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.
Canada-US trade deal within 30 days: Carney
Canada-US trade deal within 30 days: Carney
Calgary, 16 June (Argus) — Canada and the US plan to strike a new trade deal within 30 days, Canadian prime minister Mark Carney said today after meeting with US president Donald Trump. Carney and Trump met at the G7 leaders' summit in Kananaskis, Alberta, to discuss a new economic and security relationship between the two countries, who have been locked in trade negotiations for months. "To that end, we agreed to pursue negotiations toward a deal within the coming thirty days," Carney said on X. A readout from the prime minister's office also highlighted further collaboration on critical minerals, gun and drug smuggling, illegal drugs, border security and possible areas of cooperation on defense. Canada has largely been able to counter Trump's on-again/off-again trade action but has not been able to convince Trump to back down on steep import tariffs on steel and aluminum. Trump on 4 June doubled US tariffs to 50pc on steel and aluminum imports — much of which come from Canada. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US formalizes auto imports quota for UK
US formalizes auto imports quota for UK
Washington, 16 June (Argus) — A US-UK trade deal formalized today establishes a quota for UK-made cars to be imported into the US and lifts tariffs on aircraft parts but glosses over an earlier promise to carve out quotas for UK-sourced steel and aluminum. US president Donald Trump and UK prime minister Keir Starmer unveiled the finalized agreement today, on the sidelines of the G7 summit in Alberta, Canada. Both leaders offered praise for the deal — Trump called the countries' relationship "fantastic" and Starmer said it was a "really important day". While details are few, the agreement limits the number of UK-built cars that can be imported into the US at 100,000 and imposes a 10pc tariff on those vehicles. The US since 3 April has been charging a 25pc tariff on all imported cars. The deal also calls for lifting US tariffs on UK-made aircraft equipment. The Trump administration pledged in early May to carve out a quota system for UK-sourced steel and aluminum. Trump on 4 June raised tariffs on foreign sourced steel and aluminum to 50pc but kept the tariff rate for the UK at 25pc. The agreement signed today merely promises that the US administration would do so "at a future time". If a quota system is established for the UK, it would allow importing steel and aluminum without the 25pc tariff, the White House said. The trade agreement keeps in place a broad 10pc tax on all imports from the UK, which Trump imposed on 2 April as part of his "Liberation Day" tariff announcement that cited an "economic emergency" created by US trade deficits. A US federal appeals court on 31 July will hear arguments from the administration and from a group of plaintiffs, including many US states, who are challenging Trump's authority to impose tariffs by citing economic emergencies. Trump imposed tariffs on imports of steel, aluminum, cars and auto parts by using a different authority, which has so far not been challenged in courts. The trade deal with the UK is one out of two, in addition to a preliminary deal with China, that the administration has negotiated since Trump began to impose tariffs on nearly every US trading partner — after promising in early April to conclude "90 deals in 90 days". Trump said today, "We have our trade agreement with the EU, and we have other many, many other ones coming that you will see." The Trump administration has not presented any other trade agreement yet. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump approves Nippon Steel’s acquisition of USS
Trump approves Nippon Steel’s acquisition of USS
Tokyo, 14 June (Argus) — US president Donald Trump approved Japanese steelmaker Nippon Steel's $15bn acquisition plan of US Steel in his executive order that reversed his predecessor's decision to block the deal, the Whitehouse announced late on 13 June. The threat to national security for the US arising as a result of the deal can be adequately mitigated by entering into a National Security Agreement (NSA) with Nippon and US Steel, Trump said in a statement. Former US president Joe Biden on 3 January rejected the proposed merger plan, citing national security concerns with a Japanese firm owning a major US steel maker. The firms signed the NSA with the US government yesterday, following Trump's executive order, Nippon Steel told Argus , leaving no major obstacles to proceed with the transaction. "We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment," the firms said. The partnership means an acquisition of US Steel, the representative of Nippon Steel who spoke to Argus reiterated, rejecting speculation that the approved investment plan does not entail a merger bid. Nippon Steel will make a $11bn investment in US Steel by 2028 as part of the requirements by the NSA, according to the Japanese firm. It will start investing in the US this year after necessary regulatory approvals were granted, the company told Argus . The Japanese steel producer will also issue a "golden share" to the US government as required under the NSA, according to the White House. A "golden share" typically grants its holder the right to veto decisions by the firm's board members or its majority shareholders. But Nippon Steel told Argus that the company freedomto run US Steel is guaranteed, rejecting speculation that the US government would retain full control of the business. A "golden share" can take a variety of forms, the representative told Argus , although the Japanese firm did not disclose if the White House is granted veto power. The Trump's executive order is likely to settle the 18-month approval process that faced a