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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Viewpoint: US FeTi to stagnate on oversupply in 2026
Viewpoint: US FeTi to stagnate on oversupply in 2026
Houston, 23 December (Argus) — An expected influx of ferro-titanium to the US is likely to continue to pressure prices in 2026 after imports surged this year, driven largely by weakness in the European steel market. Overseas ferro-titanium producers — facing lackluster demand in Europe — sought to take advantage of an arbitrage opportunity increasingly beginning in June, as offtake remained stronger in the US. European steel association Eurofer attributed the weakness in the European steel industry to declines in consumption from automotive and construction sectors because of volatility caused by the US's 15pc tariff on imports of EU-produced cars and heightened global tensions over country-specific tariffs. Ongoing economic uncertainty brought on by the tariffs restrained growth opportunities in manufacturing as trade disruptions and geopolitical tensions rose, according to Eurofer. US imports of ferro-titanium increased during the January-September period by 18.6pc to 1,804 metric tonnes (t) compared with the same year-prior period, according to the most recent data from the US Department of Commerce, which was delayed by the partial US government shutdown. Imports from top suppliers the UK and Canada dipped down by 10.6pc and 7.2pc, respectively, to 669t and 335t. Meanwhile, imports from Latvia surged 148pc to 447t, the largest increase, and metal began to trickle in more competitively from South Korea and Poland. The September data shows an increase of 119pc to 217t in imports from a year earlier. Five-year low prices persist Sell-side sources told Argus they hope the market has found its floor but remained concerned about ongoing weak European demand, should the pattern of offloading supply to the US continue into next year. Argus last assessed North American ferro-titanium prices at $2.15-2.30/lb fob warehouse on 18 December, down by 25pc from the beginning of the year and at a five-year low. Argus last assessed European ferro-titanium prices at $4.30-4.60/kg ($1.95-2.09/lb) on 18 December, down 26.4pc from the beginning of the year and also at a five-year low. US sellers expressed frustration and difficulty in booking spot sales. One trader cited persistent, unsustainably low prices as reasoning for exiting the ferro-titanium market altogether, with few expectations the market would rebound in the near future. Some sellers have opted to sit on their stocks, waiting for demand from cored-wire producers and mills to rebound in the new year, which is leading to a build-up of metal. Because of storage fees and other carrying costs, domestic traders said they would be unable to make a profit at the assessed range, aiming to offer in the range of $2.35-2.45/lb warehouse, but acknowledged no buying interest at those levels. During contract negotiations for 2026, some sellers incorporated price floors into their quotes in anticipation an oversupply of metal could further weigh on prices. Sellers repeatedly tied the health of the US ferro-titanium market to European mill demand, stating there would be no turnaround in US prices until offtake abroad picks up. Eurofer projected apparent steel consumption would recover slowly in 2026 but not before the first quarter. Possible tariff change could halt imports Efforts by US producers could relieve pressure, should Commerce back them. Domestic ferro-alloy producer Galt Alloys on 15 May asked Commerce to add ferro-titanium to the Section 232 national security tariffs on steel imports. The request was denied by the Commerce Department's Bureau of Industry and Security (BIS) on 1 August because the agency was already investigating the security implications of the US's ferro-titanium supply chains under a separate Section 232 investigation for processed critical minerals which is due to be finalized by mid-January. BIS is expected to provide a report with policy recommendations which could include tariffs to President Donald Trump once it finishes the investigation. Currently, ferro-titanium has a general duty rate of 3.7pc. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: Chile vote may aid foreign Li firms
Viewpoint: Chile vote may aid foreign Li firms
Sao Paulo, 23 December (Argus) — Foreign miners eyeing Chile's world-leading lithium reserves may benefit from right-wing president-elect Jose Antonio Kast's victory on 14 December, while a key approval eases uncertainty about a pending deal between lithium producer SQM and state-owned mining company Codelco. Kast, Chile's new president plans to overhaul the national lithium strategy , which dates from outgoing left-wing president Gabriel Boric's administration. This adds to Kast's pro-market campaign promise to streamline the approval process for mining permits aiming to expedite investments in copper and lithium. If the newly elected president keeps his word, foreign companies could get access to Chile's large lithium reserves more easily, rekindling development of its stagnant lithium industry . Chile's restrictive lithium laws make it difficult for companies to operate independently, as 1979 legislation classifies lithium as a nuclear material, meaning firms can only mine it after obtaining a special operating contract known as a CEOL — which can take years to be approved. Under Boric's lithium strategy, companies seeking to explore lithium resources in the Atacama region must also form a joint venture (JV) with a state-owned Chilean firm, on top of securing the CEOL, further complicating entry for private and foreign investors. Kast has repeatedly said that he would make lithium "concessionable," meaning it would cease to be a nuclear material, which is subject to increased oversight. This would allow interested companies to extract it through a regular concession with a new, streamlined approval process, thus facilitating foreign investment and overruling Boric's CEOL-based lithium strategy. For that to happen, he would need to alter a pair of clauses of the national mining code, rectifying the changes through law. He has the full support of Chile's mining