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.
Latest base metals news
Browse the latest market moving news on the global base metals industry.
Australia’s Lynas raises $490mn for RE expansion
Australia’s Lynas raises $490mn for RE expansion
Sydney, 29 August (Argus) — Australian metal producer Lynas Rare Earths has raised A$750mn ($490mn) via share sales to ramp up and expand its global mining and processing operations, positioning itself to support magnet makers outside China. Lynas has raised capital at a valuation of A$13.25/share, down by 10pc on its most recent trading price of A$14.73/share, it told investors today. The company will also offer existing retail investors the chance to buy up to A$75mn worth of shares at the discounted price. Lynas will use some of the money it raised to expand its existing operations. The company produced separated dysprosium and terbium oxide at its Malaysian processing plant in May and June respectively, becoming the first maker of separated heavy rare earths outside China. It plans to expand its line of heavy rare earth products further. Lynas also aims to expand its downstream processing operations over the next few years. It signed a non-binding agreement with South Korean permanent magnet manufacturer JS Link in late July to develop a 3,000 t/yr plant in Malaysia. The company is also developing a 2,500–3,000 t/yr heavy rare earth and 5,000 t/yr light rare earth processing plant in Texas, funded by the US government . Lynas is also developing projects to improve access to rare earth feedstock. The company signed an agreement with Malaysia's Kelantan state government to support rare earth-rich ionic clay firms. It is also ramping up its recently completed Mount Weld mine expansion, which should boost its total neodymium-praseodymium (NdPr) oxide production capacity by 2,400 t/yr. Lynas' latest capital raise comes just days after three Chinese ministries published strict rare earth controls preventing private organisations and individuals from processing the minerals. The move has pushed up NdPr oxide prices. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan’s domestic car output falls in July
Japan’s domestic car output falls in July
Tokyo, 29 August (Argus) — Japan's domestic car output fell on the year in July, partially driven by reduced exports to the US market. Total car output fell to around 700,000 units in July, down by 7.7pc from a year earlier, according to data compiled by Argus based on reporting by eight major domestic car manufacturers. Car production fell partly because of weaker export demand, especially in the US market, Japan's trade and industry Meti said today. Japan's car exports to the US fell by 3.2pc on the year to 123,531 units, based on the country's customs data. This is despite Japan's overall car exports to the global market having increased by 3.2pc on the year to 520,328 units. It remains unclear whether the fall is directly linked to the US tariffs, Meti said. Meti's monthly industrial production survey for July found that no manufacturing firm explicitly cited the US tariffs as a reason for reduced exports, according to a Meti official. Washington and Tokyo reached a trade agreement on 23 July, under which the US will impose a 15pc tariff on Japanese car imports. This is lower than the previous additional rate of 25pc, on top of the existing 2.5pc in April. But the new tariff has yet to take effect, pending final approval via executive order by US president Donald Trump. Meanwhile, a magnitude 8.8 earthquake that struck Russia's Kamchatka peninsula on 30 July had minimal impact on domestic car output, Meti said. The ministry's survey showed that the earthquake and its subsequent tsunami wave partially disrupted seaborne delivery but did not affect domestic production, according to Meti. By Yusuke Maekawa Japan's car production (units)* Jul '25 Apr '25 Jul '24 y-o-y± % Toyota 292,041 273,438 309,118 -5.5 Daihatsu 58,640 72,810 66,558 -11.9 Mazda 56,637 60,930 78,529 -27.9 Subaru 53,646 53,946 61,585 -12.9 Honda 67,804 60,804 61,679 9.9 Suzuki 84,318 82,971 89,390 -5.7 Mitsubishi 40,598 36,555 45,442 -10.7 Nissan 46,116 44,260 46,270 -0.3 Total 699,800 685,714 758,571 -7.7 Source: Japanese car makers * Excludes commercial vehicles Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia's IGO, Tianqi in talks over lithium refinery
Australia's IGO, Tianqi in talks over lithium refinery
Sydney, 28 August (Argus) — Australian lithium producer IGO is in talks with Chinese firm Tianqi Lithium over the future of its Kwinana lithium hydroxide refinery in Western Australia, after losing A$955mn ($622mn) in the July 2024-June 2025 financial year. IGO does not believe it has a path to achieving a sustainable return on the 24,000 t/yr refinery project, it told investors on a 28 August call. It is discussing a range of options with Tianqi, the company said. The Kwinana refinery posted a A$28.7mn loss during the 2024-25 financial year and operated below its nameplate capacity in the April-June quarter of the July 2024-June 2025 financial year because of equipment failures. Tianqi owns a 51pc stake in the project, through the Tianqi Lithium Energy Australia (TLEA) joint venture. IGO did not reveal specific details about the ongoing discussions and will update investors at a later stage. IGO fully impaired its 49pc stake in the refinery's only operational plant on 31 July. TLEA also stopped all work on a proposed 24,000 t/yr refinery expansion in January. TLEA will continue to ramp up the refinery to nameplate capacity, while the two companies discuss a path forward. The joint venture plans to produce 9,000–11,000t of lithium hydroxide at Kwinana in 2025-26, up from 6,782t in 2024-25, it said on 31 July. The joint venture will also focus on building a new processing plant at its 1.5mn t/yr Greenbushes lithium mine. The expansion is nearly complete, IGO said today. The expansion should lift Greenbushes' spodumene capacity to 2mn t/yr. TLEA will process 1.5mn–1.65mn t of spodumene at Greenbushes, up from 1.48mn t a year earlier. Lithium prices fell sharply over 2024-25. Argus ' lithium concentrate (spodumene) 6pc Li2O cif China price was assessed at $607/t on 24 June, down from $1,070/t on 2 July 2024. It was last assessed at $910/t on 26 August. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Rio Tinto Al output cut lifts New Zealand power supply
Rio Tinto Al output cut lifts New Zealand power supply
Sydney, 27 August (Argus) — UK-Australian metal producer Rio Tinto cut production at its Tiwai Point aluminium smelter over the 2024-25 financial year to 30 June, which freed up 500GWh of New Zealand's power supply. The 335,000 t/yr smelter absorbed 24pc of New Zealand utility Meridian Energy's generation over the year, down from 37pc in 2023-24, Meridian said in a financial report on 27 August. Rio Tinto ran its Tiwai Point smelter at a reduced rate from June 2024–June 2025 , under an electricity demand reduction agreement with Meridian. It wound down one-third of the plant's operations in June 2024 during a national electricity shortage. Rio Tinto produced 257,000t of aluminium at Tiwai Point over 2024-25, down from 264,000t in 2023-24, despite its stake in the plant rising from 79pc to 100pc in November 2024. The company agreed to buy out Japanese producer Sumimoto Chemical's stake in the business in May 2024. Meridian Energy and Rio Tinto signed a 20-year electricity supply agreement — including electricity reduction provisions — relating to Tiwai Point in May 2024. Rio Tinto had previously planned to close the plant in 2021 over high energy costs. Other New Zealand producers have also faced energy issues over the 2024-25 financial year. Canadian methanol producer Methanex temporarily shut two 900,000 t/yr North Island methanol plants August 2024 to direct its contracted gas supplies to the national energy market. New Zealand's electricity supply outlook remains uncertain. The country's risk of an electricity shortage over the next year has been increasing over recent weeks, but currently remains within normal levels, according to state-owned grid operator Transpower. New Zealand's hydroelectric storage capacity fell to 77pc of its historical seasonal average over the week to 24 August, down from 83pc over the previous week, data from Transpower show. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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