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Argentina’s inflation continues to ease in Feb

  • : Metals
  • 25/03/14

Argentina's inflation continued to ease in February, falling to its lowest since June 2022.

The consumer price index fell to an annualized 66.9pc in February from 84.5pc in January and compared with 117.8pc in December, agency Indec reported on 14 March. Inflation peaked at 292pc in April 2024.

On a monthly basis, inflation ticked up by 2.4pc in February from the prior month, when it came in at 2.2pc, the lowest since mid-2020.

The government is targetting annual inflation to fall to 20pc for 2025, while international agencies and banks put it above 30pc.

Lowering inflation is a central tenet of president Javier Milei's government, in office now 15 months, as it works to grow the economy and attract investment. It is also key to a new deal the government wants with the International Monetary Fund (IMF).

The government is forecasting growth in domestic product at 5pc in 2025. The economy contracted by nearly 2pc in 2024, an improvement over the 3.8pc decline forecast by the government and the IMF's estimated 5pc contraction.

It is hoping for a flood of investment from an incentive law for large investments (RIGI), which was approved last year as part of an omnibus law to reduce the size of the state. The government expects a minimum of $20bn investment to be approved in 2025.

A cornerstone of the improvement is a new agreement with the IMF, which will be used to ease capital controls and pay down the treasury's debt with the central bank.

On 11 March, the government submitted a draft decree to Congress for approval of the IMF deal. The decree stated that the new IMF facility would include a repayment period of 10 years with a grace period of four and a half years. The decree does not include amounts, but a report from US investment bank Citi stated that it would be between $15-20bn.

The government is still repaying the $44bn agreement with the fund agreed to the previous decade.

By Lucien Chauvin


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25/03/17

EU prepares CBAM export scheme

EU prepares CBAM export scheme

Brussels, 17 March (Argus) — The European Commission is preparing a "solution" for exported goods under the bloc's carbon border adjustment mechanism (CBAM), to be presented before the end of the year. The commission will also expand the scope of the CBAM to "certain" steel and aluminium-intensive downstream products. The changes to the CBAM will be announced as part of a European steel and metals plan. In a draft of the plan to be formally presented on 19 March, the commission points to the need to address the problem of carbon leakage for CBAM goods exported from the EU to non-EU countries. The draft also notes that the commission is currently "quantifying" risks, before proposing an extension of the CBAM to "certain" steel and aluminium-intensive downstream products, so as to address the risk of European producers relocating outside the bloc to avoid higher carbon costs. The metals plan also announces an anti-circumvention strategy for the CBAM to be presented in the second half of 2025. The commission points to the risk of goods from low-carbon production facilities in non-EU countries being redirected to European customers, while carbon-intensive production continues for other markets. The metals plan also points to the risk of "greenwashing" carbon accounting practices, with "electro-intensive metals production benefiting from market-based instruments to appear low-carbon". The commission put forward proposals last month to simplify the CBAM, exempting some 90pc of the firms currently covered by the mechanism. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU steel action plan to introduce melt and pour clause


25/03/17
25/03/17

EU steel action plan to introduce melt and pour clause

London, 17 March (Argus) — The European Commission will introduce a "melted and poured" rule as part of its steel and metals action plan, to underpin the effectiveness of its trade defence measures. The rule will mean the origin of goods is determined by the location at which the metal is originally melted, regardless of where it was further processed. This will prevent minimal transformation to evade dumping and other duties and provide greater clarity over the origin of the product, a draft of the plan suggests. The move will clearly have big ramifications for steel, where material produced in countries with duties, such as China, is further processed — for example, from hot-rolled into hot-dip galvanised — before being sent to the EU without paying duties. The commission said it will "remain vigilant, as overcapacities generated under non-market conditions may also have the effect of driving unrelated market-based producers in other third countries to export quantities to the EU that are displaced from their domestic or other traditional non-European markets". And the rule will have major implications for the EU's imports of cold-rolled and hot-dip galvanised, among other products, with one trading firm saying it would be a "game changer". European steel association Eurofer requested a melt and pour on Chinese steel as part of its request for a functional review of the steel safeguard. The commission also will "proactively" open duty investigations based on a "threat of injury" without waiting for material injury to occur. The carbon border adjustment mechanism will be extended to certain downstream products to prevent a shift to downstream goods that then avoid paying the carbon taxes required on upstream products, such as steel. European service centres and distributors have been requesting this move to protect themselves and their customers, which could face greater import penetration without an extension of the measures. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