number of challenges including legal action by the firms against the Biden administration and opposition to the deal by the United Steelworkers (USW) union. Nippon Steel persists in the US market because it is the most prominent steel market among the advanced economies with robust demand for high quality steel products, said Eiji Hashimoto, chief executive of Nippon Steel in January . The acquisition of US Steel is the only promising solution to strengthen the steel industries in both countries, Hashimoto added. The Japanese steelmaker and US Steel agreed on the acquisition in part because the collaboration would enhance US Steel's ability to serve automobile, construction and other industries including emerging energy transition sectors, according to the firms. Nippon Steel is among the top producers of electrical steel essential to electric vehicles production, according to the Japanese producer. Nippon Steel is targeting India, the US and southeast Asia as strategic regions to achieve 100mn t/yr of crude steel production globally as part of its mid- to long-term strategy. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil BEV sales hit record high in May
Brazil BEV sales hit record high in May
Sao Paulo, 12 June (Argus) — Brazilian battery electric vehicle (BEV) sales reached an all-time monthly high of 6,969 units in May because of improving charging infrastructure and greater consumer familiarity with the vehicles, according to the Brazilian EV association ABVE. After four months of below-average BEV sales in Brazil — driven by record-high consumer demand for hybrid electric vehicles (HEVs) — sales of fully electric models rebounded in May, rising by 35pc from a year earlier. Sequentially, BEV sales surged 48.2pc from April's 4,702 units, ABVE data showed. In May, fully electric vehicle sales grew in all but two states compared with April. The Northeastern region, characterized by less-developed charging infrastructure outside major urban centers, saw the highest monthly growth. Sales rose by 59pc to 1,665 units in May from the prior month, according to data from ABVE. Chinese automaker BYD further increased its dominance in the Brazilian EV market, accounting for 5,596 units sold, more than 80pc of all BEV sales in May. Volvo and fellow Chinese producer Great Wall Motors (GWM) closed out the top three at 514 and 181 units, respectively. BYD does not see this spike as a seasonal or isolated phenomenon, but as a new reality in the Brazilian auto market, which is getting used to EVs, according to the company's senior VP in Brazil, Alexandre Baldy. "We are increasingly growing our dealership network in Brazil at 180 stores," Baldy told Argus on Thursday. "We'll reach 272 stores by the end of the year, solidifying our presence in all regions of the country." Between April and May, BYD opened 15 new dealerships, focusing on more remote regions such as the Midwest and Northeast. ABVE cited, in a release, the scaling of new brands and models, along with improving charging infrastructure, as reasons for the high demand for rechargeable vehicles, such as BEVs and plug-in hybrids (PHEVs). Rechargeable vehicles make up 87pc of all EVs in Brazil, according to ABVE. May was the first full month for two Chinese carmakers that recently debuted in Brazil: Omoda and Jaecoo, both subsidiaries of the Chery Auto Group, which has been in the country since 2009. The brands share dealerships, with Omoda marketing BEVs and Jaecoo aiming for the PHEV market. They sold a combined 398 units, according to Fenabrave, a private body that represents car dealerships in Brazil. Hybrid vehicle sales keep growing HEV sales continued to grow at a strong pace in May, rising by 81pc to 15,160 units over the year. Sequentially, HEV demand nudged up 1.5pc from April's 14,927 units. Brazilian consumers tend to prefer hybrids — plug-in or not — because of the lack of charging infrastructure outside of major urban centers, although PHEVs are the preferred choice because of their flexibility to alternate between a fully electric driving experience and a regular, gas-powered one. May's PHEV sales rose by 95.2pc over the year but fell 4.2pc sequentially from April because of the shift in demand towards BEVs. Total EV sales in Brazil — encompassing BEVs and HEVs — hit 22,101 units in May, a 63.3pc increase over the year and up by 12.7pc from April. EVs make up 13.2pc of Brazil's total car market. HEVs: Fiat tops BYD as best-selling brand In May, Fiat overtook BYD as the best-selling HEV brand in Brazil, marking the first time since July 2024 that the Chinese automaker has lost the top spot in the market. Fiat, which debuted in the HEV market in November 2024, quickly took advantage of its status as a traditional, well-known brand among Brazilian consumers to become a leader in the segment. It sold 4,299 hybrid units in May, besting BYD's 3,702, according to data from Fenabrave. HEV sales for the Italian automaker rose by 9pc in May from the previous month, pushing its market share to 28.3pc. BYD, meanwhile, saw its HEV sales drop by over 1,000 units in May from the prior month, as demand shifted towards its fully electric models, which posted record sales. Despite the monthly decline, BYD's HEV sales were up 137pc on the year. The company held a 24.4pc market share in May — down 7.3 percentage points from 31.7pc in April. Fiat — a Stellantis subsidiary — markets two models of mild-hybrids (MHEVs), a regular internal combustion vehicle with a small 12V or 48V non-plug-in battery that assists the gas-powered engine and improves fuel efficiency. Despite the battery not powering the wheels, MHEVs are eligible for environmental tax exemptions and other governmental benefits just like more traditional EVs. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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