Metals
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The global metals markets are evolving rapidly, shaped by shifting supply chains, rising demand for critical minerals, geopolitical uncertainty, and increasing price volatility across ferrous, non‑ferrous and emerging technology metals. Argus provides independent metals pricing, trusted benchmarks and actionable market intelligence that give mining companies, metal producers, traders, manufacturers and recyclers the clarity and confidence they need to navigate increasing cost exposure, manage risks and make data-driven decisions.
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Q&A: Growth and challenges for the Ta, Nb industry
Q&A: Growth and challenges for the Ta, Nb industry
London, 18 August (Argus) — Surging consumption in the advanced electronics, artificial intelligence (AI) and aerospace industries has driven strong growth in tantalum and niobium demand this year. But this surge has come at a time when supply chains are already strained by non-state armed groups capturing key mining areas in the Democratic Republic of Congo, which has made traceability a much bigger challenge. Argus spoke to industry association the Tantalum-Niobium International Study Centre (TIC) president Silvana Fehling, who is also Germany-based producer Taniobis' senior director of materials management. Argus asked her about the outlook for the tantalum and niobium industry, the challenges facing supply chains and the importance of independent due diligence. Argus also asked about the industry's reaction to China's decision to sanction US-based industry coalition the Responsible Business Alliance (RBA), but the TIC was unable to comment at the time. In which sectors do you see the biggest growth for tantalum and niobium demand? We will see growth across many areas rather than one single sector. For tantalum, electronics will remain very important, particularly tantalum capacitors. But we also see growing demand linked to high-performance electronics such as semiconductors, because of demand from data centres and other advanced technologies. AI is definitely something that is a big driver for our industry right now. Data centres need a huge amount of very reliable and corrosion-resistant tantalum capacitors. For niobium, I think the picture is a bit broader. Steel remains a very dominant and important market, but niobium has also become more important for other industries. It is expanding into aerospace, energy applications and additive manufacturing. How do you think the industry will be able to accommodate the surge in tantalum demand from technology applications? The industry will have to do three things — increase capacity, diversify supply and improve efficiency. Increasing capacity is quite clear. Start developing a mine, investing in mine processing or refining. We are lagging a bit behind on this, but we clearly see more focus is on investing into capacities. Secondly, customers are looking for more diversified and resilient supply chains. This means looking at different regions and trying to work with different sources. And on improving efficiency, I think mining companies, refiners and producers will improve communication and transparency to improve efficiency in the supply chain and have better outcomes. Could you explain more about how the industry can diversify tantalum supply? Artisanal mining will remain an important part of the tantalum supply chain. It is contributing volume-wise but it is also generating income for the people in central Africa and it is able to quickly adjust to demand from the market. In terms of expanding or finding new capacity, in the past there were a lot of projects and mines that were not possible to run economically. Lithium by-product projects have been part of that discussion for a long time but have not made much economic sense. But we see that governments are focused more on critical minerals, and that there are corporations within totally different industries looking into new streams of recycling, regaining or trying to recover from residues. This is definitely something where I think we will see additional supply in the future. There are also regions that were not so competitive cost-wise in the past. Canada, for example, which has had a combination of problems such as environmental and cost structure. Having strong demand and better margins for tantalum and niobium mining firms will mean projects that were less attractive in the past might become more attractive. You say that central Africa will remain part of the supply base, but how is the industry adapting to the security situation in the DRC? This is one of the most common issues for our industry. We must make sure that our supply chains do not contribute to conflict or serious human rights abuses, and our focus is on helping to build transparent supply chains. But the solution is not moving away from that region. We must make sure that we get traceable, reliable and transparent systems in place and do the due diligence that allows us still to use some proportion of material from that region. There have been questions about reliability around using established third-party systems such as the International Tin Supply Chain Initiative. But in the past few years, refiners and stakeholders have had time to work on and develop confidence in their own systems. The industry is still using third parties as a supporting tool but is not relying exclusively on these parties. At the TIC, we support our members in their due diligence efforts with know-how and the advanced due diligence handbook. But in the end, due diligence remains the responsibility of each company participating in this market. H ow is the industry responding to wider geopolitical tensions and trade barriers that have targeted critical minerals in recent years? Trade restrictions can create opportunities and challenges. It may encourage new investments and diversification, but it can also increase costs and uncertainty in the short term. The TIC is a global organisation with members all over the world, trying to offer a neutral platform for dialogue between different regions. Therefore, our focus is always on helping our members grow the market and develop new applications. Ours is a global industry, working with global materials. Tantalum and niobium are mined in one region, processed in a totally different one and finished in another region. So I would say, do not touch on politics and stick to business. By Sian Morris Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US threatens indefinite blockade on Iran: Update
US threatens indefinite blockade on Iran: Update
