The Fastmarkets base metals research team forecasts the dynamic trends and opportunities in the base metals market in 2024 and beyond

Oversupply caused by growing refining capacity in China overturned the fundamentals of the Chinese Class-1 nickel market in 2023 and the effects are expected to be extended and amplified in 2024, sources told Fastmarkets

The Asian aluminium market is expected to continue its recovery in 2024 after it struggled to meet expectations in the prior year, market participants have told Fastmarkets

Secondary aluminium markets in Europe should be significantly influenced by the availability of scrap through this year, with the rate of exports to Asia from Europe playing a key role in shaping price trends for ingot, according to industry sources

A rapid change in the spot copper concentrate market since October has sent a clear signal of fiercer competition to secure copper concentrates in 2024, which will be felt in other copper raw materials markets, like blister and anodes, sources told Fastmarkets

With China’s fluorspar prices hitting a record high in 2023, market participants in China expect export prices to fluctuate little throughout 2024, mainly due to shortage of supply

The pace of Chinese companies' heavy investments in Indonesian nickel may slow in the new year with slumping prices eroding profitability amid additional geopolitical risks, Fastmarkets heard

The market is now regaining momentum, with traders expecting further premium jumps once consumer activity picks up post-holidays

This increase was most notable in Rotterdam and Italy, reaching their highest levels since October 2023, underscoring the market's sensitivity to global events

One of the last five aluminium smelters in the United States – the privately owned Magnitude 7 Metals LLC smelter in Marston, Missouri – is considering closing if a buyer is not found, Fastmarkets has learned