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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Browse the latest market moving news on the global base metals industry.
Japan to boost recycled materials supply
Japan to boost recycled materials supply
Tokyo, 21 April (Argus) — The Japanese government has adopted a circular economy action plan to strengthen recycling of critical minerals, metals and plastics, aiming to expand domestic supply of recycled materials and reduce reliance on overseas resources, it announced today. The plan targets around ¥1 trillion ($7bn) in combined public and private investment by 2030, as Tokyo seeks to enhance economic security and industrial competitiveness. The government positions the shift to a circular economy as an urgent national priority that goes beyond environmental protection. In the metals sector, the plan sets targets for recycled material supply by 2030. It aims for recycled aluminium to account for around 40pc of domestic production of rolled aluminium products. Recycled sources are expected to make up about 30pc of domestically produced electrolytic copper, while around 30pc of materials used in rare earth-based permanent magnets will be supplied through recycling. For steel, the government will expand the availability of high-grade scrap used as feedstock for "green steel", which is produced with lower greenhouse gas emissions. Processing capacity to produce such high-quality scrap will be increased by around 2mn t/yr, while collection of scrap and industrial offcuts will also be strengthened. In plastics, Japan will promote the use of recycled materials to reduce dependence on imported feedstocks such as crude oil and naphtha. The government will require manufacturers to formulate and report usage plans, and will consider phased mandates on recycled content by the 2028 fiscal year. The plan also calls for strengthening recycling infrastructure, including investment in facilities and the development of AI-based sorting technologies to improve quality and reduce costs. It includes support for recycling hubs, networks, and processing, storage and smelting capacity. The move comes on the back of intensifying global competition for resources. Countries are increasingly seeking to secure not only primary resources but also recycled materials. China has tightened export controls on critical minerals while strengthening domestic recycling, and the EU has introduced stricter rules on exports of electronic scrap and expanded the use of recycled plastics. In rare earth supply chains, export controls by certain countries have raised concerns over supply stability, prompting Japan to accelerate efforts to secure domestic resources. The government will incorporate the plan into its upcoming growth strategy and basic policy on economic and fiscal management to be released this summer. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Western Australia extends support for lithium producers
Western Australia extends support for lithium producers
Sydney, 21 April (Argus) — The state government of Western Australia (WA) will extend a 2024 measure to waive fees to support two lithium hydroxide producers. The A$30mn ($21.5mn) pledge to extend fee relief first introduced in 2024 will benefit major Chinese lithium producer Tianqi and Australia's Covalent Lithium until 31 December 2027, state mines minister David Michael said on 21 April, instead of the scheme's original expiry date at the end of this year. A$5mn will also be allocated by WA to develop standards for the reuse of lithium by-product in construction materials, reducing disposal costs. Tianqi commissioned a pilot operation at the phase 3 expansion project of its Talison Greenbushes spodumene mine in Australia in December 2025 . The phase 3 expansion increased total lithium concentrate capacity at Greenbushes, jointly owned with Australia's IGO and US specialty chemicals producer Albemarle, to 2.14mn t/yr from a previous 1.62mn t/yr. Covalent, a 50:50 joint venture backed by Australian conglomerate Wesfarmers and Chilean lithium producer SQM, has capacity to produce 50,000 t/yr at its Kwinana refinery . Kwinana, Australia's third lithium hydroxide refinery, began production in August last year. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Glencore's S Africa FeCr output to rise on energy deal
Glencore's S Africa FeCr output to rise on energy deal
London, 20 April (Argus) — Glencore will restart ferro-chrome production at its shuttered South African operations after energy provider Eskom guaranteed it energy tariff relief, Glencore Ferroalloys chief executive Japie Fullard told Argus on the sidelines of the International Chromium Development Conference. Eskom announced on 10 April that it had submitted an energy tariff of 0.62 South African cents/kWh (4¢/kWh) for the Glencore Merafe Chrome Venture and Samancor Chrome to energy regulator Nersa. The tariff of 62 cents/kWh follows a decrease to 87.44 cents/kWh effective from 1 January 2026 for the two South African ferro-chrome producers. Glencore-Merafe said on 10 April that it had "provisionally accepted" the proposed tariff, subject to certain clarifications and conditions. The announcement came as South African ferro-chrome smelting looked to be on the brink of total collapse because of high energy costs that account for 30-40pc of the cost of