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).
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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.
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Jare, Australia's Lynas expand rare earth supply deal
Jare, Australia's Lynas expand rare earth supply deal
Sydney, 11 March (Argus) — Japanese joint venture Japan Australia Rare Earths (Jare) has committed to buying from Australian producer Lynas Rare Earths at least 5,000 t/yr of neodymium-praseodymium (NdPr) oxide with a floor price of $110/kg until 2038, the latter said on 10 March. Jare has also committed to buying at least 50pc of Lynas' heavy rare earth output as part of an improved agreement between the pair, the Australian producer said. Lynas has agreed to pay 30pc of its price upside on neodymium-praseodymium sales valued at over $150/kg under the deal to Jare, the company said. But these payments will be capped at $10mn/yr, it added. Lynas will supply Japanese producers with up to 7,200 t/yr of neodymium-praseodymium oxide and 75pc of its heavy rare earth oxide output over the deal period, expanding on an existing agreement. Jare plans to buy rare earth oxides on behalf of Japanese producers. Lynas, Jare, and specific producers will agree on the pricing and volume terms of sales under the agreement, Lynas said. The deal between Lynas and Jare expands on an existing deal between the pair. Lynas agreed to supply up to 65pc of its dysprosium and terbium output to Japanese producers in March 2023. The company also previously agreed to prioritise up to 7,200 t/yr of neodymium-praseodymium sales to Jare, when Lynas produces less than 9,600 t/yr of the oxide. Lynas produced 6,375t of rare earth oxides in July-December 2025, up by 19pc on the year. Lynas plans to produce separated samarium from April 2026 and separated gadolinium, yttrium and lutetium by 2028, it said in late 2025. It began separated terbium and dysprosium production in 2025. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Demand fails to lift stainless steel utilisation: ISSDA
Demand fails to lift stainless steel utilisation: ISSDA
Mumbai, 10 March (Argus) — India's stainless steel capacity utilisation remains below potential despite strong infrastructure-led demand, because subsidised and low-grade imports continue to undercut domestic producers, according to the Indian Stainless Steel Development Association (ISSDA). The health of India's stainless steel value chain must be assessed on structural fundamentals rather than production volumes alone, ISSDA president Rajamani Krishnamurti told Argus . Infrastructure-led demand in India is rising strongly, yet domestic capacity utilisation remains below potential. This reflects distorted market conditions in which subsidised and low-grade imports consistently undercut higher-quality domestic output, Krishnamurti said. Even facilities capable of producing global-standard material are operating below optimal levels despite healthy underlying demand. Dependence on imported raw materials remains another structural challenge, he said. India continues to rely on imported inputs even though stainless steel is fully recyclable and retains intrinsic value through scrap recovery. Strengthening the domestic scrap ecosystem would not only reduce import reliance but also support circularity, resource efficiency and decarbonisation goals. The lowest-cost (L1) tendering model prioritises immediate savings over durability and lifecycle performance. Shifting to life-cycle cost analysis (LCCA) in public procurement would reward higher-quality materials, improve infrastructure longevity and provide clearer demand signals for domestic producers, Krishnamurti said. Policy interventions have begun addressing some of these distortions. Recent measures, particularly quality control orders (QCOs), have strengthened market standards by ensuring that material entering the country meets minimum safety and performance thresholds. These rules have helped curb inflows of substandard and non-prime steel, which often lacks adequate corrosion resistance for India's varied climatic conditions. Anti-dumping and safeguard duties have provided some relief, but pricing dynamics remain distorted because of enforcement gaps and continued circumvention. This forces technologically advanced domestic producers to compete primarily on price rather than performance, undermining long-term infrastructure outcomes. As long as tenders are awarded solely to the lowest bidder, lower-grade imports are likely to continue capturing market share regardless of lifecycle performance, he said. Supply security and export pressures Securing ferro-chrome supply is another priority for the sector, Krishnamurti said. Global volatility in energy and logistics has exposed the risks of external dependence for this key alloying element. Krishnamurti proposed a three-pillar strategy: prioritising domestic value addition through local conversion of chromite reserves, integrating renewable captive power to stabilise production costs, and building strategic reserves supported by stronger internal logistics to safeguard infrastructure projects against global supply disruptions. External trade barriers are also reshaping export prospects, he said. The EU's decision to reduce duty-free quotas by nearly 47pc and impose tariffs of about 50pc beyond those limits has made the region commercially unviable for large parts of the year. The bloc's Carbon Border Adjustment Mechanism (CBAM) further raises the landed cost of Indian stainless steel, even for efficient producers. These developments increase pressure on India to accelerate the shift toward lower-carbon production, Krishnamurti said. At the same time, India's expanding domestic infrastructure pipeline could absorb some export volumes, while emerging markets in the Middle East, southeast Asia and Africa offer growth opportunities with fewer trade barriers. The sector needs greater adoption of scrap-based and renewable-powered production, a dedicated national stainless steel policy and wider use of LCCA in procurement frameworks to support demand for higher-quality material, Krishnamurti said. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Dyno Nobel to sell Phosphate Hill plant
