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?
Argus provides base metals premiums in the most active trading regions around the world, in addition to data from the world’s metals exchanges on a real-time (additional fees apply) or 30-minute delay basis.
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).
Investors that do take positions on the financial markets can use Argus tools to highlight arbitrage opportunities and receive alerts when prices reach upper and lower threshold limits on their contracts of interest.
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.
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Browse the latest market moving news on the global base metals industry.
Japan adds funding for Rapidus semiconductor project
Japan adds funding for Rapidus semiconductor project
Tokyo, 5 June (Argus) — The Japanese government has invested an additional ¥150bn ($960mn) in domestic semiconductor producer Rapidus through the Information-technology Promotion Agency (IPA), the economy, trade and industry ministry (Meti) said today. Additional support will help fund investment in equipment for the mass production of 2-nanometre semiconductors, as well as research and development of next-generation 1.4nm technology, the government said. The investment follows a ¥100bn injection in fiscal year 2025-26 (April 2025-March 2026), bringing total government investment in the company to ¥250bn. The government also plans to provide subsidies of ¥631.5bn in fiscal year 2026-27 and around ¥300bn in fiscal year 2027-28, Meti said. Rapidus aims to begin mass production of 2nm semiconductors in fiscal year 2027-28 and start advanced packaging production in fiscal year 2028-29. Despite continued government backing, the company is expected to require additional private-sector funding, targeting around ¥1tn in private equity and more than ¥2tn in private financing. Japan has expanded support for its semiconductor industry since designating semiconductors as a critical material in 2022, citing economic security concerns and the need to strengthen domestic chip production. The project is a key pillar of the government's growth investment programme, Japan's trade and industry minister Ryosei Akazawa, said at a press conference today. "This project is a national undertaking that must succeed for the benefit of Japan. We will continue to make every effort to ensure its success," Akazawa said. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU finance ministers eye agreement on CBAM changes
EU finance ministers eye agreement on CBAM changes
Brussels, 4 June (Argus) — EU finance ministers are seeking agreement on their position for legal changes to the bloc's carbon border adjustment mechanism (CBAM), extending the scope to more downstream products and adding anti-circumvention measures. Final tweaks and clarifications specify the European Commission's power to suspend CBAM for problematic sectors. The text drawn up for finance ministers, who meet on 12 June, takes account of a majority that has spoken out against giving the commission broad empowerment to temporarily remove specific goods from CBAM under a new article 27a. Diplomats noted the risks of "jeopardising" the effectiveness of CBAM and the "imprecise" scope of the powers. To bridge differences, Cyprus, chairing discussions between diplomats, has built on a previous draft to specify the conditions that the commission could use to trigger CBAM suspension. This includes average non-CBAM-related import price increases of more than 50pc compared with average prices for the same CBAM goods over the previous 10 years. Price increases would need to be sustained over a period of at least six months. If finance ministers agree on the text on 12 June, EU states would be ready for negotiations over a final legal draft with the European Parliament after summer. Cypriot diplomats suggested article 27a remains in the European Council's draft position as a "good basis" for the talks. During a first discussion, members of parliament's environment committee broadly supported deleting the new article 27a. But some members have called for partial or full CBAM suspension . The committee is expected to vote on the issue on 6 July, followed by the whole parliament in early September. Discussions on CBAM's suspension have continued following the commission's adoption last month of a fertilizer action plan, including measures such as financial relief for farmers, and assessing stockpiling options for key fertilizers and inputs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Metal recyclers favour domestic, need export: BIR
Metal recyclers favour domestic, need export: BIR
