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Latest Market News

Australia's PLS signs Li offtake deal with Canmax

  • Spanish Market: Metals
  • 10/02/26

Australian lithium producer PLS has finalised a 150,000 t/yr spodumene offtake deal, which includes a price floor, with Chinese producer Canmax.

PLS will initially supply spodumene to Canmax for two years, but can extend the deal for another year, the company told investors on 10 February.

PLS plans to meet its offtake commitments using output from its Pilgangoora complex in Western Australia (WA), it added.

The company's deal with Canmax values spodumene based on market prices. It includes a price floor of $1000/t on a 6pc lithium oxide-basis (Li2O-basis) but no upper price cap, PLS said.

Argus' lithium concentrate (spodumene) 6pc Li2O cif China price was last assessed at $2025/t on 3 February. But the price was assessed below $1000/t at most points during August 2024-November 2025 (see chart).

PLS' deal with Canmax also includes a $100mn, interest-free pre-payment deal. This could support the Australian company's investment plans. PLS will decide whether to restart its dormant 200,000 t/yr Ngungaju processing plant in January-March 2026, it said on 30 January this year. The company may also speed up work on its P2000 lithium expansion project over the quarter.

PLS produced 208,000t of 5.2pc Li2O-graded spodumene in October-December 2025, up by 11pc on the year. It plans to produce 820,000–870,000t of spodumene in the July 2025–June 2026 financial year.

PLS is not the only Australian producer currently working with Canmax. Liontown signed a 150,000 t/yr spodumene offtake deal with the Chinese producer in December 2025. Liontown's deal with Canmax prices spodumene using market indices.

By Avinash Govind

Argus’ lithium concentrate (spodumene) 6pc Li2O cif China price ($/t)

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10/02/26

Trump threatens to block new Canadian bridge

Trump threatens to block new Canadian bridge

Calgary, 9 February (Argus) — US president Donald Trump is threatening to block the opening of a Canadian-financed, cross-border bridge as trade tensions between the two countries show little sign of easing. The Gordie Howe International Bridge connecting automotive manufacturing hubs Windsor, Ontario, and Detroit, Michigan, is set to open in early this year, but on Monday was in the crosshairs of a social media screed from Trump. "I will not allow this bridge to open until the United States is fully compensated for everything we have given them," said Trump in the post. "We will start negotiations, IMMEDIATELY." The 2.5 km (1.6 mile) bridge is entirely funded by Canada at an estimated cost of C$6.4bn ($4.7bn) but will be publicly owned by both Canada and Michigan. It will be operated by the Windsor-Detroit Bridge Authority (WDBA), a Canadian crown corporation created in 2012. Canada for years has sought an alternative to the nearby Ambassador Bridge, owned by the family of a US business magnate. The Canadian government is to recover its investment through tolls. Trump's social media post repeated other complaints over trade with Canada, including some Canadian provinces no longer stocking US alcoholic beverages, Canadian tariffs on US dairy products and a pending agreement between Canada and China to reduce some tariffs. China "... will eat Canada alive," Trump said in the post. "The first thing China will do is terminate ALL Ice Hockey being played in Canada, and permanently eliminate The Stanley Cup." The Gordie Howe International Bridge will be the latest addition to the Windsor-Detroit trade corridor, which the WDBA says accounts for more than one-quarter of trade between Canada and the US. The corridor includes the Ambassador Bridge, the Detroit-Windsor Tunnel and the Canadian Pacific Railway tunnel. A US waiver was given to Canada to source steel from either the US or Canada for the project. The main bridge and parts of the Canadian port of entry were sourced using Canadian steel, according to the Canadian government. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico inflation accelerates to 3.8pc in Jan

09/02/26
09/02/26

Mexico inflation accelerates to 3.8pc in Jan

Houston, 9 February (Argus) — Mexico's inflation accelerated to an annual 3.79pc in January, driven by lighter-than-expected hikes from new and higher taxes introduced at the start of 2026 and faster core inflation. The consumer price index (CPI) picked up from 3.69pc in December, statistics agency Inegi said Monday, after slowing from 3.80pc in November. Inflation has trended higher since July, when it stood at 3.51pc — the lowest annual headline reading early 2020. The result came in below the 3.83pc median forecast in Citi Research's 4 February bank analysts survey, which Mexican bank Banorte said was "positive, especially considering the period's unfavorable seasonality and fiscal adjustments that impacted several goods." Core inflation, which excludes volatile food and energy prices, sped to 4.52pc — its highest level since March 2024 — from 4.33pc in December, marking a ninth consecutive month above 4pc, the upper bound of the central bank's target range. Within core inflation, consumer goods accelerated to 4.56pc from 4.30pc in December, reflecting the bulk of revised excise taxes on tobacco, soft drinks and other items, while services sped to 4.48pc in January from 4.35pc the previous month, mainly from education and housing inflation. The central bank cited "the higher-than-anticipated trajectory for core inflation" in raising its inflation estimates for the next four quarters with its 5 February decision to pause the current rate cut cycle in the target rate to 7.0pc. Non-core inflation decelerated to 1.39pc in January from 1.61pc in December, remaining below 2pc in six of the past seven months. Agriculture prices — especially fruits and vegetables — were subdued through 2025 by favorable weather conditions caused by the La Nina weather climatological phenomenon. While La Niña persists for now, NOAA's Climate Prediction Center gives a 75pc probability ENSO will transition into a neutral position by March, with rising chances for negative impacts on Mexican agriculture, especially if this evolves into an El Niño event during the mid-year growing season. Annual inflation for fruits and vegetables contracted by 1.84pc in January, compared with contractions of 5.62pc in December and 7.79pc in November. Energy price inflation contracted by 1.16pc in January from a gain of 0.18pc in December. Inflation in the segment has remained contained under an agreement with fuel retailers to maintain a voluntary regular gasoline price cap of Ps24/l ($5.29/USG). Mexican president Claudia Sheinbaum has said the agreement will be reviewed for renewal every six months, setting the next review to occur in March. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

