Metals
Overview
The global metals markets are evolving rapidly, shaped by shifting supply chains, rising demand for critical minerals, geopolitical uncertainty, and increasing price volatility across ferrous, non‑ferrous and emerging technology metals. Argus provides independent metals pricing, trusted benchmarks and actionable market intelligence that give mining companies, metal producers, traders, manufacturers and recyclers the clarity and confidence they need to navigate increasing cost exposure, manage risks and make data-driven decisions.
Covering the steel supply chain, base metals, critical metals including rare earths, scrap, ferroalloys, raw materials and energy‑transition metals, Argus delivers accurate, reliable price assessments that reflect real market activity. Companies worldwide reference Argus metals benchmarks in physical and financial contracts to ensure fair, consistent and market‑aligned pricing, a crucial advantage in regions where regulatory environments, trade flows and cost structures vary dramatically.
With expert analysis, regional metals prices, market reporting, and fundamentals data, Argus helps users track market sentiment, identify key metals price drivers and stay informed on developments across ferrous, non‑ferrous and critical minerals markets, supported by localized coverage in the most active trading regions. This includes rapid shifts driven by developments in emerging supply chains, logistics constraints, shifting demand conditions, energy and input‑cost volatility, and China’s dominant role in global metals supply and demand, where changes in production, export policy, or refining capacity can quickly move global metals prices, availability and trade flows.
Argus empowers stakeholders across steel, raw materials, non‑ferrous and critical metals markets with reliable data, clear insights and a deeper understanding of global metals‑market dynamics, helping businesses remain competitive, agile and prepared for what’s next.
Market Coverage
Argus offers comprehensive coverage across all major metals markets, providing independent pricing and market intelligence for steel, steel raw materials, base metals, alloys, scrap, pipe and tube, battery materials, rare earths and specialty and minor metals. Our pricing and market intelligence provide a clear, structured view of metals markets worldwide, helping you monitor key trends and respond to shifting market dynamics with confidence.
Stay ahead of the Metals market
To be informed of new metals content, sign up to the Argus Metals Newsletter of your choice. Each issue provides key prices, selected news, downloadable insight papers, podcasts, and on-demand videos on your selected metal markets. We offer four tailored newsletters according to your area of interest, covering battery materials, ferrous, non-ferrous, and scrap markets.
Latest metals news
Browse the latest market moving news on the global metals industry.
Canada’s retaliatory tariffs against US go into effect
Canada’s retaliatory tariffs against US go into effect
Calgary, 8 September (Argus) — Canada's retaliatory tariffs against C$27.6bn ($20bn) of US goods went into effect today, as the trade war between the two tightly-linked countries escalates. Canada is imposing as much as a 50pc tariff on nearly 650 US products, including milk, cheese, steel, aluminum, wood and paper products, honey, and perfume. The trade action comes after the US on 22 August imposed new tariffs on Canadian goods after negotiations broke down the day before. "Since a fair deal wasn't on the table, we made the right choice to walk away from a bad one," Canadian prime minister Mark Carney said in a video address to Canadians posted Tuesday. "They wanted us to become even more reliant on them, not less." Carney said an escalating conflict is not constructive, but the tariffs put in place today are necessary to protect Canadian businesses. Canada was among the first targeted by US president Donald Trump's trade actions at the start of his second term, prompting Carney to shore up trade deals elsewhere with the goal of doubling trade with non-US countries within the next 10 years. Canada's merchandise exports to the US fell to a four-month low of C$51bn in July, while a record outflow to other regions, including the EU and China, was registered. Carney on 1 September said Canada is open to resuming trade talks once the US "starts being serious". Five days later, Trump on social media complained about the Canada-US exchange rate, before making another post referring to Carney as "Governor" — a repeated taunt suggesting that Canada become the 51st state. He also renamed the one of the lakes bordering the countries, Lake Ontario, as "Lake America." Trump on Monday took aim at Canadian-based jet manufacturer Bombardier by writing "NO MORE SELLING BOMBARDIER IN THE UNITED STATES!" in a social media post. Bombardier's jets are manufactured in Canada, Mexico, and the US where it does business with 2,800 US companies across 47 states. "The American aerospace industry is a clear winner on trade and exports," Bombardier said in a statement the same day. On a provincial level, Saskatchewan is levying a 50pc tax on US alcohol, also effective on Tuesday. Alberta, now the lone province not acting against US alcohol imports, has said it is under consideration. Some provincial leaders have called on Alberta to restrict energy exports to the US, but Alberta has maintained its preference for diplomacy. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s BRE achieves first output at RE pilot plant
Australia’s BRE achieves first output at RE pilot plant
