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
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Brazil approves critical minerals bill
Brazil approves critical minerals bill
Sao Paulo, 3 September (Argus) — Brazil's senate passed a bill creating the first structural policy for its growing critical minerals industry. The senate passed the bill on the evening of 2 September by a symbolic vote, with the session's president proclaiming the outcome based on responses from lawmakers present, rather than through a recorded numerical tally of votes in favor or against. The bill had passed in the lower house and was approved with only minor changes to its text, making the senate's approval final. The bill is now set to be sanctioned by President Luiz Inacio Lula da Silva. The bill, which supports the local critical minerals industry, creates a fund — with R2bn ($406mn) in federal money — to "guarantee projects and activities linked to the production of critical and strategic minerals" including rare earths, nickel and lithium. It also sets up a program with R5bn in tax credits over five years to encourage "processing and transformation" of such minerals. The bill also defines critical minerals as resources whose scarcity could affect the national economy, while strategic minerals are those structurally important to Brazil's sovereignty because of the size of its reserves. Brazil holds one of the world's largest non-Chinese supplies of critical minerals. It has the largest niobium reserves globally, ranks second in rare earths and graphite, third in nickel, fourth in manganese, and also possesses large lithium reserves, according to government figures. A controversial clause The bill establishes a federal council, which can rule on transactions it considers relevant to national sovereignty, a provision opposed by market participants. The council's structure allows the federal government to approve or veto transactions it deems relevant to national or public interests. Market participants and lobbyists tried to strip the council of its ruling powers, but to no success, multiple sources told Argus . While the policy is broadly viewed as a positive development, the bill preserves the council's project approval powers without specifying its scope or review criteria. "The bill establishes another oversight body without clearly defining its responsibilities or which projects will be subject to its approval," Marisa Cesar, president of Brazil's critical minerals association AMC and vice-president of corporate affairs at PLS Brasil told Argus . "That lack of predictability could affect Brazil's ability to attract and retain investment." Cesar said the absence of clearly defined review criteria could create practical challenges, especially if the council's oversight extends to a large number of transactions. Without clear thresholds or project-selection criteria, companies could face an additional layer of regulatory scrutiny across thousands of annual mining-sector operations, she said. Next steps Still, much of the policy framework still needs to be built. The government must appoint members to the new federal council, which will have 20 seats. Federal officials will fill 15 seats, while industry groups, research institutes and other civil society organizations will choose the remaining five. Authorities must also structure the R2bn investment fund and establish the R5bn tax-credit framework. Industry and government representatives also need to determine which minerals qualify as critical and which qualify as strategic. The legislation calls for a list that can evolve to reflect changing market conditions, technological developments and national priorities. All policies should be in place within 90 days. Even though market participants and the chief of staff's office are in talks to implement all structures related to the bill, delays could happen. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's August lithium loadings fall
Australia's August lithium loadings fall
Singapore, 3 September (Argus) — Australia's lithium loading volumes are estimated to have fallen in August, with declines recorded across all major loading ports, according to vessel-tracking data compiled by Argus . Australian ports are estimated to have loaded about 286,000t of lithium in August, down by 23pc against 372,600t in July, latest data from vessel tracking firm Kpler compiled by Argus show. Official July data from the Australian Bureau of Statistics, supplied through Global Trade Tracker, typically lagged behind Kpler's real-time data, showed loadings of about 370,500t, broadly in line with Argus ' compiled figures. Bunbury port, near Covalent Lithium's Mt Holland operations and the country's most cost-efficient lithium mine Greenbushes, loaded around 163,000t in August, down by 7.6pc on the month. Covalent Lithium is backed by Australian conglomerate Wesfarmers and Chilean lithium producer SQM, while Greenbushes is operated by Australian mining group IGO alongside major Chinese firm Tianqi Lithium and US-based producer Albemarle. Shipments from Port Geraldton, used by lithium miner Liontown Resources, similarly fell by 34pc on the month to 39,100t. Volumes out of Port Hedland and Esperance fell by 54pc and 20pc on the month, respectively, to roughly 34,650t and 49,250t. Australian iron ore and lithium producer Mineral Resources (MinRes) ships spodumene from its Wodgina site via Port Hedland, while lithium producer PLS' Pilgangoora project is also located nearby. MinRes' Bald Hill and Mount Marion operations both export spodumene through Esperance. South Korean conglomerate Posco will own a 15pc stake in Mount Marion once a deal between MinRes and Posco completes, which is expected in July-December 2026. Chinese lithium producer Ganfeng owns half of Mount Marion, leaving MinRes with a 35pc stake after the transaction closes. The vast majority of Australian spodumene is shipped to China. Spodumene demand in China remains "decent", although demand has slowed down on Chinese lithium producers' plant maintenance , a source at an Australian spodumene producer said, but pointed at strong downstream battery demand. By Joseph Ho Australia's bulk lithium exports (t) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Dry weather threatens Indonesian nickel production
