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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Al Taweelah smelter sustains 'significant' damage
Al Taweelah smelter sustains 'significant' damage
London, 28 March (Argus) — Emirates Global Aluminium (EGA) said its Al Taweelah smelter "sustained significant damage" during an Iranian missile and drone attack on the Khalifa Economic Zone Abu Dhabi on Saturday, with several employees injured. Al Taweelah produced 1.6mn t of cast metal in 2025, according to the company, and had substantial metal stocks on the water when the US-Israeli attacks on Iran began, as well as stockpiles in some overseas locations. EGA is a major bauxite importer, bringing in 11.15mn t in 2025 and 10.65mn t in 2024, according to Kpler data, and is a significant Capesize charterer. Until mid-2025, the company relied heavily on Guinean bauxite, operating a mine in that country. But in May 2025 , Guinea's military government rescinded several mining licences — including EGA's — following a dispute over delays in construction of an alumina refinery required under the firm's mining agreement. Since then, EGA has turned to other suppliers, mainly Australia and Ghana. Al Taweelah's bauxite imports from Australia surged to 4.65mn t in 2025 from 750,000t in 2024, according to Kpler. Since the war began, EGA has tried to maintain Australian bauxite inflows to Al Taweelah via Fujairah. In mid March , the company was seeking a Capesize or Baby Cape vessel for a Gove–Fujairah shipment for 1–5 April, with onward land transport to Al Taweelah's alumina refinery, according to market participants. The cargo also carried an option to discharge in Kandla, India — likely due to increased risks in Fujairah waters amid the war. There is no new information about the fixture for this cargo. Some vessels destined for Al Taweelah are currently stuck because of the de-facto closure of the strait of Hormuz. The Baby Cape Amarantos , which loaded in Takoradi, Ghana, on 20 February, has been idling between Mozambique and Madagascar since 18 March, Kpler data show. The damage at Al Taweelah may weigh on freight rates, while pushing aluminium prices higher. But demand for aluminium is deteriorating as well, and war-fueled gains in London Metal Exchange (LME) aluminium prices have largely evaporated after hitting a multi-year peak on 12 March , as an unclear outlook for global demand clashes with supply shocks and technical trading impacts. Iranian steelmakers Khouzestan Steel (KhSC) and Mobarakeh Steel were hit by air strikes attributed to the US and Israel on Friday, which damaged storage facilities and power infrastructure, officials said. Iran was preparing retaliatory strikes on Gulf steel producers , according to Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Gulf war may push beverage prices up
Gulf war may push beverage prices up
Houston, 28 March (Argus) — Two of the world's largest beverage makers warn that higher costs to their operations from the war in the Mideast Gulf — including higher prices for polyethylene terephthalate (PET) bottles — may soon be passed onto consumers. Both PepsiCo and Coca-Cola in the past week warned in corporate filings that higher feedstock costs and freight rates stemming from curtailed vessel traffic through the strait of Hormuz could lead to higher prices for their customers. "Our operations … including the distribution of our products and the ingredients of other raw materials used in the production of our products, may be disrupted if such [geopolitical] events persist for a prolonged period of time," PepsiCo said in its 2025 Annual Report, released 27 March. These higher costs could be passed on to customers, reducing "volume, revenue, margins and operating results." Coca-Cola also noted similar sentiments in its 10K filings on 23 March. "Geopolitical instability has in the past led, and may in the future lead, to logistical, transportation and supply chain disruptions," the company said. Some suppliers are located in regions facing that instability, so sustained disruption to manufacturing or product sourcing "... could increase costs and interrupt product supply, which could adversely impact our business." Most bottled drinks are packaged in PET bottles. The PET resin spot price in Europe has climbed significantly since the war started, up by about 65pc since late February. During the week ended 27 March Argus assessed the price at €1,450-1,600/t delivered, up from €890-960/t delivered in late February. One US PET producer has nominated a 10¢/lb increase for March PET resin, up about 17pc from the February contract. PET producer Indorama also announced an additional 5¢/lb war surcharge to all PET resin grades effective immediately in a letter to customers. "Due to the ongoing conflict in the Middle East, there have been significant cost increases in the major and minor raw materials for PET resin, driven by a continuous increase in crude oil price and severe supply chain disruption," according to Indorama's letter. "In addition, there have also been increases in inbound and outbound freight and transportation costs." Container freight costs for PET have