London, 3 June (Argus) — Metal recyclers favour trading to local consumers but need export market access to remain profitable, delegates heard at the Bureau of International Recycling (BIR) convention in Gothenburg, Sweden, this week. The potential of protectionist policymaking for scrap metal has grown in recent years, such as the EU considering potential trade measures on aluminium scrap exports — with a decision expected soon. But trade restrictions are not needed as recyclers prefer local trade, and such measures would hamper metal recycling industries across Europe and the US, multiple speakers told delegates in Sweden this week. "Material that finds its place in Europe stays in Europe, because that's the most logical business there is… exporting is a greater effort but we need that because the demand is simply not there," Mattias Rapaport, managing director of Swedish scrap firm Stena, said. "Usually the most logical decision we're going to make is to sell to our neighbour because it's less risky, we are used to working with them, and many other factors," Emmanuel Katrakis, director of public and regulatory affairs at Belgian-headquartered recycler Galloo, said. "Very often there is a mismatch between what we are going to recycle and what our neighbour needs, and to bridge the gap we need access to local and global markets." Multiple speakers noted similar trends for ferrous and non-ferrous materials with surpluses in many economies or a shortfall in local demand for certain grades. Like Europe, the US produces a surplus of recycled materials across commodities so "global market access is critical" and attempts to manipulate that is "problematic and threatening" to the industry, Robin Wiener, president of US recycling industry group ReMA, said. Restrictions on export trade would impact recyclers' profitability through a loss of trade and hamper investment, which is needed to improve availability of scrap qualities consumers want, delegates also heard. "If we don't have the ability to invest in new equipment and processes, [consumers] will not be able to rely on supply because that supply will diminish," Wiener said. Metal recycling industry groups like BIR and ReMA, and counterparts like Recycling Europe and the British Metals Recycling Association, have long voiced opposition to scrap export restrictions. By Corey Aunger Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
S Africa energy regulator approves FeCr tariff relief
S Africa energy regulator approves FeCr tariff relief
London, 1 June (Argus) — The National Energy Regulator of South Africa (Nersa) has approved an electricity tariff agreement between energy utility Eskom and ferro-chrome smelters that will prevent the shutdown of the country's ferro-chrome industry in the near term. Eskom's new tariff for ferro-chrome producers Samancor and Glencore-Merafe is set at 62 South African cents/kWh (4¢/kWh), down from 87.44¢/kWh at the start of 2026 and less than half the 135¢/kWh these producers were paying at the end of 2025. The tariff for Samancor is set for five years and the tariff for Glencore-Merafe is for three years, both effective from 1 June. Nersa also confirmed that any revenue shortfall from the lower tariff price will be borne by Eskom directly and cannot be recovered through increased levies on standard tariff customers. Merafe Resources said today that it has called off its Section 189 retrenchment process at the Glencore-Merafe joint venture in response to the approval of the new tariff, which will prevent the potential loss of thousands of jobs. The company is still in talks with Eskom to finalise the details of the power purchase agreement that will use the tariff. Samancor's position is still not clear. The company moved forward with a retrenchment notice in March, at which time it planned to cut 2,400 jobs across its smelting operations and corporate offices, according to South Africa's National Union of Mineworkers. That notice came despite Eskom's initial announcement in February of its intent to offer the lower 62¢/kWh tariff. It is possible that Nersa's approval of a longer tariff period for Samancor may be an incentive to halt the retrenchment process, but Samancor has not yet issued any public statement to that effect. Production costs for South African ferro-chrome remain extremely challenging, even under the new tariff, but general consensus across the market is that the agreement will avert the almost total collapse of production that threatened to occur without electricity price relief. Production at Glencore-Merafe and Samancor dropped sharply last year as they struyggled in the face of lower-cost competition from Chinese ferro-chrome producers that benefited from lower energy prices. This dynamic has pushed South Africa towards sales of chrome ore overseas to China in recent years, rather than utilisation of ore reserves to produce higher-value ferro-chrome. Glencore Ferroalloys chief executive Japie Fullard [told Argus in April](https://direct.argusmedia.com/newsandanalysis/article/2816436) that the 62¢/kWh tariff only represents a breakeven margin at Glencore-Merafe's smelters, other than the more technologically advanced Lion operation, which has a lower production costs. But he emphasised that the group wants to continue to beneficiate ore in South Africa, despite the lack of strong margins. By Ronan Murphy Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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