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.
Q&A: US' ACE Green bets on LFP batteries
Q&A: US' ACE Green bets on LFP batteries
Singapore, 9 May (Argus) — US-based battery recycler ACE Green Recycling has been focusing on the US market, particularly its upcoming Texas recycling site, and plans to run its lead-acid and lithium-iron-phosphate (LFP) battery recycling operations alongside each other in Texas. Argus spoke with ACE Green Recycling's vice-president of investments and strategy, Aaron Wee, about their Texas site, battery recycling gate fees in Europe and the black mass market. The interview is split into two parts and part two's edited highlights follow: What's your view on the US market? The US market for lead is [one of] the most attractive market in the world. It's where you can find possibly some of the cheapest scrap batteries for lead, and also get some of the highest premiums on refined and alloyed lead. In terms of lithium, obviously the US is either the second- or the third-largest economy for [electric vehicles] and lithium batteries in general. Nowadays, with the improvements in LFP battery technology, the range and energy density problems of the past are now not really an issue. We sort of predicted the shift towards LFP quite some time ago. Back when the recyclers were concerned about nickel-manganese-cobalt (NMC) because we're going to get nickel, we're going to get cobalt. That was a relatively easy win for a lot of recyclers. But for us, LFP was always going to be the battery of the future. In fact, in our Texas project, we've already [begun the process of acquiring] the land and the facilities to combine both our battery recycling technology stacks and to co-locate them in a single location. But lead will start first because lead is going to make money tomorrow. LFP might take a little bit of time before feedstock actually comes in. What does ACE think of gate fees, especially in Europe? Does it distort the long-term consideration when setting up battery recycling operations? From a commercial point of view, I think depending on the battery type, that would be €500-800/t of batteries for gate fees in Europe. This may or may not hold over the next couple of years as more recycling capabilities are deployed in Europe. We won't say no to just getting money to recycle them. But our ultimate goal is not to rely on gate fees as a commercial strategy. Moving forward, I don't think any company can rely on gate fees as a strategy. It just won't be tenable. Eventually, somebody's going to be able to do it cheaper and better than you. And if you rely on gate fees, that's the end game right there. Gate fees are usually correlated with the price of lithium. [If] the price of lithium goes up, then recyclers won't [need to] rely on [gate fees]. Chances are we're going to be looking at maybe $12,000/t of lithium carbonate, [or] maybe $11,000 by the end of this year. What does ACE feel about the current pricing mechanism of black mass, battery scrap or even lithium? The correlation between lithium prices and black mass is very strong. But black mass as a commodity is a little bit trickier to export to China because of the regulations. Once they accept black mass [imports], especially LFP black mass, that will have a significant change. There will also perhaps be a fall in prices in the rest of the world because now they can sell to China, not just internally in their own domestic markets. Depending on how trade barriers may or may not come up over the next couple of months, we should see a shift in how black mass is priced. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump to grant partial tariff relief to UK
Trump to grant partial tariff relief to UK
Washington, 8 May (Argus) — The US will carve out import quotas for UK-produced cars and, eventually, reduce tariffs on UK steel and aluminum, under a preliminary deal US president Donald Trump and UK prime minister Keir Starmer announced today. The Trump administration will allow UK car manufacturers to export 100,000 cars to the US at a 10pc tariff rate, instead of the 25pc tariff to which all foreign auto imports are subject. The US and the UK will negotiate a "trading union" on steel and aluminum that will harmonize supply chains, US commerce secretary Howard Lutnick said. The US commended the UK government on taking control of Chinese-owned steelmaker British Steel last month. As a result of that action, under yet to be negotiated arrangements, the US would reconsider the UK's inclusion in its 25pc tariffs on steel and aluminum, the White House said. Starmer, speaking after the ceremony, told reporters that US tariffs on the UK-sourced steel and aluminum would, in fact, fall to zero. Trump announced the deal during a ceremony at the White House, with Starmer phoning in. The two leaders suggested that their preliminary deal was as significant as the end of World War II in Europe, 80 years ago. But that deal, which Trump described as "full and comprehensive" hours before its announcement is anything but that. Under the "US-UK Agreement in Principle to negotiate an Economic Prosperity Deal", the US will maintain the 10pc baseline tariff on nearly all imports from the UK that went into effect on 5 April, Trump said. The UK, Trump said, would lower the effective rate on US imports to 1.8pc from 5.1pc. The actual details of the agreement are yet to be negotiated. "The final deal is being written up" in the coming weeks, Trump said, adding that it was "very conclusive". Boeing, beef and biofuel The UK would commit to buying $10bn worth of Boeing airplanes, Trump said. He described the UK market as "closed" to US beef, ethanol and many other products, and said that the UK agreed to open its agricultural markets as a result of his deal. US ethanol exports to the UK, in fact, rose by 23pc year-on-year in March. Under the deal, the UK would expand market access to US ethanol, creating $500mn more in US exports, the White House said. The UK will reduce to zero the tariff on US-sourced ethanol, the UK Department of Business said, adding that "it is used to produce beer". Trump previewed the preliminary deal with the UK as the first of the many trade agreements the US administration is negotiating with many other countries. Trump contended today that there are trade talks underway with the EU and expressed confidence that the US-China trade discussions expected over the weekend would produce results. But Trump added that he will not lower the high tariffs on imports from nearly every US trade partner he imposed last month and described the UK's 10pc tariff rate as a favor to that country. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
