Argentina's inflation runs at 33.5pc in August

Spanish Market: Metals
10/09/26

Argentina's inflation ticked down to an annual 33.5pc in August, after two consecutive increases, the statistics agency Indec reported Thursday.

The consumer price index (CPI) edged lower from 33.8pc in July and matched the number for June.

Inflation continues to be driven by the four main categories, with housing prices up 49.1pc in the past 12 months, transportation up 38.2pc, food/beverages up 34.9pc, and hospitality up 34.6pc.

On a monthly basis, CPI came in at 1.7pc in August, down from 2.1pc the previous month. It was the lowest monthly rate since June 2025. Monthly inflation peaked at 3.4pc in, strongly influenced by the hike in international fuel prices triggered by the start of the Mideast Gulf war.

President Javier Milei's government forecast inflation at 10pc for the year, a target it will not meet. The International Monetary Fund (IMF) forecasts inflation at 30.4pc this year.

While inflation eased in August, the administration has come under fire for falling manufacturing output and rising unemployment. The Indec reported this week that manufacturing was down 4.9pc in July from a year prior. It has declined for 10 of the past 12 months. Unemployment was at 7.8pc in the first quarter of this year, up from 7.5pc in the final quarter of 2025.

-By Lucien Chauvin

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09/09/26

Mexico's inflation quickens to 3.26pc in August

Mexico City, 9 September (Argus) — Mexico's inflation picked up speed to an annual 3.26pc in August, driven primarily by acceleration in food and vegetable prices. The consumer price index (CPI) accelerated from an annual 3.12pc in July, the lowest level in six years, breaking from four consecutive months of deceleration from 4.59pc in March, according to statistics agency Inegi. Inflation came slightly below analyst forecasts, with Mexican bank Banorte's consensus survey forecast at 3.30pc. Mexican bank Banamex gave that forecast and said it expects acceleration in the coming months to be more gradual than earlier expected, citing the stronger-than-expected appreciation of the Mexican peso and a slower-than-expected reversal in agricultural prices inflation. Core inflation, which excludes volatile food and energy prices, decelerated on an annual 3.88pc in August from 3.95pc the previous months. Within core, services inflation slowed to 4.33pc from 4.36pc in July, while consumer goods slowed to 3.41pc in August from 3.52pc the previous month. August's faster headline rate was mainly fueled by the more volatile non-core index of prices, which accelerated to an annual 1.13pc from 0.29pc in July, mainly because fresh fruit and vegetable prices expanded by an annual 4.1pc in August, following a 2.1pc reading in July. Agricultural prices in Mexico have begun to accelerate in recent months as expected but have been supported by more moderate-than-expected rain and temperatures this year with a slower start to impacts from the El Nino climate phenomenon, now predicted to peak between November and January 2027. Mexico's energy price index slowed to 0.81pc in August from 1.16pc in July, supported by the government caps on LPG, regular gasoline and diesel retail prices to mitigate volatility stemming from the ongoing US conflict with Iran. The 20 August six-month renewal of the government's price control agreement capping regular gas at Ps24/l (US$5.38/g) and diesel at Ps27/l through February should help maintain stability in energy prices. On a monthly basis, the CPI rose by 0.20pc in August from a 0.03pc gain in July. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US rail volumes log strong growth in August: AAR

