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.
Track premiums in the most active trade regions and use our daily analysis to better understand the link between the physical and paper markets to better navigate futures, options and exchange-traded funds (ETFs).
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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).
- Full suite of non-ferrous scrap prices can be analysed to detect correlations or leading indicators for base metals prices.
- Currency and unit of measure conversions allow easy comparison of exchange data in different regions of the world to identify arbitrage opportunities.
- Base metals workspaces facilitate an holistic view of each individual market’s performance.
Latest base metals news
Browse the latest market moving news on the global base metals industry.
US tariff to curb Japan’s crude steel output in FY25
US tariff to curb Japan’s crude steel output in FY25
Tokyo, 13 May (Argus) — Japan's major steel producers will likely cut their crude steel output in the current fiscal year ending in March 2026, partly because the US' blanket 25pc tariff on automobile imports will curb domestic car productions. The country's largest and second-largest steel mill by capacity Nippon Steel and JFE Steel estimates crude steel output at 33mn t and 21mn t respectively in April 2025-March 2026, both down on the year by around 1mn t. This comes as the US' tariffs on automobile imports is likely to cap domestic car production, according to the firms. The US levy could potentially reduce several hundred thousand tonnes of its steel products sales given that 20pc of the Japanese domestic car production is exported to the US, said JFE. Nippon Steel also forecasts lower steel demand because of a possible fall in auto and machinery exports to the US, although it is difficult for the company to evaluate the quantitative impact on the wider supply chain. Nippon Steel estimates Japan's total car exports to the US, including delivery via Canada and Mexico, is currently around 2.8mn units/yr, all of which could be subject to the US tariffs. Nippon Steel is cautious about providing its output projections given the unstable climate over the ongoing trade negotiations between Tokyo and Washington. Forecasting crude steel output for the current fiscal year is difficult given uncertainty over the possible impact of US tariff measures, Nippon Steel told Argus . JFE also said "further risk analysis is necessary", suggesting a possible revision of its production outlook. Meanwhile, Nippon Steel expects no significant impact from the US tariffs on its direct steel products delivered to the country for the time being. The impact of the tariffs will be limited given the firm's value-added products such as high-alloy seamless pipe are exported in small volumes and difficult to replace with other products, the company said. Some of its US clients designate Nippon Steel as the supplier of these products because US local manufactures are unable to produce them, the company added. Nippon Steel did not provide their export volumes. Domestic steel demand Domestic steel demand is also unlikely to recover in the short term regardless of the US tariff. The country's domestic crude steel output has been consistently falling over the past several years, but the recent downtrend appears to be especially worrying for the Japanese steel producers. The current slump in domestic steel demand is more severe than expected, Nippon Steel said, forecasting the continuous downtrend in steel demand for most of the steel consuming sectors including auto, construction and manufacturing industries. Sluggish demand has even led JFE to decide to completely close one of its steel production facilities. JFE announced on 8 May that it will shut down its No. 4 basic oxygen furnace (BOF) steel plant in western Japan's Fukuyama sometime in April 2027-March 2028, as part of the mid-term strategy. This will reduce the company's domestic steel production capacity to 21mn t/yr, down by 500t from the 2024-25 level, the company added. JFE decided to close the BOF plant because domestic steel demand is likely to continue falling on the back of shrinking populations and labour shortages, according to the firm. These are causing delays in construction projects and therefore weighing on steel demand, the firm added. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India proposes retaliatory taxes to US' steel tariffs
India proposes retaliatory taxes to US' steel tariffs
Mumbai, 13 May (Argus) — India is seeking to impose higher duties on certain products imported from the US in retaliation to US tariffs on steel and aluminium imports. The extension of Section 232 tariffs on steel and aluminium imports by the US would impact $7.6bn of Indian imports into the US, India said in a notification to the World Trade Organization (WTO) dated 9 May and circulated on 12 May. The duty collection on the products would amount to $1.91bn and India's retaliatory measures would result in an equivalent amount collected from imports of US products into India, according to the WTO notification. India said that the "safeguard" measures by the US are not in line with the General Agreement on Tariffs and Trade (GATT) 1994 and the agreement on safeguards. India in April had requested consultation with the US on the reimposition of tariffs. As the consultations did not take place, India has the right to "suspend concessions or other obligations," which could result in higher duties on imports of certain goods from the US, the notification said. The document did not mention the specific products on which retaliatory duties have been proposed. Indian steel exports to the US are now subject to 25pc safeguard tariffs coupled with anti-dumping and countervailing duties, making it difficult for Indian suppliers to compete in the US market. Indian products exported to the US are also subject to a 10pc baseline tariff imposed by US president Donald Trump on 5 April. India is currently in the process of negotiating a bilateral trade agreement with the US. Indian representatives met US officials in Washington in late April, following bilateral discussions held in New Delhi in March. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Russia urges decision on Bolivia Li deal