India's Tata, Switzerland's Mercuria form trading JV

09/02/26
09/02/26

India's Tata, Switzerland's Mercuria form trading JV

Singapore, 9 February (Argus) — Indian commodities trader Tata International has a formed a joint venture with Swiss trading firm Mercuria to collaborate on supply chain and trading solutions, Mercuria said on 6 February. The joint venture, which has not been named, seeks to expand its trading business and "enable trade of a diversified basket of commodities" in international markets including energy, metals, agricultural products, oil and gas, and environmental products. Tata International mainly trades and procures commodities including metals, minerals like coal and sponge iron, and agriculture such as grains and oil seeds, and serves a wide range of downstream users in steel and manufacturing industries. Its partnership with Mercuria can help the firm gain access to supply chains and trading resources in commodities including oil and gas, renewable energy and metals. Mercuria also seeks to expand its international market reach through the venture which will be based in India. The joint venture will begin operations pending regulatory approvals. It will also form a "compliant trading platform", based on the companies' existing resources and risk management tools. Other international trading firms have also been looking to form partnerships this year. This includes global metals firms Rio Tinto and Glencore's failed merger last week. By Nadhir Mokhtar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia’s Pilbara Ports reopens WA ports: Update

09/02/26
09/02/26

Australia’s Pilbara Ports reopens WA ports: Update

Adds information about the reopening of other ports Sydney, 9 February (Argus) — Australian port authority Pilbara Ports resumed operations at Port Hedland at 12:00 Sydney time (04:00 GMT) on 8 February because Cyclone Mitchell passed the area. Port Hedland is a major iron ore export hub in Western Australia (WA). Pilbara Ports reopened the ports of Ashburton, Cape Preston West, Dampier and Varanus Island at 08:00 Syndey time on 9 February, it said today. The port authority cleared all berths at the export hubs , which handle LNG and iron ore exports, because of expected cyclonic weather on 6 February. Cyclone Mitchell has passed WA's iron ore-rich Pilbara region and moved to the southern part of the state, according to Australia's Bureau of Meteorology (BoM). Australian producers shipped 51mn t of ore out of Port Hedland in December 2025, up by 9.1pc on the year because of increased Chinese and South Korean shipments. No ships have left Port Hedland since 5 February, when the Liberian-flagged Marine Claudia left with 109,883t of iron ore lumps, data from marine tracker Kpler show. Some 15 ships are currently at Port Hedland. The Japanese-flagged Midnight Dream is expected to leave Port Hedland at around 21:50 Sydney time today, loaded with 173,986t of BHP ore, data from Kpler show. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia’s Pilbara Ports reopens Port Hedland

09/02/26
09/02/26

Australia’s Pilbara Ports reopens Port Hedland

Sydney, 9 February (Argus) — Australian port authority Pilbara Ports resumed operations at Port Hedland at 12pm local time (4am GMT) on 8 February because Cyclone Mitchell passed the area. Port Hedland is a major iron ore export hub in Western Australia (WA). Pilbara Ports has not reopened the ports of Ashburton, Cape Preston West, Dampier, and Varanus Island, it said on 8 February. It cleared all berths at the export hubs , which handle LNG and iron ore exports, because of expected cyclonic weather on 6 February. Cyclone Mitchell has passed WA's iron ore-rich Pilbara region and moved to the southern part of the state, according to Australia's Bureau of Meteorology (BoM). Australian producers shipped 51mn t of ore out of Port Hedland in December 2025, up by 9.1pc on the year because of increased Chinese and South Korean shipments. No ships have left Port Hedland since 5 February, when the Liberian-flagged Marine Claudia left with 109,883t of iron ore lumps, data from marine tracker Kpler show. Some 15 ships are currently at Port Hedland. The Japanese-flagged Midnight Dream is expected to leave Port Hedland at around 9:50pm local time today, loaded with 173,986t of BHP ore, data from Kpler show. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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