chamber to do so, but any changes would have to go through both congress and the senate, where his allies are a minority. Changing the national lithium strategy might not be a priority itself for Kast, but it can be bundled into his larger project of boosting mining through streamlined permitting and tax cuts, something he wants to achieve in his first 18 months in office. Kast takes the presidential seat on 11 March, but the governmental transition began on 15 December, a day after the election. Chile, the world's second-largest lithium producer, has failed to establish any new lithium extraction projects other than those of Albemarle and SQM, which have dominated the domestic industry since 1984 and 1997, respectively. It has long been Latin America's leading lithium producer, but some forecasts see Argentina catching up by 2030 . Albemarle and SQM will continue to be the only producers in Chile until at least 2032, when Rio Tinto is scheduled to begin production at its Altoandinos project , or in the event that SQM's project changes hands. Chilean exports of lithium carbonate and hydroxide declined nominally in 2025 through November to 235,365 metric tonnes (t), down from 240,237t in the same period in 2024, according to customs data. SQM-Codelco almost clear of risk despite election Although Kast has publicly opposed the SQM-Codelco joint venture, he has said he would honor the agreement if it is legally signed by the time he takes office, a condition that now appears close to being met. Chile's comptroller general's office (CGR) has acknowledged the legality of the contracts that underpin the partnership between Chilean private company SQM and state-owned miner Codelco, which would allow SQM to continue lithium exploration in the Atacama salt flats until 2060. CGR's acknowledgement was the last external approval that the joint venture needed to materialize. Codelco said that it and SQM will now move forward to the deal's closing stages. The deal still could be overturned if the companies fail to close by 11 March, but that risk is slim. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: The coming lithium cycle
Viewpoint: The coming lithium cycle
London, 23 December (Argus) — The global lithium market is geared up to enter a new growth cycle as it navigates away from the choppy waters of 2025 and rides a wave of energy and national security-linked demand. Lithium prices have fallen steadily since the highs reached at the end of 2022, reaching a low in mid-June this year of below $7,500/t cif China for lithium carbonate. Fears of oversupply, uneven electric vehicle (EV) uptake and trade tariffs weakened sentiment over the two-and-a-half year period. But prices have since recovered. The market was at $11,500-11,600/t cif China on 9 December. And a sustained new cycle of price increases is now expected, driven by increased build-out of battery energy storage system (Bess) — which many expect will surpass demand from EVs by the late 2020s. Increased scrutiny of lithium supply chains from eco-conscious buyers and growing engagement in the market by western governments may also create an emphasis on fairer pricing and challenge monopolistic practices. EV adoption drove the last lithium cycle, but this latest cycle will rely on a few new sources of demand. Fast growth in solar power installations, artificial intelligence (AI) data centres, autonomous machines and humanoid robots will all contribute to higher demand for energy storage batteries, alongside continued growth in EV use. Record solar installations across Europe, the US and Asia-Pacific are driving growth in Bess deployments. As grids adapt to a higher penetration of renewable energy sources, storage is becoming essential to balance the intermittency of these sources, and to stabilise frequency. And operators of AI data centres are exploring on-site lithium-ion storage not just for back-up supply but also to manage peak demand and reduce pressure on energy markets. Some hyper-scale facilities now rival small cities in terms of energy use, creating a new, sustained source of industrial demand for lithium. Humanoid and autonomous robots are likely to become a meaningful new source of lithium demand in the next decade. Advances in AI, sensors and actuators are rapidly moving robots out of controlled industrial settings and into logistics, healthcare, defence, construction and domestic services. The global humanoid robotics market could grow into a $5 trillion industry by 2050, reflecting not just hardware sales but software, services and supporting supply chains, investment bank Morgan Stanley said. "Humanoid robots will be far bigger than cars. Ultimately, I think there will be more humanoid robots than people," EV company Tesla chief executive and founder Elon Musk said at the launch of the Tesla Optimus 3 robot this year. Unit numbers are currently small but even conservative forecasts suggest the sector will create material battery demand. A typical humanoid robot is expected to carry a lithium-ion battery pack of roughly 2–5kWh, depending on size, payload and duty cycle — similar to the capacity of a small electric scooter or home storage module. At scale, fleets of robots operating continuously will require frequent charging, replacement packs and stationary back-up systems, creating second-order demand for lithium beyond transport. As automation increasingly becomes a national security priority, humanoid robotics could evolve from a niche application into a structurally important driver of long-term lithium consumption. Price floors and tightening standards Policy, finance and geopolitics are increasingly shaping lithium prices, in addition to demand growth. After a few years of extreme volatility, the industry is reaching a consensus that some form of price stability is needed to build the next wave of lithium supply. This is already reflected in contract structures, government intervention and new efforts to formalise trust and transparency across the supply chain. The growing prevalence of price floors in long-term offtake agreements is one of the clearest signals. Producers, converters and financiers are moving away from pure spot exposure and towards hybrid contracts that include minimum pricing