High sulphur prices pressure Indonesian buyers
High sulphur prices pressure Indonesian buyers
Singapore, 7 May (Argus) — Steep increases in sulphur prices, against expectations of lower future nickel demand, and falling nickel prices since last year are pressuring metals producers in Indonesia, and some are considering postponing new projects. Sulphur is used as a raw material in the production of nickel intermediates such as nickel matte and mixed hydroxide precipitate (MHP), through the rotary kiln-electric furnace (RKEF) and high-pressure acid leaching (HPAL) processes, respectively. Producing 1t of MHP or nickel matte requires an estimated 10t and 15t of sulphur, respectively. Global sulphur prices began to rise in mid-2024 on firmer demand from Morocco and Indonesia. Morocco's OCP started up two sulphur burners last year that will consume 967,000 t/yr of sulphur at capacity. In Indonesia, newly commissioned HPAL production lines at QMB New Energy Materials and Halmahera Persada Lygend also added an estimated 830,000 t/yr of sulphur demand. Uncertainty over Kazakh and Russian sulphur export availability because of EU sanctions also created uncertainty over available supply in the region. Tighter supply, compounded by competing Chinese and Indonesian demand after the Lunar New Year holidays, spurred a rally in sulphur prices in the first quarter of the year. Fob Middle East sulphur prices more than tripled to $285.5/t fob as of 1 May from $86/t a year earlier, Argus assessments show. Cfr Indonesia granular sulphur prices rose by $185/t to $297/t cfr over the same period. While sulphur prices have risen significantly over the past year, prices for Indonesian-origin nickel intermediates have been largely rangebound at $12,000-14,000/t of nickel contained since January 2024. The comparatively flat nickel prices and the rising raw material prices mean that producers' margins are narrowing further. Gross profit margins for MHP products were close to $10,000/t in 2023 before falling to around $7,000/t in 2024, according to Argus estimates. Current sulphur prices take up around 40pc of the total production cost of nickel matte, the largest portion out of other raw materials such as caustic soda, according to one metals producer. And the increased adoption of non-nickel containing battery chemistries such as lithium-iron-phosphate and higher demand for plug-in hybrid electric vehicles have led the industry to revise its expectation of future nickel demand from the battery section. The International Nickel Study Group has forecast a nickel market surplus of 198,000t for 2025 , rising from 179,000t in 2024. But new ternary precursor cathode active materials projects will support a rise in nickel usage in the medium term, the group said. As higher raw material prices continue to chip away at producer margins, upcoming projects including QMB New Energy Materials' phase 3 in Morowali, and developments by Guangqing and Blue Sparkling Energy in Weda Bay may have to be postponed, market participants said. The three projects are expected on line this year, adding 844,000 t/yr of sulphur demand at capacity. By Chi Hin Ling, Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US vehicle sales slip in April from 4-year high
US vehicle sales slip in April from 4-year high
Houston, 5 May (Argus) — Domestic sales of light vehicles in April slipped from a four-year high the prior month but still reflected robust purchasing ahead of planned implementation of more US tariffs on the automotive industry. Sales of light vehicles — trucks and cars — dipped to a seasonally adjusted rate of 17.3mn units in April, down from 17.8mn in March, the Bureau of Economic Analysis reported today. Last month's total still was above April 2024's annualized rate of 16mn and was the second-highest monthly reading since April 2021. US consumers maintained steady purchasing last month in a rush to beat 25pc tariffs on imports of vehicle parts that were set to be implemented on 3 May. Those higher duties are expected to raise input costs for domestic automakers, and thus, prices for buyers. US president Donald Trump early last week signed an order that allows vehicle manufacturers to partially recoup tariff-related costs, helping to ease the burden. Still, Trump maintained his goal of forcing US automakers to become wholly reliant on auto parts made in the US. Trump already instituted 25pc tariffs on imports of foreign-made vehicles on 3 April. Tariff-related pressures have dented US consumer sentiment and weighed on domestic manufacturing activity, but certain pockets of the economy have shown resilience such as the services industry and employment. Truck sales last month fell by 1.9pc sequentially to 14.4mn unit rate, while car sales dropped by 8.8pc to a 2.9mn unit rate. Domestic vehicle production fell to a seasonally adjusted annual rate of 10.07mn from an upwardly revised 10.09mn in February, according to US Federal Reserve data. That compares with 11.08mn in March 2024. Auto assemblies are reported with a one-month lag to sales. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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