Base metals
Overview
From vehicle lightweighting to increased demand for copper to wire our connected world, base metals are used widely in manufacturing industrial and consumer products, and demand is only going to increase. Base metals are the most connected to the futures market already so what does even more demand mean for commodity investments?
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Base metals coverage
Argus delivers price data on over 300 base metals through the LME, CME and COMEX, as well as proprietary assessments. Our market news and analysis spans copper, aluminium, nickel, lead, tin, zinc and other base metals crucial to commercial and industrial enterprises.
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Highlights of Argus global base metals coverage
- Value-added exchange data tools offer a deeper level of insight to the standard exchange feed windows (calculated derived cash, global view of all exchanges on a single screen, threshold alerts).
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- Base metals workspaces facilitate an holistic view of each individual market’s performance.
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Australia bails out Tomago Al smelter for $1.77bn
Australia bails out Tomago Al smelter for $1.77bn
Sydney, 13 August (Argus) — The Australian federal and New South Wales (NSW) state governments have committed A$2.5bn ($1.77bn) to keep UK-Australian mining firm Rio Tinto's 590,000 t/yr Tomago aluminium smelter in NSW running until 2038. Tomago's current power supply agreement is set to expire on 31 December 2028, but the subsidy will support a 10-year power purchase agreement (PPA) for the smelter until 2038, which will be fully powered by renewable energy from 2033, Rio Tinto said on 13 August. The government funds will be used to build 3GW of new renewable generation and firming capacity, the federal government said today, finalising a promise made in late 2025 . Rio Tinto will also invest A$1.1bn of its own capital to fund the PPA, including a A$100mn allocation to decarbonise the smelter. Rio Tinto owns 51.55pc of Tomago. The remainder is controlled by Australian distributor Gove Aluminium Finance and Norwegian producer Norsk Hydro, with 36.05pc and 12.4pc respectively. Rio Tinto also operates the 39mn t/yr Weipa and 13mn t/yr Gove bauxite mines in northern Queensland, as well as the 3.95mn t/yr QAL and 1.7mn t/yr Yarwun alumina refineries near Gladstone in Queensland. Rio Tinto's 190,000 t/yr Bell Bay aluminium smelter in Tasmania also deserves similar federal support, Tasmanian premier Jeremy Rockliff said on 12 August. Federal and state governments gave A$2bn to Rio Tinto's 500,000 t/yr Boyne smelter in central Queensland in March to subsidise its operations until 2038. They have also issued billions of dollars in grants and loans to copper, steel and zinc smelters since last year. Price uncertainty Taxpayers will "receive the added benefit of a monetary return on [the] investment" if aluminium prices rise, the government said. Aluminium prices have been supported since February by supply disruption in the Mideast Gulf caused by the US-Iran war, as well as strong electric vehicle demand in China. But acute supply tightness has pushed prices higher than demand levels would normally justify, meaning that an end to the conflict may push prices down again. Prices have already dropped sharply from a peak in early June following expectations of a resolution to the war. Moreover, supply fundamentals could shift well before 2038, as Indonesia is set to almost triple aluminium production to 2.5mn t/yr by 2027. Argus -assessed London Metal Exchange aluminium cash official prices were down at $3,307.250/t on 12 August ( see graph ). By Daniel Gage-Brown Aluminium prices 2025-26 USD/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
China's spodumene market awaits supply-demand signals
China's spodumene market awaits supply-demand signals
Beijing, 13 August (Argus) — China's imported spodumene market has remained relatively stable on broadly balanced market fundamentals, with its direction in the coming months likely to depend on how supply and demand dynamics evolve. Argus assessed 6pc spodumene concentrate at $2,020-2,120/t cif China on 11 August, unchanged from 4 August. Prices held steady over the period, as increased supply from Zimbabwe offset the impact of higher lithium salt prices and prevented further gains. Argus launched the world's first 5-5.5pc spodumene concentrate assessment in December 2025. The assessment stood at $1,820-1,970/t cif China on 11 August, also unchanged from 4 August. The launch reflected growing demand for lower-grade material, as years of intensive mining have reduced average spodumene grades from around 5.5-6.2pc to 5-5.5pc or lower at some operations. Shipments from Zimbabwe to China have continued to recover following the country's resumption of spodumene exports in April after an export ban introduced in February. This has been reflected in higher spodumene exports from South Africa, through which a significant portion of Zimbabwean shipments is routed. South Africa exported 111,514t of spodumene in May and 110,829t in June, up from 56,506t in April, according to customs data. China's spodumene supply base is also becoming more diversified. Australia remains the country's largest supplier, while Nigeria, South Africa, Brazil, Mali and Zimbabwe have emerged as important sources in recent years. Current lithium prices are viewed by market participants as attractive enough to encourage new project development and capacity expansion. Argus -assessed battery-grade lithium carbonate prices stood at 145,000-150,000 yuan/t ex-works on 12 August, a key benchmark indicator for the wider lithium market, up by around 20pc from the start of the year. Supply is increasing as Zimbabwean shipments recover and additional capacity comes on line in other regions. At the same time, demand is also growing. The direction of spodumene prices in the coming months will largely depend on whether supply or demand expands at a faster pace, market participants said. Global lithium demand has remained robust this year, driven by continued growth in the electric vehicle (EV) and energy storage sectors. China's new energy vehicle (NEV) sales continued to rise in July, with the penetration rate reaching a record 60.4pc, supported primarily by strong export demand. Higher oil prices linked to tensions in the Middle East have continued to improve the cost competitiveness of NEVs relative to conventional internal combustion engine vehicles. Energy storage systems are also seeing rapid global deployment. The sector has been characterised by accelerating project commissioning, expanding overseas partnerships by Chinese battery manufacturers and increasing competition among battery chemistries. Global cumulative energy storage capacity reached around 280GW at the end of 2025, up by about 67pc from a year earlier, according to industry estimates. Strong downstream demand has also supported lithium chemical production. China's combined output of lithium carbonate and lithium hydroxide reached 724,000t lithium carbonate equivalent (LCE) in January-June, up by 26pc from a year earlier, according to data from the Lithium Branch of the China Nonferrous Metals Industry Association. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US tungsten scrap export curbs raise concern