Russia urges decision on Bolivia Li deal
Sao Paulo, 12 May (Argus) — The Russian ambassador to Bolivia today criticized what he described as Bolivian government stalling of a $970mn lithium concession deal with Russian-backed Uranium One Group. Dmitry Verchenko, in an interview with Bolivian state outlet Agencia Boliviana de Información, said the Bolivian congress is taking an "excessive" amount of time to reach a decision on the $970mn lithium concession deal signed in September 2024. The concession deal included the production of 14,000 metric tonnes (t)/yr of lithium carbonate equivalent (LCE) from the Uyuni salt flat — the largest lithium reserve in the world at 23mn t. Verchenko said that Uranium One, a subsidiary of state-owned atomic energy agency Rosatom, will build a pilot plant capable of producing 1,000t/yr LCE as soon as possible and follow up with gradual expansions. The project — which is still unnamed — will be the country's first direct lithium extraction (DLE) plant, a brine processing method that reduces LCE production time and water usage. Bolivian energy minister Alejandro Gallardo last month urged congress to approve both Russia's and China's CBC concession deals , but still no progress has been made. Congress in February said that it would only discuss the two deals after a nationwide round of public consultations that remains unscheduled. Political uncertainty delays Bolivia's Li hopes There is no forecast of when or if the concessions may be approved because Bolivia's congress is deeply divided between allies and political opponents of Luis Arce, the current president. Neither faction has the required majority for the bills to pass. The country will hold a presidential election in August and market participants expect a congressional vote on the matter may be pushed to next year because of uncertainty in the current polling ahead of the election. Russia looks further afield Verchenko added that Russian and Uranium One are waiting on the approval of the concession deal despite neighboring Argentina and Chile rapidly developing their lithium markets. Given the delay, Russia is already looking for alternative lithium solutions in Latin America with Brazil emerging as a potential partner . Following an in-person meeting with Russian president Vladimir Putin on 10 May, Brazilian president Luiz Inácio Lula da Silva confirmed that Brazil is actively seeking to collaborate with Russia to extract spodumene from the country's so-called Lithium Valley, a lithium-rich region located in the state of Minas Gerais. Bolivia's 2024 lithium carbonate output stood at 1,832t . By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Q&A: US' ACE Green bets on LFP batteries
Q&A: US' ACE Green bets on LFP batteries
Singapore, 9 May (Argus) — US-based battery recycler ACE Green Recycling has been focusing on the US market, particularly its upcoming Texas recycling site, and plans to run its lead-acid and lithium-iron-phosphate (LFP) battery recycling operations alongside each other in Texas. Argus spoke with ACE Green Recycling's vice-president of investments and strategy, Aaron Wee, about their Texas site, battery recycling gate fees in Europe and the black mass market. The interview is split into two parts and part two's edited highlights follow: What's your view on the US market? The US market for lead is [one of] the most attractive market in the world. It's where you can find possibly some of the cheapest scrap batteries for lead, and also get some of the highest premiums on refined and alloyed lead. In terms of lithium, obviously the US is either the second- or the third-largest economy for [electric vehicles] and lithium batteries in general. Nowadays, with the improvements in LFP battery technology, the range and energy density problems of the past are now not really an issue. We sort of predicted the shift towards LFP quite some time ago. Back when the recyclers were concerned about nickel-manganese-cobalt (NMC) because we're going to get nickel, we're going to get cobalt. That was a relatively easy win for a lot of recyclers. But for us, LFP was always going to be the battery of the future. In fact, in our Texas project, we've already [begun the process of acquiring] the land and the facilities to combine both our battery recycling technology stacks and to co-locate them in a single location. But lead will start first because lead is going to make money tomorrow. LFP might take a little bit of time before feedstock actually comes in. What does ACE think of gate fees, especially in Europe? Does it distort the long-term consideration when setting up battery recycling operations? From a commercial point of view, I think depending on the battery type, that would be €500-800/t of batteries for gate fees in Europe. This may or may not hold over the next couple of years as more recycling capabilities are deployed in Europe. We won't say no to just getting money to recycle them. But our ultimate goal is not to rely on gate fees as a commercial strategy. Moving forward, I don't think any company can rely on gate fees as a strategy. It just won't be tenable. Eventually, somebody's going to be able to do it cheaper and better than you. And if you rely on gate fees, that's the end game right there. Gate fees are usually correlated with the price of lithium. [If] the price of lithium goes up, then recyclers won't [need to] rely on [gate fees]. Chances are we're going to be looking at maybe $12,000/t of lithium carbonate, [or] maybe $11,000 by the end of this year. What does ACE feel about the current pricing mechanism of black mass, battery scrap or even lithium? The correlation between lithium prices and black mass is very strong. But black mass as a commodity is a little bit trickier to export to China because of the regulations. Once they accept black mass [imports], especially LFP black mass, that will have a significant change. There will also perhaps be a fall in prices in the rest of the world because now they can sell to China, not just internally in their own domestic markets. Depending on how trade barriers may or may not come up over the next couple of months, we should see a shift in how black mass is priced. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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