Metals
Overview
Argus delivers trusted price data and market intelligence to help you understand the drivers behind primary and secondary metal markets. Our service differentiates with in-depth market commentary, analysis and news on ferrous and non-ferrous metals at the heart of commercial trade and industrial manufacturing.
The global metals supply chain uses Argus metals commodity data as a reference in physical supply and derivative contracts, for mark-to-market purposes, as a value indicator for tax assessments, for risk management, and in strategic analysis and planning.
Argus delivers four core products within its metals portfolio: Argus Ferrous Markets, Argus Non-Ferrous Markets, Argus Scrap Markets and Argus Battery Materials. Each offering includes access to Argus Metals – your definitive metals platform.
Metals market coverage
Argus is a leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for all major metals markets across the globe. Explore the coverage most relevant to your business:
Latest metals news
Browse the latest market moving news on the global metals industry.
Oversupply and fragmentation challenge steel market
Oversupply and fragmentation challenge steel market
London, 30 April (Argus) — Participants in the Turkish and European long steel markets at a major industry event this week anticipated a difficult remainder of 2024, expecting demand to be generally supplied by local capacities. With the Chinese Metallurgical Industry Institute forecasting a 1.7pc drop in Chinese steel demand in 2024 and the country's steel output expected to remain stable, Chinese exports are likely to continue putting pressure on global rebar prices. China's overall steel exports this year so far are on course to exceed the 91.2mn t shipped in 2023. Traders were concerned over the Chinese real estate sector, which, along with infrastructure construction, drives the bulk of Chinese steel demand but has been plagued by a mismatch between housing demand and supply in recent years. Markets outside of China are also likely to be well-supplied for the rest of the year or longer, with a weak construction outlook in Europe and with steel capacity on an upward trend in India and southeast Asia. Government investment in construction projects is likely to drive Indian steel demand to at least 190mn t by 2030, said Somanath Tripathy of the Steel Authority of India Limited (SAIL). But in the near term Indian demand growth has been sluggish while output has increased, with steelmakers Tata and JSW both reaching record steel output in the financial year of 2023-2024. Meanwhile, participants had weak expectations for the European and Turkish rebar markets for the rest of the year. Expectations of a recovery in the European steel sector have largely been pinned on the likelihood the European Central Bank will reduce interest rates at some point in the second half of the year. But a German trader noted while this move would lend some support, high interest rates are far from being the only challenge for the sector. The EU construction sector faces increasingly high costs, partly caused by sustainability requirements, participants noted, slowing investment and weighing on property demand by pushing up prices. The combination of high interest rates and inflation in Turkey, as well as dwindling export options, means several Turkish steel mills are currently running at near 50pc of capacity. Turkish rebar exporters face stiff competition in most export markets from Chinese suppliers, whose fob prices are currently around $70/t lower than Turkey, as well as from north African producers. The challenge for Turkish exporters is structural, with the business model of importing scrap and exporting steel no longer as viable due to higher scrap demand from other regions as well as the significantly lower energy costs of north African and Middle Eastern producers. Some market participants noted in this context, the introduction of the European Carbon Border Adjustment Mechanism (CBAM) could favour Turkish EAF mills in the long run, who are no longer competitive in terms of price in most markets, but whose use of scrap versus direct reduced iron (DRI) makes their production less carbon-intensive than other EAF-based producers in the region. Turkish producers are working to make sure they will be compatible with EU environmental requirements, a Turkish mill source said. But government support for these efforts has been lacking, he added. Overall, protectionist measures have significantly harmed Turkey's export options, as has the outbreak of conflicts and tensions in the region over the past two years. Some Turkish mills have lost up to half of their regular export sales as a result of the halt of exports to Israel and a slowdown in sales to Yemen as a result of the conflict in Gaza and Houthi vessel attacks. Until European prices pick up significantly and north Africa is selling at capacity, Turkish long steel exports will not be competitive in the near future, a trader noted. By Brendan Kjellberg-Motton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Milei's bid to open Argentina's economy passes
Milei's bid to open Argentina's economy passes