DRC’s cobalt ban lifts cobalt, nickel product prices


25/03/17
25/03/17

DRC’s cobalt ban lifts cobalt, nickel product prices

Singapore, 17 March (Argus) — The suspension of cobalt exports by the Democratic Republic of the Congo (DRC) has bolstered the cobalt market, as well as pushed up prices of nickel products. The DRC suspended cobalt exports for four months effective from 22 February, although cobalt production is likely to remain at normal levels. The news sparked concerns in the market because the DRC is the world's largest cobalt producer, accounting for 75pc of total cobalt output. Market sentiment shored up, with prices of several cobalt and non-cobalt products surging to annual highs. Argus -assessed Chinese prices for 99.8pc grade cobalt metal stood at 235-255 yuan/kg ($32.49-35.26/kg) ex-works on 13 March, the highest level in almost 1.5 years, while Argus cif China assessment for 30pc grade cobalt hydroxide hit a two-year high of $9.50-10.80/lb cif China on the same day. Cobalt prices are expected to remain buoyant if the ban is extended, given DRC's majority share of global cobalt supply. But other products such as nickel sulphate and mixed-hydroxide-precipitate (MHP) also stand to gain from the ban. Argus -assessed Chinese nickel sulphate ex-works prices rose to a five-month high of Yn27,300-28,000/t on 13 March, partly supported by the ban because cobalt sulphate is a by-product of nickel sulphate production, while the Indonesian Nickel Index (INI) for 2-5pc cobalt payable in MHP surged to a record high of $154.80/metric tonne unit (mtu) on 14 March. Indonesia, the world's second-largest cobalt producer, is expected to benefit from the ban given the expansion of its MHP capacity . Market views on the ban were mixed, with some participants expecting prices to continue increasing owing to tighter cobalt supply. But others were less concerned, noting that there was abundant cobalt material outside of the DRC. Participants continued to closely monitor the market for further developments, with speculation on a possible extension of the ban and potential export quotas that could follow. Chinese Co metal prices vs INI MHP Co prices Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US rejects Australia's critical mineral deal


25/03/17
25/03/17

US rejects Australia's critical mineral deal

Sydney, 17 March (Argus) — The US last week rejected a deal with Australia offering access to its critical mineral sector in exchange for a metal tariff exemption, in the lead-up to the former implementing a 25pc tax on steel and aluminium imports. The proposal was not a financial deal, but involved "continued and improved [American] investment in getting access to [Australia's] critical minerals," Australian trade minister Don Farrell said in an interview on 16 March. The US government rejected the deal and refused to grant tariff exemptions for Australia on 12 March, following high-level discussions between officials from the two countries. Farrell has indicated that Australia's government is continuing to seek steel and aluminium tariff exemptions for its metal producers. He spoke to US commerce secretary Howard Lutnick on 14 March, and is scheduled to speak to US trade representative Jamieson Greer about the issue on 17 March. Australian aluminium producers will likely be hurt by the tariffs. US buyers purchased 93,000t of Australian aluminium in 2024, accounting for 10pc of the country's total aluminium exports. Australia's critical minerals proposal comes as US and Ukrainian officials continue to negotiate a deal over access to Ukraine's rare earth reserves. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU finds no dumping on India HRC


25/03/14
25/03/14

EU finds no dumping on India HRC

London, 14 March (Argus) — A pre-disclosure to the EU's anti-dumping investigation found no dumping on hot-rolled coil (HRC) imports from India, while imposing provisional duties on Egypt, Japan and Vietnam in a range of 6.9-33pc from 7 April. Japan's Nippon Steel faces one of the highest import duties, at 33pc, while benchmark mill Tokyo Steel has the lowest, at 6.9pc. Fellow Japanese steelmakers Daido Steel and JFE Steel will be taxed at 32pc. All other Japanese producers will have a provisional duty of 33pc. Material from Vietnam will be subject to a 12.1pc duty, while Egyptian exporters face a 15.6pc tax. No provisional duties are proposed for imports from Vietnam's Hoa Phat, according to a leaked document from the European Commission. Egypt, Japan and Vietnam sold 2.2mn t of HRC into the EU last year, accounting for around 25pc of total imports. Egypt sold 694,000t, Japan 860,000t and Vietnam 727,000t. Indian imports will be unconstrained, as they are subject to a 0pc duty. It shipped 1.2mn t into its own quota last year. India was the most affected HRC supplier by the safeguard review, with imports from the country falling by 23pc to 225,000 t/quarter. The provisional rates mean Vietnamese HRC will remain easily workable into the EU, and the duties will have little impact on the volume of supply from the country — apart from the limitations already imposed by the safeguard review, which limits imports from other countries to around 111,000 t/quarter. Egypt would be "cooked", a trader said, with its import volumes likely to decline substantially, if the provisional duties become definitive. Prices in the EU are less likely to increase if these duty rates are imposed, and because the safeguard review results earlier in the week were less stringent than expected, a buyer said. The low duties on Vietnamese material — below most market expectations — will be welcomed by large re-rollers that account for a high share of the country's exports to the EU. Definitive measures are expected by 7 October. By Lora Stoyanova and Colin Richardson EU HRC provisional anti-dumping duties % Mill Provisional duty Japan Nippon Steel 33.0 Tokyo Steel 6.9 Daido Steel 32.0 JFE Steel 32.0 All others 33.0 Egypt Ezz Steel 15.6 All others 15.6 Vietnam Formosa Ha Tinh 12.1 All others* 12.1 India All mills 0† * No duties on Hoa Phat Dung Quat †no dumping found - EC Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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