn t, according to Antaq.

The Ponta da Madeira maritime terminal, owned by Brazilian mining company Vale and the main departure point for iron ore exports, topped cargo volumes in January-August with 110.4mn t, accounting for 12pc of cargo handling in national ports. The Santos port, Brazil's largest, placed second, with 93.7mn t of cargo handled in the period, 10pc of the total volume and making it the main destination for grain trade flows.


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10/11/25

EPA does not update court on biofuel timing: Correction

EPA does not update court on biofuel timing: Correction

Corrects government shutdown's impact on court deadlines, and updates with new information throughout. New York, 10 November (Argus) — President Donald Trump's administration did not update a court on its timeline for finalizing new biofuel blend mandates, as a partial government shutdown slows down court cases and regulatory work. Biofuel groups Clean Fuels Alliance America and Growth Energy have repeatedly sued the administration over its delays, hoping that a court will require the Environmental Protection Agency (EPA) to set new biofuel quotas before year-end. Judge Timothy Kelly of the US District Court for the District of Columbia ordered the administration to provide an update on its timeline by 7 November. But in a filing that evening, the biofuel groups said they had not heard back from government lawyers. No timing update was provided. "It is the understanding of Clean Fuels and Growth Energy that counsel for defendants may currently be furloughed," they told the court. Kelly ordered the update before the ongoing partial government shutdown began. The DC district court later said in a general order that it would give the government more time to respond across all civil cases because of the funding lapse. Government lawyers had previously warned courts that the shutdown would sideline critical officials and make it hard to meet deadlines. But the government's lack of response to biofuel groups in the case is still raising fears of more prolonged delays updating a program that is important for producers of ethanol, renewable diesel and other biofuels and is popular among powerful farm-state Trump allies in Congress. EPA told Argus it was reviewing comments on its plan to make oil companies offset past program exemptions and "continues to work on final regulations" to establish new blend mandates. In past cases over biofuel program deadlines, biofuel groups and federal officials have negotiated new timelines or judges have ordered EPA to act by a set date. Clean Fuels said it would continue to ask the DC court to expedite the case and require the agency to publish a final regulation by year-end. Under the Renewable Fuel Standard, EPA requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. The program is crucial for the production margins of ethanol, renewable diesel and other biofuels and is popular among powerful farm-state Trump allies in Congress. EPA — required by law to set new mandates 14 months in advance of a new year — is late setting new quotas for 2026 and 2027. Even before the shutdown, the Trump administration told the DC court that developing a complicated plan to offset the impact of small refinery exemptions meant it might not be able to finalize new blend mandates until next year . Biofuel advocates fear that further delays would mean less ambitious final quotas, another hurdle for biorefineries that have cut run rates this year and for farmers hurting from this year's tariff fights. EPA has indeed been more cautious in the past when finalizing retroactive mandates since oil companies have less notice on volumes they must bring to market. Lawyers and lobbyists who closely track the program have also told Argus that delays raise the chance that major program updates — like a plan to halve program credits for fuels made abroad or from foreign feedstocks — are at least pushed back. Oil refiners have argued the half-credit idea is illegal and questioned how EPA could roll out a new feedstock tracking system in a matter of weeks. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexico inflation eases to 3.57pc in October


10/11/25
10/11/25

Mexico inflation eases to 3.57pc in October

Mexico City, 10 November (Argus) — Mexico's inflation eased to an annual 3.57pc in October, driven by further deceleration in fruit and vegetable prices with core inflation holding steady. The consumer price index (CPI) slowed from 3.76pc in September, statistics agency Inegi said on 7 November, after accelerating from 3.51pc in July, which was the lowest annual headline inflation rate since December 2020. Core inflation, which excludes volatile food and energy prices, held unchanged 4.28pc in October, was unchanged from September. This marked a sixth month above the 4pc level — the high-end of the central bank's target inflation range. Within core, consumer goods inflation eased to 4.12pc in October from 4.19pc in September, while services quickened to 4.44pc in October from 4.36pc in the previous month. The three largest contributors to CPI in October, as weighted by Inegi, were electricity rates — with the end of seasonal subsidies, single-family home prices and airfares, the latter two components falling under services. Non-core inflation decelerated in October to 1.18pc from 2.02pc in September, slowing again after a one-month acceleration and coming close to the 2025-low of 1.14pc set in July. Fruit and vegetable prices contracted by an annualized 10.27pc in October after a 4.86pc annual contraction in September, with produce prices much lower under this year's unusually favorable climate conditions compared to the elevated prices during last year's historic droughts. Annual energy inflation in October quickened to 1.07pc from 0.36pc in September, with 5.07pc annual inflation for electricity offset by a 1.2pc annual contraction for regular-grade gasoline. Energy prices continue to experience lower inflation after Mexican president Claudia Sheinbaum in early September renewed an agreement with fuel retailers to maintain a voluntary price cap of Ps24/l ($4.93/USG) on gasoline, extending the policy for six months. The October CPI result was even with the median estimate in Citi Research's latest analyst survey. And with the result, Mexican bank Banorte is maintaining its end-2025 forecasts for headline and core inflation at 3.7pc and 4.3pc, respectively. Noting the central bank's quarter-point cut to its target interest rate on 6 November to 7.25pc and the October CPI data, Banorte said it expects cuts of similar magnitude in the December, February and March decisions, moving the target interest rate to 6.5pc. On a monthly basis, headline CPI sped up to 0.36pc in October compared to 0.23pc in September, in line with analyst expectations. Core prices accelerated to 0.29pc in October after a 0.33pc reading in September. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia shifts to lumps to keep iron ore prices firm


