Geology not ideology: Why collaboration is key in the critical minerals supply chain

LME zinc stocks have fallen to their lowest levels since April 2023 but traders suggest the withdrawals are driven more by warehouse activity and speculation than genuine demand. Meanwhile, Europe’s sluggish consumption contrasts with swelling inventories in China.

Freeport-McMoRan has declared force majeure at its Grasberg mine in Indonesia following a fatal incident, with copper and gold output expected to fall 35% in 2026. The company projects a gradual recovery, with operations potentially returning to pre-incident levels in 2027.

Steel imports into Brazil are expected to decline further as Chinese tax changes and weak domestic demand weigh on the market. With interest rates at two-decade highs, both imports and local production are under pressure, though 2026 could bring short-term recovery tied to election-year stimulus.

The Democratic Republic of Congo has introduced cobalt export quotas following the suspension period, setting limits on shipments while outlining future allocations. The policy is designed to balance global supply and demand while supporting the country’s ambition to develop domestic processing capacity.

Mexico will impose tariffs on around 1,400 imported products from countries with which it does not have a trade agreement, according to Mexican government officials, in a move that industry sources say signals alignment with the US but could have “mixed effects” for the steel industry.

The global battery supply chain race is transforming economic influence, with gigafactories, raw material sourcing and recycling strategies shaping the future of electrification and energy storage

Europe’s battery industry is being urged to prioritise energy storage systems over electric vehicle competition with China, as rising AI-driven power demand and grid pressures highlight the need for scalable storage solutions.

The Mexican aluminium industry is navigating trade challenges as it seeks closer alignment with the US while reducing dependence on China, amid rising scrap prices, proposed tariffs and ongoing pricing uncertainty.

Discover insights on Latin America’s forest products, from sustainability efforts to its position in a global oversupply market.