Australia's Dyno Nobel to sell Phosphate Hill plant
Sydney, 9 March (Argus) — Australian explosives company Dyno Nobel will sell its 769,000 t/yr Phosphate Hill fertilizer plant to Australian energy and resources company Mayfair's wholly owned subsidiary Ryowa II GPS for up to A$100mn ($70mn), the company said today. The finalisation of the sale on 1 April depends on agreements between Dyno Nobel, Mayfair, the Queensland government, and the Australian Competition and Consumer Commission, Dyno Nobel said. Dyno Nobel will close Phosphate Hill by 30 September 2026 if the sale is unsuccessful, the company said. The agreement includes around A$80mn of inventory from Phosphate Hill. Dyno Nobel will provide A$125.9mn to support the future rehabilitation and remediation of the facility. The sale also ensures employment for current employees, allowing the facility to continue to provide a domestic fertilizer supply, Dyno Nobel said. Extended closures of the Mount Isa railway affected Phosphate Hill's operations over July 2025-February 2026. The facility depends on sulphuric acid supply from Glencore's Mount Isa copper smelter and refinery . Phosphate Hill generated A$233.2mn of earnings ending before interest and taxes in the October 2024-September 2025 financial year, the company said on in November 2025. It has generated A$33mn in its October 2025-September 2026 financial year to date, it said. Glencore received a A$600mn aid package from the Australian government to support the Mount Isa copper smelter and Townsville refinery, allowing the company to continue operations and invest in upgrades, Glencore said in October 2025. Glencore and Phosphate Hill operations are interlinked, Australia's minister for industry Tim Ayres said in an interview on 18 February. They are interoperable, and it is very important that Phosphate Hill's owners operate in the regional interest and invest in the site, Ayres added. Mayfair did not respond to comment by time of publishing. Glencore will monitor Phosphate Hill developments related to the Mount Isa acid plant, the company told Argus on 9 March. By Susannah Cornford and Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Al price forecasts hit $4,000/t on Middle East conflict
Al price forecasts hit $4,000/t on Middle East conflict
London, 5 March (Argus) — Aluminium price forecasts are surging higher because of the disruption to deliveries from producers in the Middle East as a result of the US-Israel and Iran war, and some analysts are now suggesting that London Metal Exchange (LME) aluminium prices could reach all-time highs above $4,000/t. Regional premiums are also set for substantial increases against an unprecedentedly tight supply outlook. Official LME three-month aluminium prices reached $3,372/t in Wednesday's trading, topping the earlier 2026 peak from late January and setting a new four-year high after supply from producers in the Middle East was cut off from global consumers because of shipping disruption through the strait of Hormuz. More than 5mn t of aluminium was shipped through the strait last year, bound for around 70 countries across Asia, Europe and North America, with vast quantities of bauxite and alumina passing through in the opposite direction. Regional aluminium producers Qatalum and Alba have already announced production and delivery stoppages. Saudi Arabia's Maaden and the UAE's Emirates Global Aluminium (EGA) have options to move material by truck to other ports and avoid the affected waterway, but this will entail significant time and expense, and does not solve the issue of ensuring raw material deliveries vital to continuing operations in the longer term. EGA informed customers earlier this week that it could also leverage stocks held outside the UAE to ensure near-term deliveries. US investment bank Goldman Sachs said earlier this week that just one month of full production loss from the Middle East would temporarily justify a price of $3,600/t, but forecasts have since increased as the market considers a longer-term disruption to supplies from the region. Fellow US bank Citi on Wednesday raised its price forecast for the next three months to $3,600/t, but said prices could climb to $4,000/t "in a bull-case scenario". "Force majeure has now materialised at two Gulf producers, marking a clear shift from risk to realised disruption," Citi said. Analysts also see significant upside to regional delivery premiums as the Middle East disruption adds to an already tight supply outlook, especially in Europe, which in recent years has seen Russian supplies cut off because of the conflict in Ukraine, swathes of domestic capacity closed because of high energy prices, and dwindling supply of aluminium scrap because of leakage to export markets that can offer higher prices. More recently, Europe faces the imminent loss of supply from the Mozal smelter in Mozambique because of power problems and an ongoing production stoppage at Icelandic smelter Nordural. The US, meanwhile, is dealing with the impacts of President Donald Trump's trade tariffs. Argus' assessment for the European P1020 duty-paid aluminium premium jumped to $410-440/t on Wednesday, from $340-370/t previously, while its assessment for the US Midwest premium set a new record high at $1.06-1.08/lb, up from $1.03-1.05/lb a week earlier. Premiums are likely to continue to rise for as long as output from the Middle East remains disrupted. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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