10/11/25
10/11/25

Australia shifts to lumps to keep iron ore prices firm

Sydney, 10 November (Argus) — Australian iron ore producers are maintaining their realised ore prices during a period of declining ore grades by shifting sales from iron ore fines to lumps. Four of the country's largest iron ore miners — BHP, Rio Tinto, Fortescue, and Mineral Resources — have faced ore grade challenges over recent years. Fortescue in late-October announced plans to replace its 60pc Fe West Pilbara Fines product with a 55pc Fe ore product in the 2026-27 financial year to 30 June. Rio Tinto similarly adjusted the iron content specification of its Pilbara Blend ore from 61.6pc Fe to 60.8pc Fe in May. But Australian producers' reported iron ore prices have remained stable — relative to market prices — over the last year, partly because of their shift towards iron ore lumps over fines. Iron ore lumps tend to trade above similarly graded fines products, because they require less processing. Argus ' iron ore lump 62pc Fe cfr Qingdao price has traded $7.45/t-$12.40/t above its iron ore fines 62pc Fe (ICX) cfr Qingdao price. Rio Tinto Rio Tinto's SP10 fines sales — which comes from low-grade orebodies in Pilbara — rose by 37pc on the year over January-June, to 24mn t from 17mn t a year earlier, while its higher-grade Pilbara Blend fines sales fell by 16pc. But company's average, fob-basis realised iron ore price fell by just 1pc point — relative to Argus ' 62pc Fe fines cfr Qingdao price — from 90pc to 89pc, over the same period. Rio Tinto's average realised ore price held up because its lump sales rose on the year, while its fines sales fell ( see table ). Rio Tinto's shift towards lower-graded lumps over higher-graded fines continued over July-September, likely supporting its average realised ore price. Its iron ore lump sales rose by 3.7pc and its fines sales fell by 3.5pc over the same period, as it started selling downgraded Pilbara Blend products. Other companies have dealt with ore grade declines in similar ways. Mineral Resources Mineral Resources' ore from the Pilbara Hub complex had an average grade of 56.9pc Fe over July-September, down from 57.3pc a year earlier. Its share of lump sales, on the other hand, rose from 28pc to 37pc over the same period. Its lump share of sales previously rose over January-June ( see table ). Mineral Resources' rapid increase in lump sales fully offset its falling ore grade, lifting its average realised Pilbara Hub price to 98pc of Argus ' 58pc Fe fines cfr Qingdao over July-September 2025, from 93pc a year earlier. Even Australia's largest iron ore miner is maintaining its average realised ore price by increasing its lump sales. BHP BHP's typical ore grades have declined to below 62pc Fe over recent years, but its lump share of sales has grown quarter-over-quarter since July-September 2024. The company's lump shipments accounted for 32pc of its total shipments over July-September 2025, up from 30pc a year earlier. Its lump share of sales also rose over January-June ( see table ). The company's shift towards lumps over 2025 pushed up its average realised iron ore price by 5pc on the year over July-September, from $80.10/wet metric tonne (wmt) to $84.04/wmt, as Argus ' average iron ore fines 62pc Fe cfr Qingdao price rose 2pc on the year in the quarter. New mines Australian producers are also trying to hold up their realised prices and grades by developing new mines, both domestically and abroad. BHP's iron ore production growth over July-September came exclusively from its developing 65-67pc Fe Samarco project in Brazil. Rio Tinto is also developing a similarly graded Simandou mine in Guinea. Domestically, Rio Tinto has invested in a raft of Australian mine replacement and expansion projects. It will lift its production capacity by 130mn t/yr over time, though this will not translate into a production boost. The company plans to use its new mines to hold ore grades and production levels steady, as older mines close. Building new mines may be more sustainable than shifting towards lump sales. Australian producers' recent move towards lumps has not been exclusively driven by supply-side factors. Chinese steelmakers have begun to favour lower-grade lump products over recent months, partly because of concerns about sintering restrictions . But this is not guaranteed to continue, creating a need for higher grade ore. By Avinash Govind Iron Ore analysis Jan - June '25 Jan - June '24 Change (%) Rio Tinto Shipments Lumps (mn t) 40 37 7.0 Fines (mn t) 89 95 -6.3 Lump Share (%) 31 28 9.8 Fines Share (%) 69 72 -3.9 Rio Tinto Prices Average Realised Price ($/t) 90 106 -15 Argus' Average Realised Price ($/t) 100 118 -15 Average realised price, relative to Argus (%) 89 90 -0.6 Mineral Resources Shipments Lumps (mn t) 1.4 1.0 41 Fines (mn t) 3.4 2.8 21 Lump Share (%) 30 27 12 Fines Share (%) 70 73 -4 Average Realised Grade (%) 57 58 -1 BHP Shipments Lumps (mn t) 40 38 5.4 Fines (mn t) 87 84 3.4 Lump Share (%) 32 31 1.3 Fines Share (%) 68 69 -0.6 BHP, Rio Tinto, Mineral Resources, Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