Sydney, 8 September (Argus) — Australia-based developer Brazilian Rare Earths (BRE) has produced its first rare earth concentrate at its stage one pilot facility in Camacari, located in Brazil's northeastern Bahia state. BRE produced the concentrate at the newly commissioned the beneficiation circuit of its refinery using feedstock from its planned Monte Alto mine in Bahia, which it is still developing, the company said on 8 September. The company plans to commission its stage two hydrometallurgical plant by April-June 2027 to produce separated neodymium-praseodymium (NdPr) oxide, as well as heavy rare earth concentrate and uranium yellowcake. BRE will also use the plant to test the recovery of scandium, niobium, titanium, and tantalum as potential co-products. The company has secured 6.4mn Brazilian reals ($1.25mn) in funding for the stage two plant from the Brazilian national industrial research hub Senai Cimatec, which will cover 59pc of the project's capital and operational expenditure. The company will also receive technical and engineering support for the pilot plant from French rare earth refiner Carester, who is BRE's heavy rare earth offtake partner. BRE and Carester in October 2025 signed a 10-year offtake deal for heavy rare earth concentrate sufficient for Carester to produce 150 t/yr of separated dysprosium and terbium oxide at its Caremag refinery in Lacq, France . BRE released an integrated scoping study for both the Monte Alto mine and the Camacari refinery in August. The study plans for first production in 2031 and outlines average production over a 14-year mine life of 5,276 t/yr of NdPr oxide and 2,253 t/yr of heavy rare earth concentrate, containing dysprosium, terbium, samarium, gadolinium, and yttrium ( see table ). The company is now undertaking a pre-feasibility study (PFS) for Monte Alto. Separately, the company is continuing exploration at its Sulista rare earths project in Bahia. Sulista was not included in the scoping study or ongoing PFS. By Daniel Gage-Brown Planned production at Camacari t/yr 2031-2035 Life of mine average Light Neodymium-praseodymium 6,351 5,276 Middle and heavy Dysprosium 229 207 Terbium 45 40 Samarium 565 485 Gadolinium 360 319 Yttrium 1,060 989 Total* 2,502 2,253 Note: Total includes unlisted rare earth oxides - Brazilian Rare Earths Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Turkish scrap-rebar margins climb
Turkish scrap-rebar margins climb
London, 4 September (Argus) — Turkish steelmakers' feedstock-finished product margins have grown in recent weeks on the back of firming rebar prices and relatively stable scrap purchasing. While demand in the domestic construction sector has been increasing seasonally, mills have been more measured in their scrap purchasing while also not rushing to lift availability of thinner rebar dimensions that have been in shortage in some areas. So together with ample cargo availability, scrap import prices have remained relatively stable over the past several weeks, while buyers have accepted successive hikes on rebar. But demand for scrap has been increasing and mills are focusing on completing their books for October shipment. Recent US-origin sales activity saw an uptick in scrap prices, which now sit at $380/t cfr, but that increase has been far outpaced by rises in Turkey's domestic rebar market. Scrap prices floated around $375/t cfr since the second half of July before this week's $5/t increase. During that time, domestic rebar prices have climbed $30/t to sit above $600/t for the first time since April. Mills' margins have typically been tight in recent years, but stable feedstock pricing and rises in the rebar market have pushed some Turkish steelmakers' margins to $15-35/t, according to Argus estimates — a multi-year high. The imported scrap-domestic rebar differential required in order to make a profit is typically indicated at about $200/t, although this does vary widely between mills and according to production capacity utilisation, energy prices, domestic scrap prices and availability. Some mills are likely to require significantly more than a $200/t differential, sources say, while the largest mills can comfortably profit with a $190-200/t gap. Mills have also purchased ample volumes of Asian billet in the past few weeks at relatively competitive prices, which will support export margins. At least 250,000t of billet or possibly above 300,000t was booked from mid-August onwards, the bulk of it Chinese and Indian material priced at $495-505/t cfr. Export prices have now pushed above $590/t fob for rebar meaning mills that bought billet $100/t lower should theoretically have a margin of up to $45/t if they sell sufficient volumes at new price levels. By Corey Aunger and Brendan Kjellberg-Motton Scrap to rebar differentials in Turkey, Jan-Sep Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Italian ADI awaits decision on blast furnace shutdown
Italian ADI awaits decision on blast furnace shutdown
London, 4 September (Argus) — Italian steelmaker Acciaierie d'Italia (ADI) is running low on raw materials at its Taranto site, as the company and market participants wait to see if the shutdown of the hot melting area will go ahead. The company was ordered by a court to close the hot end at the end of July due to environmental infractions. Since then, it has ceased with new raw materials purchases, a source at the company said. There are enough raw materials for operations to run until the end of September and cover existing steel orders, they added. One trader estimated that the steelmaker has about two weeks of production left before the site runs out of raw materials. "They have failed on their [raw material] contracts for months [...] anyone who has steel term contracts with ADI is going to be left disappointed", the same source said. Government meetings regarding the future of the company are scheduled for next week, and a final decision from the court is expected by 16 September. ADI's potential stop to production comes in the context of ongoing negotiations about its sale with several interested parties. The latest party to submit a bid for the former Ilva assets was a consortium of Italian companies, led by steel association Federacciai. The bid, however, included only the cold end of operations. Indian steelmaker Jindal is understood to still be in the running, as is US equity firm Flacks Group, and a few other parties. Talk in the market this week suggested that some of the bidders, likely Italian-based companies, which rely on purchasing coils on the open market, are looking for slab supply to ADI and use the company as a tolling service. ADI is in negotiations with a re-roller for a 100,000t/month slab supply in exchange for tolling services, a company source said. By Carlo Da Cas and Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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