09/09/26

US rail volumes log strong growth in August: AAR

Houston, 9 September (Argus) — US rail carload volumes rose in August to the highest level in nearly eight years while weekly rail traffic rose by nearly 14pc from a year earlier, according to Association of American Railroads (AAR) data. AAR attributed the increases to resilient US consumer demand, higher US manufacturing activity, and rising diesel costs, which have made rail shipments more cost-effective compared with competing transport options such as trucks. Class I railroads shipped 533,545 carloads and intermodal units over the week ended 5 September, up by 14pc compared with the same week last year, AAR said Wednesday. Weekly non-intermodal traffic averaged more than 235,000 railcars in August, the most since October 2019 and the eighth straight year-over-year gain. Railcar growth was broad-based and stretched across 15 of the 20 carload categories that the AAR tracks. On a monthly basis, Class I railroads shipped nearly 300,000 intermodal containers and trailers per week in August, up by more than 4pc from a year earlier and besting the previous record set in June. Combined US carload and intermodal volume in August was the most in nearly eight years, AAR said without providing specifics. Metallic ore shipments posted the biggest percentage gains in August, rising by 19pc from a year earlier, followed by a 16pc increase for coke, a nearly 16pc gain for lumber and wood products and a 9.1pc increase for petroleum products. Chemicals shipments logged the seventh increase in eight months and are on a record annual pace, the AAR said, driven in part to lower US natural gas prices that have incentivized output at petrochemical and other industrial plants. Shipments of grain and coal, the two biggest categories that Class I railroads haul by volume, diverged. Grain shipments grew by 7.8pc in August from a year earlier and were up for the tenth straight month, driven by strong grain exports. Coal volumes in August fell by 2pc from year-earlier levels and were down for the sixth straight month, AAR said. Coal has become a drag on overall rail volumes after driving growth earlier in 2026. Several Class I railroads have attributed falling coal volumes to lower natural gas prices and weaker utility demand. Railed coal traffic has fallen by more than 50pc over the past 20 years but remains the single highest-volume category for most US railroads, AAR said. AAR also pointed to falling inventories of railcars in storage as another sign of strong shipping demand. Stored railcars as a share of total cars in service fell to 18.1pc in August from 21.7pc in January, and more than 59,000 railcars have been taken out of storage over that period, AAR said. By Chris Baltimore Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump's Canada trade war hits familiar snags

09/09/26

Trump's Canada trade war hits familiar snags

Washington, 9 September (Argus) — President Donald Trump's administration has dropped punitive tariffs on imported Canadian cement, toilet paper and other products after acknowledging negative impacts on US consumers. But Trump's administration doubled down on confrontation with Ottawa, introducing an outright ban on imports of Canadian alcohol and motorcycles. Trump's conflicts with US foreign trade partners have frequently featured revisions to the lists of affected products after complaints from US consumers and industrial groups. Trump's punitive tariffs on Canada and Ottawa's countermeasures do not apply to energy, potash fertilizer or critical minerals. The US on 22 August began collecting new 50pc tariffs on about $28bn of Canadian imports, including cement, plywood and paper. Trump late on Tuesday ordered modifications to the list of affected products, eliminating the 50pc tariff on Canadian cement, rock salt and toilet paper beginning on 15 September. Trump instead ordered a 50pc tariff on a variety of other Canadian imports, including iron and steel columns and some aluminum byproducts, effective from 15 September. The prohibition on imports of Canadian alcoholic beverages and Canada-manufactured motorcycles will go into effect from 29 September. "Canada walked away from a near-final trade deal that offered better treatment than any other trading partner, and instead Canada chose to embark on senseless retaliation," US trade representative Jamieson Greer said. Canada's retaliatory tariffs on US steel and aluminum went into effect on Tuesday. Canadian prime minister Mark Carney has said that trade talks between the two countries collapsed because the US had made unreasonable demands. "They wanted us to become even more reliant on them, not less," he said on Tuesday. Carney said last week he would be ready to resume trade dialogue once the US "starts being serious". The latest trade escalation is taking place as Trump is set to convene an unusual, mid-term Republican party convention in Dallas, Texas, in a bid to shore up his party's fortunes ahead of the 3 November midterm elections. The event, which Republican party officials describe as a "Trump-a-palooza", aims to highlight Trump's economic and geopolitical accomplishments since returning to office last year. "This election comes down to one simple choice: lower costs, lower taxes, secure borders, and common sense," Republican National Committee chairman Joe Gruters said on 5 September. Less than two months before the elections, polls indicate that Democrats are likely to wrest control of at least one chamber, if not both, in part because of voters' concerns over rising inflation. The US inflation rate earlier this summer reached three-year highs, largely because Trump's war with Iran pushed up US retail fuel prices. US retail gasoline prices averaged $4.16/USG in the week ended on 7 September, up by around 40pc from late February, when the US and Isreal launched an attack on Iran. Higher tariffs have also contributed to an increase in US consumer prices. Higher inflation has undermined Trump's rationale for calling on the US Federal Reserve to slash its target interest rate. Trump last week threatened to introduce import bans on key US trade partners, including Canada and the EU, unless the Fed cuts interest rates. The US Supreme Court in February ruled that Trump's 2025 decisions to arbitrarily impose tariffs on any country had been illegal. But that ruling also pointed out that Congress explicitly gave the White House the legal power to impose an outright embargo on trade with any country. Trump since then has frequently touted that newly discovered prerogative, even though he has denounced the Supreme Court's tariff decision. The import ban on select Canadian products would mark the first exercise of that prerogative. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Canada’s retaliatory tariffs against US go into effect