thresholds to underwrite project economics. Long-term agreements increasingly include floor mechanisms designed to protect projects during downturns, with some contracts reportedly triggering these floors during the 2024-25 slump, a major industry participant said. This shift reflects a need to make lithium projects financeable in a world where capital spending is more controlled and geopolitical developments are more intrusive. Governments are also becoming more explicit in their role. The ideas of state-backed price floors or strategic offtake have entered mainstream policy discussions in Australia, with senior officials openly acknowledging that floor prices are one tool among many to support domestic supply chains. The logic is that if lithium is treated as strategic infrastructure — on par with energy grids or defence manufacturing — then markets alone may not be trusted to deliver stable investment signals. At the same time, the industry is attempting to address a deeper credibility issue. The emergence of initiatives such as the International Lithium Association's PCF stamp reflects a push to create a recognised "mark of trust" for lithium products, particularly for buyers facing mounting regulatory and environmental, social and governance scrutiny. Over time, this could contribute to a two-tier market, where verified, low-carbon and traceable lithium commands a structural premium over unverified material. While not a price mechanism in itself, such certification frameworks may indirectly support higher effective price floors by narrowing the pool of acceptable supply for western buyers. These forces suggest a lithium market that is less cyclical and more structurally managed. Trade tensions, national security concerns and industrial policy are encouraging longer contracts, government-backed demand and pricing mechanisms that reduce downside risk. The result may not be a return to the extreme price highs of 2022, but it could see the emergence of a higher and more resilient pricing baseline shaped as much by policy and trust as by supply and demand. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Chile watchdog clears SQM-Codelco deal
Chile watchdog clears SQM-Codelco deal
Sao Paulo, 22 December (Argus) — Chile's comptroller general's office (CGR) formally acknowledged on 19 December the legality of lithium mining contracts between the country's economic development firm Corfo and a planned joint venture between Codelco and SQM, clearing the way for the partnership to proceed with conditions. Corfo's mining lease and project contracts are a key legal step in allowing state-owned miner Codelco to partner with private company SQM to mine lithium in the Atacama desert under the national lithium strategy of President Gabriel Boric, who leaves office in March. Even though it acknowledged the legality of the transaction, CGR imposed a set of conditions that need to be resolved before the deal can be finalized, all of which must happen before 31 December. The acknowledgement comes after Corfo withdrew and resubmitted a legal resolution that CGR flagged for inconsistencies on early December. CGR said the effectiveness of the approved contracts hinges on Codelco submitting documentation related to the creation of its lithium subsidiary, Minera Tarar, for retroactive legal review. CGR noted that the Codelco-SQM joint-venture agreement includes a clause tying its closing to a US Securities and Exchange Commission (SEC) investigation into SQM being "substantially finished," a condition the watchdog said must be waived or modified for the deal to proceed. Corfo and Codelco must send proof to CGR by year-end proving that they complied with all conditions imposed by the watchdog. The CGR has also set some ongoing guardrails to the deal, including a mechanism that ensures Codelco — under the national lithium strategy — remains the majority owner and controller of the Atacama lithium assets unless the watchdog approves a change of ownership. It also said that payments to regional government bodies must follow strict standards and may be audited. SQM-Codelco joint-venture moves forward By acknowledging the deal's legality, the CGR paves the way for the joint venture between Chilean private company SQM and state-owned Codelco to move to its closing stages, pending the resolution of the watchdog's conditions. CGR's approval was the last necessary external sign-off needed for the agreement to materialize, according to Codelco. Chile's exiting economy minister Nicolas Gráu celebrated CGR's nod, saying that it will play a big part in "allowing Chile to double lithium production in the next decade". Codelco said it will now move forward with SQM to finalize the joint-venture, an indication that it will meet and work to resolve all of CGR's conditions. The state-owned miner said that only the final legal and administrative steps are left for the deal to close. The partnership agreement, which will allow both companies to extract lithium from the Atacama salt flats from 1 January 2031 to 31 December 2060, has been undergoing a lengthy approval process since May 2023. Eight countries and over 20 Chilean regulatory bodies signed off on the deal. CGR is still performing an audit on "certain operations associated with" the SQM-Codelco tie-up , including Codelco's financial advisory contract with investment bank Morgan Stanley, as well as Codelco's operations, to determine whether public resources are being used appropriately. It will also review claims from a congressional investigative commission regarding the transparency of the negotiation process, SQM's tax situation, and a clause that relates to Codelco's obligation to sell 100pc of extracted potassium to SQM under the partnership. The Atacama desert's brines, from which the joint venture will produce lithium, contain potassium that is precipitated and extracted alongside lithium. If the CGR identifies legal issues in its audit, it can order corrective measures, seek internal disciplinary action within the parties and refer its findings to prosecutors, though it lacks the authority to void the deal, leaving full responsibility with SQM and Codelco to finalize the partnership. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.