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.
2A expanding aluminum die-cast ops in Alabama
2A expanding aluminum die-cast ops in Alabama
Houston, 13 August (Argus) — High-pressure aluminum die-caster 2A USA plans to increase production capacity through a $32mn expansion at its manufacturing facility in Auburn, Alabama. The project will add casting and machining capabilities for "complex and large aluminum components" used in heavy-duty trucks, Alabama governor Kay Ivey said on Wednesday. Neither a construction timeline nor details about how much output would grow were disclosed. 2A USA's plans come as the US has sought to increase domestic manufacturing through trade policies, which have included global import tariffs on both aluminum products and heavy-duty trucks . The White House currently is seeking to tighten minimum US-origin content requirements for products covered under the US-Mexico-Canada free trade agreement, as part of its efforts to renegotiate the pact. The company, which is the North American segment of Italy-based 2A, acquired the Auburn facility in 2014 and has continually invested in its operations there, including a $15mn expansion in 2019. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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.
Record low Rhine threatens German manufacturing
Record low Rhine threatens German manufacturing
London, 12 August (Argus) — Rhine water levels have sunk past historic lows, which could cause a chain reaction affecting Germany's transport system, manufacturing sector and large parts of the economy, metals associations BDSV, VDM and BVSE have warned. The water level at the key Kaub measuring point fell to 11cm as of 1pm today, surpassing previous historic lows set in 2018. Kaub acts as a reference point for commercial shipping along the waterway. On certain sections of the river, barges are only allowed to carry a third of their usual cargoes, the associations said, while scrap market participants have said use of other parts of inland waterways is not possible for them as traffic has almost come to a standstill . In 2024, around 120mn t of material was transported for the German steel industry with just under 50pc moved by rail, close to 32pc by inland waterways, and 19pc by truck. Around 38mn t of steel or steel-related materials are transported annually by waterway vessels. "If, hypothetically, just half of that were shifted to road transport, with a payload of 25t per truck, more than 760,000 additional truckloads per year would be required — over 63,000 per month," the associations said in a joint statement. Rail cannot compensate either, they added, describing the situation as "similar to a highway with closed lanes", as steel and recycling sectors also compete with other industries for the same scarce capacity. Rising steel output is also increasing the pressure on logistics and input supply. Germany increased its crude steel output in June, with 18.6mn t produced in the first half of this year, an 8.9pc year-on-year rise, World Steel Association figures show. A rise in water levels will not immediately clear the backlog in recyclers' yards and steelmakers' supply chains because returning vessel capacity would be competed for by other industries, the associations said. The associations called for a co-ordinated approach across all modes of transport in the short term and stressed that Germany needs more resilient infrastructure in the long term. "Low water levels are not an isolated transportation problem. If raw materials do not reach factories or products do not reach their customers, production, construction, investments and economic value creation come under pressure. This challenge can only be solved across the entire supply chain and across all modes of transport," they said. By Corey Aunger Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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