Ellie Saklatvala, Senior Editor — Nonferrous Metals, provides a bitesize overview of the key price movements that happened in Q1 and how supply and demand fundamentals are shaping up as we move through Q2.
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Vale’s Ni output rises 11pc after furnace rebuild
Vale’s Ni output rises 11pc after furnace rebuild
Sao Paulo, 16 April (Argus) — Brazil-based mining group Vale's nickel production rose in the first quarter by 11pc from the same period last year, when the company's Onça Puma mine's furnace was being rebuilt. Total nickel production rose to 43,900 metric tonnes (t) in the first quarter, up from 39,500t a year earlier, Vale said Tuesday. Brazilian operations produced 5,400t of finished nickel in the quarter, compared to none a year earlier. Canadian nickel production rose by 18pc to 20,000t, as Voisey's Bay's output climbed on the year by 47pc to 6,500t and Thompson mines output surged by 51pc to 3,600t. Higher production was intended to build inventories ahead of scheduled maintenance at its Canadian refineries during the upcoming quarters, Vale said. Vale plans as much as five weeks of maintenance at its Creighton mine in the third quarter, with shorter outages scheduled for Thompson and Long Harbour stretching into the fourth quarter. Nickel sales volumes stood 5pc below production at 38,900t but marked an 18pc increase from a year earlier. Vale's nickel prices averaged at $16,100/t in the quarter, down by 4.4pc year-on-year, reflecting lower London Metal exchange (LME) prices. Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Goldman Sachs lowers Al price forecast
Goldman Sachs lowers Al price forecast
London, 16 April (Argus) — US bank Goldman Sachs has lowered its aluminium price forecast for this year and 2026 on the basis of a weaker global growth outlook caused by US trade tariff policy. The US' 25pc tariff on aluminium imports and additional tariffs on imports from Canada, Mexico and China have slowed global growth. Further tariffs announced on 2 April on almost all countries, delayed now for 90 days, and forthcoming announced tariffs on electronic and pharmaceutical goods are likely to further sap global economic activity. Goldman Sachs expects London Metal Exchange (LME) aluminium prices to average $2,000/t in the third quarter before climbing to $2,300/t by the end of this year, down from its previous forecast of $2,650/t at the end of 2025. Prices are then expected to rebound in 2026 but by less than previously forecast, reaching $2,720/t in December next year from previous forecasts of $3,100/t. "At $2,000/t — equivalent to the 75th percentile of our aluminium smelter cost curve — we believe that the highest-cost producers will temporarily come under margin pressure, but we do not need closures and expect a demand-driven price recovery thereafter," Goldman Sachs said. Price expectations have fallen owing to the bank downgrading its aluminium demand growth forecast to 1.1-2.3pc over 2025-26 from 2.4-2.6pc previously, which would lead to an expected global aluminium market surplus of 580,000t in 2025, up from the bank's previous forecast of a 76,000t deficit. The bank added that risks to this forecast are weighted to the downside, as demand could fall further should the trade war escalate. Prices below $2,000/t would probably lead to substantial output curtailments to rebalance the market, it added, although prices could remain lower for longer than expected. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Antofagasta’s 1Q copper output rises
Antofagasta’s 1Q copper output rises
London, 16 April (Argus) — London-listed mining firm Antofagasta's copper production increased by 20pc on the year in the first quarter of 2025, primarily because of higher output at its two Chilean concentrators Los Pelambres and Centinela. The company produced 154,700t in the first quarter, up by 19.6pc from the same period a year earlier. Copper sales increased by 47.1pc on the year to 170,200t in the first quarter. First-quarter copper output at Los Pelambres increased by 26.4pc on the year to 69,900t, after pipeline maintenance work was undertaken in February last year. First-quarter copper production at Centinela rose by 23.6pc on the year to 55,600t, with concentrate production rising by 56.1pc on the year to 35,900t, reflecting higher copper grades and ore processing rates, and cathode output decreasing by 10pc on the year to 19,800t. First-quarter copper output at Antucoya rose by 3.1pc on the year to 20,200t, while production at Zaldivar decreased by 5.3pc on the year to 9,000t. Group copper production for 2025 is expected to be in the range of 660,000-700,000t. "The medium-term outlook for copper remains strong given its fundamental role in energy security and electrification, positioning it as a metal of the future. We remain well-positioned to meet the rising demand through our pipeline of projects currently under construction," the company's chief executive Ivan Arriagada said. Antofagasta's molybdenum production increased by 14.8pc on the year to 3,100t in the first quarter, following higher molybdenum grades processed at Centinela. Molybdenum output increased by 60pc on the year to 800t at Centinela and by 4.5pc on the year to 2,300t at Los Pelambres. Antofagasta operates four mines across Chile, the world's largest copper-producing country. By Roxana Lazar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan’s Honda to produce more cars in US, less locally
Japan’s Honda to produce more cars in US, less locally
Tokyo, 16 April (Argus) — Japanese car producer Honda will produce a car model at its US facility instead of its domestic facility from as early as June, the company told Argus today, possibly to avoid the US' tariffs on foreign car deliveries. Honda will stop manufacturing the Civic Hybrid 5-door model at the country's eastern Yorii plant during June-July and switch the production to its US plant in the state of Indianna, the representative of the firm told Argus . Honda produced 3,000 units of the model during February and March, he added. This comes as part of the company's mid-to long term "optimisation strategy", according to the firm, reiterating that theproduction switch is not a countermeasure against the US' across-the-board 25pc tariff on automobile imports that took effect on 3 April. But this may not be entirely convincing since Honda just started producing the model in February, leaving room for speculation that the transfer is part of a wider strategy to reduce delivery costs to the US market. Honda did not disclose whether the Indiana plant will procure auto parts from its suppliers in Canada or Mexico . Japanese auto industry is still bracing for further developments in the US tariff policy on automobile and auto parts, although US president Donald Trump on 14 April suggested possibly pausing the tariff. Tokyo and Washington will hold a ministerial talk this week to negotiate trade issues, including the levy on auto delivery, along with the 24pc "reciprocal" tariffs the Trump administration separately imposed on Japanese imports. Japanese government is hoping to negotiate for a better tariff deal during the 90-day pause on the reciprocal tariff imposition by the US government, and the automobile industry is seen as a key sector to settle the deal. The US president has long expressed his dissatisfaction against the auto trade imbalance between two countries. Japan exported around 1.3mn units of passenger vehicles to the US in 2024, while Japan purchased around 23,000 units of US passenger vehicles in 2023. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