Adds details on President Trump's territorial claim to strait of Hormuz Washington, 14 August (Argus) — President Donald Trump is threatening an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran. The US resumed its naval blockade against Iran a month ago, seeking to ratchet up economic pressure on Tehran following the collapse of a short-lived ceasefire deal. Trump on Wednesday said the US had "total control" over the strait of Hormuz and might "keep it", even as Iran continues attacking passing ships. On Friday, Trump escalated his rhetoric at an event in New York. "After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz strait a territory of the United States," Trump said. Those remarks come as the Trump administration prepares to unveil new economic sanctions against Iran next week, while pledging to maintain a naval blockade against Iran indefinitely. "We can hold it as long as we need to. Indefinitely," US defense secretary Pete Hegseth said Thursday. The growing prospect of indefinite war marks a shift from earlier in the conflict, when Trump kept claiming that a US victory was only weeks away. Trump has been claiming "total control" over the strait of Hormuz, while saying that Iran's ability to threaten vessels will diminish because the country is "totally broke". Iran also claims to have control over vessel traffic through the strait. "The strait of Hormuz is closed. Our control over all movements is complete and decisive," Islamic Revolutionary Guard Corp Navy commander Ali Azami posted on X on Thursday. Iran is using sporadic drone and missile attacks to curtail traffic through the strait. The UAE on Friday said Iran had attacked two vessels affiliated with state-owned oil company Adnoc as they were transiting the strait of Hormuz. Such attacks may be nearly impossible for the US to stop, absent a massive escalation in the war or a ceasefire deal, analysts say. "There's no simple solution to it," Hudson Institute senior fellow Michael Doran said at an event the Washington-based think tank hosted on Thursday. "We have a messy conflict, which is going to be with us for many, many months, and probably years to come." The threat of indefinite war has created a tricky political environment for Republicans heading into the midterm elections on 3 November. On Friday, Trump said consumers currently paying an average of $4/USG for gasoline in the US should remember that that higher price is providing a "great service" for the world. "For you to pay a tiny little bit more for your gasoline, just remember you're doing it so that a very evil country cannot have" a nuclear weapon, Trump said. Trump administration officials say crude exports out of the Mideast Gulf are higher than would appear from available ship tracking data. US energy secretary Chris Wright said pipelines are exporting 6mn b/d, while tankers are exporting 8mn-9mn b/d through the strait of Hormuz. "In round numbers today, 14mn-15mn b/d are leaving the Arabian Gulf region, versus the 20mn b/d pre-conflict," Wright said Thursday in a Fox News interview, referring to the Mideast Gulf. "So we're short 4mn-5mn b/d from this region, but it's much smaller hole than people think it is." By Chris Knight and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US' Alcoa, Australia's Equus ink 10-year gas sales deal
US' Alcoa, Australia's Equus ink 10-year gas sales deal
Sydney, 14 August (Argus) — Australian gas developer Equus Energy has signed a binding 10-year gas sales agreement (GSA) with global aluminium producer Alcoa to supply gas from the planned Equus project offshore Western Australia to Alcoa. Equus will provide 50 TJ/d of gas to Alcoa, equivalent to 182PJ over the term of the deal, the company said on 14 August. Alcoa will use the supplies to power its expanding portfolio of Western Australia-based (WA) alumina refineries. In return, Alcoa will provide advance payment of $30mn to complete a front-end engineering design (Feed) study for the Equus project in Western Australia's North West Shelf region. The funding will cover project costs until it reaches a final investment decision (FID), Equus said. It did not specify a timeline for the FID. Equus, which was known as Western Gas until December 2025, completed a pre-Feed study for the Equus project in May, confirming project design of 50 TJ/d of domestic gas, 2mn t/yr of LNG for export markets, and 12,000 b/d of condensate production over a 15-year project life. The project will address a peak day gas supply shortfall in Western Australia and will represent 5pc of the Western Australian domestic gas market upon completion, Equus said. Annual peak day gas demand in Western Australia is set to increase from 2026 by 36pc to 558 TJ/d in 2035 with the winter season recording the highest demand levels, according to the Australian Energy Market Operator's (Aemo) 2025 Western Australian Gas Statement of Opportunities . This is despite an expected decline in overall annual gas consumption over the same period due to increased large-scale wind and solar generation, Aemo said. The deal with Alcoa will fully satisfy Equus' commitments under Western Australia's domestic gas reservation policy, the company said. The reservation policy mandates that Western Australia-based gas producers retain at least 15pc of production for sale in the domestic market over a project's life. Alcoa operates the 30.5mn t/yr bauxite mine and the 4.2mn t/yr Pinjarra and 2.85mn t/yr Wagerup alumina refineries in Western Australia. Alcoa bought most of Australian mining company South32's aluminium supply chain stakes in June, including the 37mn t/yr Worsley bauxite mine and 4.4mn t/yr Worsley alumina refinery in Western Asutralia. Alcoa signed a three-year gas sales agreement with Australian independent Woodside Energy for 31.1PJ in June, which will begin in 2027. The company also secured a 10-year gas sales agreement with LNG operator Chevron in December 2024 for 130PJ, starting from 2028. This has built on Alcoa's existing 10-year gas sales agreements with Chevron, ExxonMobil and Australian independent Warrego Energy for a total of 198PJ of gas to its alumina refineries in Western Australia, starting in 2024. By Daniel Gage-Brown Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
2A expanding aluminum die-cast ops in Alabama
2A expanding aluminum die-cast ops in Alabama
Houston, 13 August (Argus) — High-pressure aluminum die-caster 2A USA plans to increase production capacity through a $32mn expansion at its manufacturing facility in Auburn, Alabama. The project will add casting and machining capabilities for "complex and large aluminum components" used in heavy-duty trucks, Alabama governor Kay Ivey said on Wednesday. Neither a construction timeline nor details about how much output would grow were disclosed. 2A USA's plans come as the US has sought to increase domestic manufacturing through trade policies, which have included global import tariffs on both aluminum products and heavy-duty trucks . The White House currently is seeking to tighten minimum US-origin content requirements for products covered under the US-Mexico-Canada free trade agreement, as part of its efforts to renegotiate the pact. The company, which is the North American segment of Italy-based 2A, acquired the Auburn facility in 2014 and has continually invested in its operations there, including a $15mn expansion in 2019. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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