increased by 30pc from 27 February to 20 March, closing at $83-103/t from East Asia to the US West coast, according to Argus data. Prices for aluminum, which is also used widely for beverage containers, rose multi-year highs in the first weeks of the war, but they have since fallen due to an unclear global demand outlook and other factors. Packaging costs are generally higher than the liquids they hold for companies such as Coca-Cola and PepsiCo. But they remain a relatively small component in the final costs. Distribution and logistics costs are often higher than the manufacturing costs, which expose these companies to the higher fuel costs caused by the war. By Nicole Johnson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK DLE projects push for simpler Li buildouts
UK DLE projects push for simpler Li buildouts
London, 27 March (Argus) — Direct lithium extraction (DLE) projects will only achieve cashflow if flowsheets become simpler and early engineering is more disciplined, delegates heard on day two of the UK Direct Lithium Extraction Summit in Slough this week. Investors still focus on the reinjection stage, treating it as the main project risk, even when extraction workstreams perform well, UK developer Weardale Lithium's chief executive Stewart Dickson said. That focus pushes developers into a familiar dilemma. Either compress engineering schedules to hit funding windows — the "compress and repent later" approach that risks redesign downstream — or slow development to prove out the flowsheet before seeking capital, he said. This caution persists, even though lithium projects carry a far heavier front end metallurgical load than gold or copper projects, Dickson added. He also pointed to a mismatch between perceived and actual funding appetite, in that the UK and EU sit in the lowest formal risk bracket, yet capital flows readily into regions assumed to be less stable. Local resistance adds another drag, although public pushback has long shaped project pacing across Europe. These factors make a clear, early flowsheet essential, especially at a demonstration scale, Dickson said. The case for non-integrated Li projects A similar point was made from the refining end of the chain by Gemma Cooper, chief commercial officer at UK lithium refinery project Tees Valley Lithium. Many upstream developers attempt too many steps at once, aiming for battery-grade output from the start and carrying extraction, first stage refining and original equipment manufacturing (OEM) qualification risk in a single project team, she said. This has resulted in missed milestones and capital intensity that, in some cases, has climbed towards $100,000/t, rather than the roughly $10,000/t global average. A split model — upstream firms producing a technical grade carbonate and passing material to a specialist refiner — cuts risk and shortens timelines, Cooper said. Tees Valley Lithium has secured trader feedstock arrangements and early UK supply partnerships, giving the refinery flexibility while upstream firms avoid building every process block themselves. And qualification does not need to run for several years, Cooper said, adding that some OEMs complete approvals in around six months, when volumes and specifications are stable. Producers weigh increasing DLE technology options With many UK projects still at the pilot or pre-pilot stage, brine chemistry remains the first constraint. Absorption systems are currently the most widely deployed DLE route, but they tend to use more water and energy, and their performance drops when brine chemistry shifts. These limits are driving interest in more selective membrane or electrochemical systems, research firm IDTechEx's tech analyst Daniel Parr said. Although none will perform reliably without tight pre-treatment and thorough sampling. One electrochemical route came from Australian lithium tech developer ElectraLith. The company's container-based system removes most water and reagent needs and delivers hydroxide directly, chief executive Charlie McGill said, helping place the approach at the low end of cost curves when modelled on brines tested so far. Upcoming pilot units in Western Australia, the Lithium Triangle and the UK will show how far this process can simplify the final flowsheet, McGill said. Flowsheet remains defining bottleneck Flowsheet design itself remains the defining bottleneck. Most pilot failures stem not from a weak extraction step, but from poor integration between pre-treatment, extraction and polishing stages, ILiAD Technologies' commercial director Esteban Soto said. Failure often occurs because developers combine DLE packages that were never designed to run together. The only solid route through that challenge is sampling, according to Elena Gil Aunon, water manager at lithium refining partner Worley. Early samples and bench scale work are needed to catch silica, scaling and fouling risks that can undermine both DLE units and downstream membranes, Gil Aunon said. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
LatAm lithium feels scant impact from Iran war
LatAm lithium feels scant impact from Iran war