Dry weather threatens Indonesian nickel production
Singapore, 3 September (Argus) — Nickel output at Indonesia Morowali Industrial Park (IMIP) may come under pressure in the near term because of dry weather and high temperatures linked to the El Niño weather pattern that would strain water supplies. Reduced rainfall and weaker river flows could be new challenges to nickel operations. And output from IMIP's processing facilities may be disrupted if dry conditions persist and water availability deteriorates further, some sources said. High pressure acid leaching (HPAL) operations are water-intensive. An HPAL plant could consume 200-400m³ of water for every tonne of nickel produced. Rotary kiln electric furnace (RKEF) operations are energy-intensive and use significantly less water, but they are still vulnerable to dry weather. Most RKEF operations in IMIP rely on off-grid coal-fired captive power plants. Dry weather has severely reduced water levels, disrupting coal-barging routes in Indonesia's coal mining hubs such as Kalimantan, which has threatened coal supply for captive power plants in IMIP. Any production disruptions could lend support to nickel prices, which recently traded at $16,000-17,000/t on the London Metal Exchange (LME). Indonesia's Meteorology, Climatology and Geophysics Agency (BMKG) has issued an early drought warning for several regions, including parts of Sulawesi, where dry conditions are expected to persist. Rainfall level is also predicted to be less than 50mm/month in Sulawesi island in September. Market participants are closely tracking weather developments for signs of potential impacts on Indonesia's nickel sector, which is already contending with subdued demand and elevated feedstock costs. Some mixed hydroxide precipitate (MHP) producers in Indonesia were already considering to output reductions in September because of rising sulphur-related production costs and weaker-than-expected demand from the battery materials sector. The scope and timing of any cuts have yet to be confirmed, but prolonged dry weather and the risk of water shortages have increased concerns over further production curtailments. Major HPAL operations in IMIP include battery metals producer Huayou Cobalt's Huayue plant, which has nickel capacity of around 60,000 t/yr, as well as QMB and GEM-related projects with a combined capacity of roughly 150,000 t/yr. Excelsior Nickel Cobalt's ENC's 72,000 t/yr nickel project also began production in July. Company disclosures indicate Huayue produced 85,031t of nickel in 2025, while GEM-related projects generated around 110,000t. Morowali's RKEF capacity is estimated at roughly 5mn t/yr, although not all facilities are running at full utilisation. Nickel production from RKEF plants is estimated at around 450,000 t/yr, primarily in the form of nickel pig iron (NPI), while some nickel cathode production relies on nickel matte feedstock, according to data compiled by Argus . El Niño conditions are expected to remain strong through the peak dry-season months, with seasonal conditions typically easing from October. But uncertainty remains over how weather patterns will develop during the remainder of the year, clouding the outlook for nickel production activities. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Vulcan targets 21,100 t/yr Li2CO3 at German Li project
Vulcan targets 21,100 t/yr Li2CO3 at German Li project
Singapore, 3 September (Argus) — Australian listed lithium producer Vulcan Energy has unveiled details of its proposed phase 2 lithium project in Germany's Ludwigshafen region, including targeted 21,100 t/yr of battery-grade lithium carbonate output, having freshly completed its preliminary feasibility study (PFS). The firm floated the idea of selling products from Project Ludwig to the EU market, according to Vulcan's announcement on 3 September detailing the PFS results. Vulcan earlier this year started construction of its phase 1, the integrated Lionheart project in Germany, with the 24,000 t/yr of lithium hydroxide operation set to begin production in 2028. The PFS put Ludwig's C1 costs on a comparable ground with its Lionheart project. Ludwig's C1 cost is estimated at €4,101/t ($4,750/t) of lithium carbonate, while Lionheart's C1 cost is €3,588/t of lithium hydroxide monohydrate, which translates to $4,077/t of lithium carbonate equivalent. Both Ludwig and Lionheart sit within the lowest cost quartile on the global lithium project cost curve, Vulcan said. Capital expenditure for Ludwig is expected to be lower at about €1.26bn compared to Lionheart's near €1.48bn, according to Vulcan's announcement. A final investment decision for Ludwig will be made after Lionheart begins production, Vulcan said, which suggests an FID only around 2028. Vulcan's PFS positions Ludwig as an integrated geothermal heat energy and lithium project, featuring heat co-product. Lithium chloride concentrate will be extracted via direct lithium extraction technology after geothermal brine is piped to a central processing facility, and the brine's thermal energy will be utilised to support operations and for external sales. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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