08/09/26

Canada’s retaliatory tariffs against US go into effect

Calgary, 8 September (Argus) — Canada's retaliatory tariffs against C$27.6bn ($20bn) of US goods went into effect today, as the trade war between the two tightly-linked countries escalates. Canada is imposing as much as a 50pc tariff on nearly 650 US products, including milk, cheese, steel, aluminum, wood and paper products, honey, and perfume. The trade action comes after the US on 22 August imposed new tariffs on Canadian goods after negotiations broke down the day before. "Since a fair deal wasn't on the table, we made the right choice to walk away from a bad one," Canadian prime minister Mark Carney said in a video address to Canadians posted Tuesday. "They wanted us to become even more reliant on them, not less." Carney said an escalating conflict is not constructive, but the tariffs put in place today are necessary to protect Canadian businesses. Canada was among the first targeted by US president Donald Trump's trade actions at the start of his second term, prompting Carney to shore up trade deals elsewhere with the goal of doubling trade with non-US countries within the next 10 years. Canada's merchandise exports to the US fell to a four-month low of C$51bn in July, while a record outflow to other regions, including the EU and China, was registered. Carney on 1 September said Canada is open to resuming trade talks once the US "starts being serious". Five days later, Trump on social media complained about the Canada-US exchange rate, before making another post referring to Carney as "Governor" — a repeated taunt suggesting that Canada become the 51st state. He also renamed the one of the lakes bordering the countries, Lake Ontario, as "Lake America." Trump on Monday took aim at Canadian-based jet manufacturer Bombardier by writing "NO MORE SELLING BOMBARDIER IN THE UNITED STATES!" in a social media post. Bombardier's jets are manufactured in Canada, Mexico, and the US where it does business with 2,800 US companies across 47 states. "The American aerospace industry is a clear winner on trade and exports," Bombardier said in a statement the same day. On a provincial level, Saskatchewan is levying a 50pc tax on US alcohol, also effective on Tuesday. Alberta, now the lone province not acting against US alcohol imports, has said it is under consideration. Some provincial leaders have called on Alberta to restrict energy exports to the US, but Alberta has maintained its preference for diplomacy. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australia’s BRE achieves first output at RE pilot plant

08/09/26

Australia’s BRE achieves first output at RE pilot plant

Sydney, 8 September (Argus) — Australia-based developer Brazilian Rare Earths (BRE) has produced its first rare earth concentrate at its stage one pilot facility in Camacari, located in Brazil's northeastern Bahia state. BRE produced the concentrate at the newly commissioned the beneficiation circuit of its refinery using feedstock from its planned Monte Alto mine in Bahia, which it is still developing, the company said on 8 September. The company plans to commission its stage two hydrometallurgical plant by April-June 2027 to produce separated neodymium-praseodymium (NdPr) oxide, as well as heavy rare earth concentrate and uranium yellowcake. BRE will also use the plant to test the recovery of scandium, niobium, titanium, and tantalum as potential co-products. The company has secured 6.4mn Brazilian reals ($1.25mn) in funding for the stage two plant from the Brazilian national industrial research hub Senai Cimatec, which will cover 59pc of the project's capital and operational expenditure. The company will also receive technical and engineering support for the pilot plant from French rare earth refiner Carester, who is BRE's heavy rare earth offtake partner. BRE and Carester in October 2025 signed a 10-year offtake deal for heavy rare earth concentrate sufficient for Carester to produce 150 t/yr of separated dysprosium and terbium oxide at its Caremag refinery in Lacq, France . BRE released an integrated scoping study for both the Monte Alto mine and the Camacari refinery in August. The study plans for first production in 2031 and outlines average production over a 14-year mine life of 5,276 t/yr of NdPr oxide and 2,253 t/yr of heavy rare earth concentrate, containing dysprosium, terbium, samarium, gadolinium, and yttrium ( see table ). The company is now undertaking a pre-feasibility study (PFS) for Monte Alto. Separately, the company is continuing exploration at its Sulista rare earths project in Bahia. Sulista was not included in the scoping study or ongoing PFS. By Daniel Gage-Brown Planned production at Camacari t/yr 2031-2035 Life of mine average Light Neodymium-praseodymium 6,351 5,276 Middle and heavy Dysprosium 229 207 Terbium 45 40 Samarium 565 485 Gadolinium 360 319 Yttrium 1,060 989 Total* 2,502 2,253 Note: Total includes unlisted rare earth oxides - Brazilian Rare Earths Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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