US tungsten scrap export curbs raise concern
Houston, 10 August (Argus) — Tungsten market participants seek clarity on the reach and implementation of US export controls on tungsten waste and scrap, warning that limited domestic processing capacity could constrain the policy's near-term impact and cause oversupply. The US Bureau of Industry and Security (BIS), an agency within the Department of Commerce, announced last week that it will require domestic sellers of tungsten waste and scrap to allocate 100pc of their monthly sales to US buyers for a one-year period starting on 27 August. The order also restricts black mass exports. The upcoming restrictions on tungsten scrap exports are intended to keep more tungsten-bearing material in the US and encourage the development of additional processing capacity in the country. But market participants say limited domestic refining capacity will constrain the measure's near-term impact, as the US lacks sufficient capability to convert scrap into intermediate and finished tungsten products at scale. Many tungsten scrap dealers rely heavily on export markets, particularly in Asia. US exports of tungsten waste and scrap totaled 2,183 metric tonnes (t) from January-June 2026, nearly surpassing exports for the entirety of 2025 at 2,202t. Japan, Germany and South Korea were the largest recipients of US exports over that period. As a result, several tungsten carbide scrap exporters warned of near-term oversupply in the US market, as material that would otherwise be exported may have limited domestic outlets. "This is a death sentence for exporters," one trader told Argus . A second exporter said the new requirements will fundamentally "change the way we do carbide business", having to adjust strategy over the next year. Carbide scrap buying further slows ahead of controls Market participants broadly expect tungsten carbide scrap prices to come under further pressure in the near term as more material remains in the domestic market. For now, buyers and sellers have largely adopted a wait-and-see approach while they assess how the restrictions will be implemented. Only a few exporters reported spot purchases for small volumes under 10,000lbs last week to fulfill current orders before the controls take effect, while avoiding any additional orders. As a result, market participants broadly anticipate that tungsten carbide scrap prices will decline in the coming weeks. Argus last assessed US tungsten carbide inserts and rounds prices at $28-34/lb fob US processor on 31 July, their lowest levels of 2026. Prices decreased 13pc and 12pc, respectively, month over month as most large processors maintained adequate supply for the next few months while operating near maximum processing capacity, limiting purchasing requirements. Some exceptions expected The ruling effectively establishes export controls on tungsten waste and scrap, although companies may request adjustments or exceptions on a rolling basis. Multiple sellers expect export waivers to be granted primarily for material sent overseas for processing and refining with intentions to return tungsten units to the US. Several sources described the measure as more of a control mechanism than a complete export ban, with exemptions expected to be granted provided sufficient material remains available for US defense requirements. While defense demand for tungsten is expected to grow the sector accounts for only around 10pc of global consumption, according to 2025 estimates from Argus Tungsten Analytics , with automotive remaining the largest source of demand. The US Defense Logistics Agency recently sought information on the potential future acquisition of up to 200t of tungsten hard scrap, publishing a request for information (RFI) on 27 July. The RFI does not guarantee that the DLA will issue a tender; rather, it is intended solely for information-gathering and planning purposes. Market participants said waivers may be necessary until additional domestic processing capacity comes online. "With this measure, the US administration is working to foster the growth of processing capacity within the country. The interesting question will be whether funding from the Department of Defense or Department of Energy will be directed toward plant expansions or increasing capabilities within US industry, much as they have done in the rare earths, antimony and tin sectors," Joseph Miller, director at mining company Mission Critical Metals, said. Any new processing capacity could take years to develop, he added, and, for now, existing processors are expected to expand their capabilities rather than new entrants building significant new capacity. By Reagan Patrowicz and Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Aerolloy Technologies to supply Ti castings to Airbus
Aerolloy Technologies to supply Ti castings to Airbus
London, 6 August (Argus) — India's Aerolloy Technologies has signed an agreement to develop and supply titanium castings to European airframer Airbus. Aerolloy — a wholly owned subsidiary of PTC Industries — will produce titanium castings for Airbus' A320neo narrowbody jet and its A330neo and A350 widebody aircraft. The castings will be fully machined and ready to fit. The agreement establishes a pathway to serial production, subject to Airbus' qualification and programme requirements. Casting provides a near net-shape product, resulting in lower scrap material generated during machining to yield a finished part. PTC did not disclose the titanium grade, component type or volume of castings, and had not responded to Argus' request for details by publication. In March 2025, Aerolloy signed an agreement with France's Safran Aircraft Engines for supply of cast engine components for CFM Leap-1A and 1B engines. The 1A variant is an engine option for the A320neo. By Samuel Wood Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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