W Australia announces low-CO2 steel support plan


10/11/25
10/11/25

W Australia announces low-CO2 steel support plan

Sydney, 10 November (Argus) — Western Australia's (WA) state government will buy low-emission steel from local producers to support the developing industry. The state has issued an expression of interest for offtake-ready low-emission steel products, it said today. WA's government will use the steel in infrastructure and government works projects, it added. The government has also announced plans to change procurement rules to favour local steelmakers. There is currently only one low-emission steel project in WA. Australian producer Green Steel of WA (GSWA) got approval to build an electric arc furnace-based mini mill in April. It will start building the plant in 2026 and produce 450,000 t/yr of rebar using scrap steel from 2027. WA's low-emission steelmaking effort has been focusing on hydrogen and natural gas-based direct reduction iron (DRI) and hot-briquetted iron (HBI) — rather than scrap-based EAF projects — over recent years. DRI and HBI are iron inputs into the steel production process. The WA government's new plan will create confidence in building out the state's green iron industry, Australian think tank the Superpower Institute said today. Australian state and federal governments have directly supported multiple WA-based HBI and DRI projects over the last year. WA's government invested A$75mn ($49mn) into Australian green iron consortium NeoSmelt — made up of five major metal and energy companies — in late-2024, to support a 30,000-40,000 t/yr DRI plant. The federal government similarly awarded NeoSmelt a A$19.8mn grant in June. It also created a A$1bn Green Iron Investment Fund to support early-stage projects in February. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

USWC sells rare bulk scrap cargo to Turkey: Correction


07/11/25
07/11/25

USWC sells rare bulk scrap cargo to Turkey: Correction

Corrects price for US east shred in paragraph 8. Pittsburgh, 7 November (Argus) — A US exporter in the Pacific Northwest sold a bulk ferrous scrap cargo to a Turkish steelmaker this week, highlighting tight liquidity on the west coast and a fresh arbitrage opportunity for shippers. The 50,000 metric tonne (t) mixed-composition cargo included HMS 1/2 90:10 and shred for December shipment at an undisclosed price. Market participants said the HMS portion of the cargo was around $350/t and shred $370/t . Argus was not able to confirm the cargo price or the freight rate for this uncommon voyage from Vancouver, Washington, to Turkey. The deal coincides with limited sale opportunities on the west coast because of a reduced demand from Asian buyers and a recent rebound in the Turkish ferrous scrap market. West coast bulk scrap export volumes for October fell to the lowest level since at least 2016, according to Argus estimates of VesselFinder tracking data. Argus only recorded one 36,000t shipment off the west coast for the month and three cargoes in September which totaled 90,000t, compared with 12 cargoes totaling 384,000t during the same period last year. Prolonged monsoon rains in Bangladesh and India through mid-October stalled a seasonal rebound in construction activity and demand for scrap-intensive long steel products. Bangladeshi buyers also face growing challenges financing cargoes because of a liquidity crunch in lending ahead of national elections to replace the existing interim government. Indian mills have been absent from the deep-sea market as buyers increase consumption of cheaper domestically sourced iron metallic units. By contrast, the Turkish ferrous scrap market is rebounding on stronger rebar demand and insufficient scrap supply. At the root of the arbitrage is the cost advantage of shipping a larger vessel combined with the higher value placed on shred in Turkey compared to south Asia. Turkish steelmakers have consistently paid a $20/t premium for shred to HMS 1/2 80:20, versus a $5/t premium in Bangladesh. A Turkish mill paid $375.50/t cfr for US east shred this week compared to recent deals to Bangladesh slightly below $360/t cfr. A US west coast exporter last sold a cargo to Turkey in 2021 , which shipped from Los Angeles and weighed 47,055t, according to US customs data. Of the seven bulk cargoes sold to Turkey from the west coast over the last 10 years, five exceeded 42,000t, reflecting freight cost advantages for larger vessels. West coast shippers usually sell cargoes weighing around 32,000t. Structural shifts in Asian bulk scrap demand over the last decade and a surge in Chinese steel exports has exposed US west coast exporters to increased reliance on Bangladesh . While sales to Mediterranean remain uncommon, diverging pricing and demand trends between Asia and Turkey could open up a new outlet for west coast exporters. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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