Montevideo, 30 April (Argus) — Argentina's congress today approved the government's sweeping economic legislation that could open the door to more private-sector investment in energy and commodities. The bill passed on a 142-106 vote, with five abstentions, after a marathon 20-hour debate. Changes include privatizing some state-owned companies, controversial labor reforms and measures to promote LNG development. The omnibus legislation, which includes 279 articles, is an important victory for President Javier Milei's administration and will change the way many sectors, including energy, operate in the country. Lawmakers aligned with Milei's Liberty Advances party swiftly moved to the second stage of the process, which requires approval of individual articles. The omnibus bill was initially approved in February, but the administration withdrew it after congress failed to approve several key individual articles. That original version included 664 articles. Several of the more controversial articles were brought up immediately after the blanket approval and easily passed. They included an article allowing for privatization of state-run enterprises — national power company Enarsa is on the list — and another delegating to the administration the power to eliminate state agencies without having to consult with congress. Also approved was the article on labor reform. The country's oilseed industry and port workers' unions called a strike the previous day to pressure congress to modify the labor reform. That did not happen. It passed in a separate 136-113 vote. The strike started to fizzle with approval of the legislation. Approval of the package includes several articles the administration says will open the door to major investments in the energy sector. Chapter II specifically covers natural gas, and introduces new regulations for LNG. The chapter includes five articles that allow for 30-year contracts for LNG export projects and guarantees that gas supply cannot be interrupted for any reason. The energy secretariat has six months to design the implementing rules for LNG. The government wants to speed up monetization of the Vaca Muerta unconventional play, which has an estimated 308 trillion cf of natural gas reserves. It is pushing for Malaysia's Petronas to fully commit to a large-scale LNG facility that would start with a $10bn investment. Chapter IX of the legislation creates a new framework, known as the Rigi, for investments above $200mn. It offers tax, fiscal and customs benefits. Companies have two years from implementation of the legislation to take advantage of the Rigi. The chapter on this framework is one of the most complex in the bill, including 56 articles. It includes specific references to energy projects, from power generation to unconventional oil and gas development. The administration claims the legislation will help tame inflation and stabilize the economy. Inflation was 276pc annualized through February, but is declining, and Milei announced that monthly inflation would be in single digits when the March numbers are announced. The country recorded a 0.2pc quarterly fiscal surplus in the first quarter of this year, something not achieved since 2008. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
G7 countries put timeframe on 'unabated' coal phase-out
G7 countries put timeframe on 'unabated' coal phase-out
London, 30 April (Argus) — G7 countries today committed to phasing out "unabated coal power generation" by 2035 — putting a timeframe on a coal phase-out for the first time. The communique, from a meeting of G7 climate, energy and environment ministers in Turin, northern Italy, represents "an historic agreement" on coal, Canadian environment minister Steven Guilbeault said. Although most G7 nations have set a deadline for phasing out coal-fired power, the agreement marks a step forward for Japan in particular, which had previously not made the commitment, and is a "milestone moment", senior policy advisor at think-tank E3G Katrine Petersen said. The G7 countries are Italy — this year's host — Canada, France, Germany, Japan, the UK and the US. The EU is a non-enumerated member. But the pledge contains a caveat in its reference to "unabated" coal-fired power — suggesting that abatement technologies such as carbon capture and storage could justify its use, while some of the wording around a deadline is less clear. The communique sets a timeframe of "the first half of [the] 2030s or in a timeline consistent with keeping a limit of 1.5°C temperature rise within reach, in line with countries' net-zero pathways". OECD countries should end coal use by 2030 and the rest of the world by 2040, in order to align with the global warming limit of 1.5°C above pre-industrial levels set out in the Paris Agreement, according to research institute Climate Analytics. The countries welcomed the outcomes of the UN Cop 28 climate summit , pledging to "accelerate the phase out of unabated fossil fuels so as to achieve net zero in energy systems by 2050". It backed the Cop 28 goal to triple renewable energy capacity by 2030 and added support for a global target for energy storage in the power sector of 1.5TW by 2030. The group committed to submit climate plans — known as nationally determined contributions (NDCs) — with "the highest possible ambition" from late this year or in early 2025. And it also called on the IEA to "provide recommendations" next year on how to implement a transition away from fossil fuels. The G7 also reiterated its commitment to a "fully or predominantly decarbonised power sector by 2035" — first