The US aluminium industry is experiencing challenges related to tariffs, which have contributed to higher prices and premiums, raising questions about potential impacts on demand. Alcoa's CEO has noted that sustained high prices could affect the domestic market. While trade agreements might provide some relief, analysts expect premiums to remain elevated in the near term. However, aluminum demand is projected to grow over the long term, supported by the energy transition and clean energy projects. To meet this demand, the industry will need to increase production, restart idle smelters and address factors such as electricity costs and global competition.

The DRC is set to decide on the future of its cobalt export ban on June 22, potentially extending, modifying or ending the policy. Aimed at boosting local refining and value creation, the ban has left global markets uncertain, with stakeholders calling for clarity as cobalt prices fluctuate and concerns over long-term demand grow.

Read Fastmarkets' monthly battery raw materials market update for May 2025, focusing on raw materials including lithium, cobalt, nickel, graphite and more

Cobalt Holdings plans to acquire 6,000 tonnes of cobalt. Following their $230M London Stock Exchange listing, this move secures a key cobalt reserve. With the DRC’s export ban affecting prices, the decision reflects shifting industry dynamics

The recent US-China agreement to temporarily reduce tariffs is a major step for global trade, with tariffs on US goods entering China dropping from 125% to 10% and on Chinese goods entering the US decreasing from 145% to 30% starting May 14. While this has boosted markets and created optimism, key industries like autos and steel remain affected, leaving businesses waiting for clearer long-term trade policies.

The US-China trade truce announced on May 12 has brought cautious optimism to China’s non-ferrous metals markets, signaling a possible shift in global trade. Starting May 14, the removal of additional tariffs has impacted sectors like battery raw materials, minor metals and base metals such as zinc and nickel, with mixed reactions. While the improved sentiment has lifted futures prices and trade activity, the long-term effects remain unclear due to challenges like supply-demand pressures and export controls.

Brazil is expected to become a reference in low-cost hard-rock lithium production and an investment hub for foreign companies. But some internal challenges remain for the country, such as funding and legal uncertainties, market participants told Fastmarkets.

Fastmarkets has partnered with the Intercontinental Exchange (ICE) to launch a series of cash-settled lithium, spodumene and cobalt futures contracts that will be settled against Fastmarkets assessments.

China is a key leader in lithium-ion battery recycling, implementing new national standards designed to strengthen supply chain security, improve efficiency and address increasing market demand by July 2025.

Read Fastmarkets' monthly battery raw materials market update for April 2025, focusing on raw materials including lithium, cobalt, nickel, graphite and more