production for South African producers. Samancor and [Glencore-Merafe)[https://metals.argusmedia.com/newsandanalysis/article/2810909] signalled moves towards major retrenchments as high energy prices made competition with Chinese ferro-chrome producers challenging. Production at both companies plunged last year. In the 10 April statement, Glencore confirmed that it had delayed its retrenchment process to 11 May 2026, to give time for Nersa to approve the new tariff. New tariff necessary for FeCr survival Glencore announced that it restarted its Lion Smelter on 18 February after receiving the interim electricity tariff of 87.74 cents/kWh. It was able to restart Lion because it is comparatively technologically advanced and has a lower cost of production than Glencore's other South African smelters, Fullard said. But at the interim electricity tariff rate, the company would not be able to avoid retrenchments at its other operations. The new lower tariff rate means that the other operations will not produce at a loss. "The 62 [cents/kWh] will actually give us just a breakeven," Fullard said. "If we put in the 62 power cost and we put in the chrome cost at market, we don't make money out of ferro-chrome but we keep our people in jobs." Samancor and Glencore together produced about 1mn t of ferro-chrome in 2025. With the new deal, the two could produce as much as 4.5mn t/yr, Fullard said. Part of the agreement with Eskom includes upside-sharing. Eskom will receive a share of profits if the global market landscape shifts and profitability increases for Glencore. "Even if we make money, and let's say that we do because of market dynamics, we are 100pc willing to share a profit with [Eskom]," Fullard said. "Then they are in a better position than where they are now." Fullard emphasised Glencore's intention to be a driver of South Africa's beneficiation activities rather than exclusively export mineral resources and become a price taker, even though simply exporting chrome ore is significantly more profitable for the company. "The only reason why we wanted the 62 cents is to beneficiate in South Africa. I still believe that if we still have ferro-chrome in South Africa, it means we have a competitive advantage," Fullard said. Fullard pushed back against critics who say that the lower cost for Glencore and Samancor will come at a cost to the ordinary energy consumer. The difference from the previous price to the new tariff price will be picked up by Eskom, rather than the consumer, he said. Ferro-chrome smelting provides reliable revenues for Eskom. Glencore and Samancor use about 10 terawatt hours of electricity a year. At the 62 cents/kWh electricity tariff, this translates to approximately 6.2bn rand in revenue for Eskom. If smelting operations were to halt, Eskom would receive none of that revenue but would have the same amount of energy in the grid and be forced to load-shed. "That's why it was important for us, in the terms and conditions, to lock in a certain time period — so that Eskom has surety of supply," Fullard said. Eskom has committed to a five-year tariff. Investment key for competitiveness Fullard highlighted what he sees as the need for South Africa to recalibrate its energy system to support long-term industrial growth. Glencore is pushing for the nation's energy system to move towards an independent power producer concept where a diverse range of suppliers can generate via solar, hydrogen and other sources and bring that electricity to the grid. "We are actually working with Eskom on this because that is the only real solution," Fullard said. Maintaining South African ferro-chrome production will also require significant private investment in technological development. At the 62 cents/kWh tariff, South Africa becomes competitive with China. But if Chinese energy costs fall further because of investment in the country's domestic energy, Glencore will once again be uncompetitive. "We need to go aggressively and look at alternative technologies," Fullard said. By Maeve Flaherty Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil, Spain to co-operate on critical minerals
Brazil, Spain to co-operate on critical minerals
Sao Paulo, 17 April (Argus) — Brazil and Spain plan to broaden their cooperation in the critical minerals sector. President Luiz Inacio Lula da Silva and Spanish prime minister Pedro Sanchez signed on Friday a memorandum of understanding covering several mining-related activities such as exploration, reuse of critical minerals, development and research, monitoring and calls for investments, among others. Bilateral cooperation is strategic for the energy transition in both countries, Brazil's mines and energy minister Alexandre Silveira said. The agreement also aims develop public policies focused on sustainable mining practices such as traceability and decarbonization through an exchange of innovative technologies and regulations. Brazil has a high critical minerals potential , boasting the world's largest niobium reserves and production, and also ranks second in rare earths and graphite reserves, third in nickel and sixth in lithium, according to Brazilian geological service SGB. Critical minerals may reap $21.3bn in investments by 2030, according to mining institute Ibram. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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