made in May 2022 and highlighted roles for carbon management, carbon markets, hydrogen and biofuels. Simon Stiell, head of UN climate body the UNFCCC, urged the G7 and G20 countries to lead on climate action, in a recent speech . The group noted in today's outcome that "further actions from all countries, especially major economies, are required". The communique broadly reaffirmed existing positions on climate finance, although any concrete steps are not likely to be taken ahead of Cop 29 in November. The group underlined its pledge to end "inefficient fossil fuel subsidies" by 2025 or earlier, but added a new promise to "promote a common definition" of the term, which is likely to increase countries' accountability. The group will report on its progress towards ending those subsidies next year, it added. Fostering energy security The communique placed a strong focus on the need for "diverse, resilient, and responsible energy technology supply chains, including manufacturing and critical minerals". It noted the important of "guarding against possible weaponisation of economic dependencies on critical minerals and critical raw materials" — many of which are mined and processed outside the G7 group. Energy security held sway on the group's take on natural gas. It reiterated its stance that gas investments "can be appropriate… if implemented in a manner consistent with our climate objectives" and noted that increased LNG deliveries could play a key role. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Higher C919 adoption to boost China's Ti demand
Higher C919 adoption to boost China's Ti demand
Beijing, 30 April (Argus) — Higher adoption of the C919 airliner, China's first self-developed single-aisle passenger jet, is likely to boost demand for titanium mill products in the coming years, according to market participants. China Southern Airlines, one of the country's top three airlines, ordered 100 C919 aircraft from its manufacturer Commercial Aircraft Corporation of China (Comac) yesterday. These aircraft will be delivered in 2024-2031. China's flag carrier Air China on 26 April also announced that it will purchase 100 C919 aircraft from Comac during the same period. Another major airline, China Eastern Airlines, in September 2023 placed an order for 100 C919 aircraft from Comac, which delivered the fifth unit this March. This means all three top China airlines have invested in 100 aircraft deals for C919. Market participants estimate a single C919 aircraft contains 3.92t of titanium mill products. Demand for titanium mill products from a single C919 aircraft will reach 49t based on an overall yield rate of 8pc for mill products used in aviation parts. Titanium mill products typically include titanium strip, rod, section bar, wire, plate, sheet, tap and foil. Comac launched the C919 development programme in 2008 and began prototype production in 2011. The airliner had its maiden flight in 2017 and received its airworthiness certification from Chinese authorities in September 2022. A continued increase in orders and deliveries of the C919 airliner is likely to continue to boost demand for titanium mill products in the coming years. Comac has received over 1,400 orders for C919 from domestic and international airlines so far. China's 32 major manufacturers produced 159,000t of titanium mill products in 2023, up by 5.3pc from 151,000t in 2022, according to statistics from China nonferrous metals industry association titanium zirconium and hafnium branch (CNIA-TI). Aerospace, the second-largest consumption industry for titanium mill products, consumed 29,377t of titanium mill products in 2023, accounting for 19.8pc of China's total domestic production. "Demand from the aerospace industry has large potential in China," a source at a Baoji-based mill products manufacturer told Argus . "Only 20pc of titanium mill products is used in China's aerospace industry now, while the proportion is as high as 70-80pc in Europe and the US." A number of titanium mill products manufacturers in Baoji, which is known as China's "titanium valley", have begun to supply Comac as they have improved their product quality to meet Comac's criterion. Comac designated the country's largest producer Baoji Titanium (BaoTi) as the sole supplier of titanium mill products for the airliner just last year. Argus -assessed prices for titanium ingot, the main feedstock in the production of mill products, held stable from 23 April at 60,000-62,000 yuan/t ex-works for TA2 grade today, in response to firm titanium sponge feedstock costs and steady demand from mill products manufacturers. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Battery materials and raw materials outlook
WhitePaper - 04/02/24Metals demand disrupts sulphur pricing
In this concise sulphur market white paper Argus analyse how metals demand is disrupting sulphur pricing, as mining firms adopt contrasting buying strategies compared to fertilizer producers, for sulphur and sulphuric acid.
WhitePaper - 04/02/24What is the future for Russian and Kazakh sulphur exports following sanctions?
Explore our metals products
Limit your price risk exposure with daily metals market intelligence, empower your business with data-rich industry tools and inform your long-term strategy with outlooks backed by over 50 years of commodity reporting.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.