Sao Paulo, 25 March (Argus) — Latin America's geographic position, market structure and trade flows have left the region's lithium producers largely insulated from the side-effects of the war in the Middle East. The global lithium market has not felt an immediate impact from the US-Israeli war with Iran, although second and third-order consequences could affect the industry if the conflict persists. Examples include rising diesel and seaborne freight costs, which underpin mining operations worldwide, and supply disruptions affecting sulphur , a key feedstock in some spodumene projects globally. Those effects, however, are not expected to be pronounced in Latin America, as a combination of factors shield the region from the side-effects of the war. Minimal effects from rising diesel prices Rising diesel prices are the main worry, but operational impacts on local lithium producers remain minimal. In contrast to regular mining operations — in which tens of thousands of litres of diesel are consumed each month — brine-based lithium projects draw most of their energy from the sun. Lithium Argentina (LAR), one of Argentina's leading lithium miners, said less than 2pc of its operating costs are tied to diesel and natural gas. In Argentina, truck freight rates are a major component of operational costs for lithium producers because their projects are located up to 1,800km from Rosario and Buenos Aires, the country's main export hubs. Still, LAR's exposure to higher diesel prices since the Middle East war broke out remains under 5pc of its total operating costs, even including road freight from mine to port, according to chief executive Sam Pigott. In Chile, diesel has risen sharply this week , but projects are also brine-based and located much closer to ports and local refineries. Brazilian spodumene producers are more sensitive to fuel costs, given their heavy reliance on diesel. On 13 March, state-controlled Petrobras' wholesale diesel price rose by 11.5pc to 3.65 reals/l ($0.69/l or $2.62/USG) — a smaller increase, and lower absolute price than in other major lithium producing regions, such as China, Africa and Australia , curbing the impact on miners. Brazil's own diesel production, albeit insufficient to supply the entire domestic market, helps contain price surges. Brazil imports about 40pc of its diesel, mainly from Russia and the US, whose supply has not been affected by the war and de facto closure of the strait of Hormuz. But buyers in other countries have started to seek out more Russian and US product after Washington waived sanctions on Russian oil , intensifying the competition that Brazilian importers face. Still, flows are much less threatened than in Africa and Australia given Brazil's domestic output — even though further price rises may still materialise. Diesel also underpins soda ash and other feedstocks for lithium production, which could eventually lift input prices. But that has not occurred so far. "Our exposure is around what the diesel price is going to do, and if it forces higher input costs for us," Pigott said on 23 March. "So far, it seems minimal, if at all." Small impact on freight Shipping has felt indirect ripple effects from the closure of the strait of Hormuz worldwide, but Latin America's geographic position shields it from more intense shocks. None of Latin America's lithium-related trade routes pass near Hormuz, meaning that neither US-sourced soda ash nor lithium chemicals and spodumene exported to Asia face insurance risk or war surcharges. Still, container rates from Latin America to Asia have risen as the disruptions in and around Hormuz have tightened global container supply. But the increase has been modest on a per-ton basis, limiting its effect on large shipments such as lithium exports. Chile alone used around 1,222 containers for lithium shipments in February, according to Argus calculations. Argus -assessed seaborne freight rates between Argentina and Shanghai have risen by $18.50/t to $26.80/t since the war began, but the impact on fob Argentina lithium carbonate prices — less than 1pc against the current $19,090/t level — has been minimal. Bunker costs in the Americas also climbed more slowly than in other regions. Bunker fuel premiums in Singapore relative to the US Gulf coast have soared to their highest in five years since the war started, as regions dependent on bunker imports began competing for fuel. Meanwhile, in Latin America, prices for marine gasoil (MGO) and very-low sulphur fuel oil (VLSFO) at key ports — including San Antonio in Chile, Santos in Brazil and Zona Comun in Argentina — were as much as $100/t below international market levels. Sulphur shocks are also not a factor for Latin American lithium, as brine-based operations do not normally use it and Brazilian spodumene producers use electricity-powered dense media separation to concentrate their produce, not sulphuric acid or diesel-powered DMS as some of their counterparts do. Together, these factors are keeping Argentinian, Brazilian and Chilean producers' exposure limited. By Pedro Consoli, Gabriel Tassi Lara and Maria Albuquerque Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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