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.
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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.
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Latest metals news
Browse the latest market moving news on the global metals industry.
US exempts Brazil, India pig iron from tariffs
US exempts Brazil, India pig iron from tariffs
Sao Paulo, 23 July (Argus) — The US exempted Brazilian and Indian pig iron imports from Section 301 forced-labor tariffs, the US Trade Representative (USTR) said on Thursday, shielding Brazilian material from a 12.5pc duty and Indian cargoes from a 10pc rate. US buyers currently pay a 10pc tariff on pig iron imports from all origins under the temporary Section 122 regime. The measure is scheduled to expire on 24 July. If the tariff lapses as scheduled, pig iron imports from all origins would enter the US without additional duties from 25 July, following their exclusion from the Section 301 measures. The decision means Brazilian pig iron will avoid a 12.5pc tariff that would otherwise apply to products from economies deemed not to have sufficiently enforced measures against imports produced with forced labor. Indian pig iron was also exempted, avoiding a separate 10pc tariff applicable to countries that have adopted partial or full forced-labor import restrictions. Without the exemption, Brazilian pig iron would have faced a 12.5pc tariff after 24 July, putting it at a disadvantage against suppliers such as Ukraine. Pig iron was not included in the initial exemption lists in either Section 301 case against Brazil. The USTR later granted exemptions after US steelmakers and Brazilian producers argued that alternative suppliers could not replace Brazilian volumes and that the tariffs would increase costs for US steel production. Based on the slated removal of the 10pc tariff and the now-excluded 12.5pc tariff, pig iron cfr New Orleans prices, which Argus last assessed at $495/metric tonne (t) on 21 July, could fall approximately $45/t to $450/t. This also stands in stark contrast to the potential price increase if the 12.5pc tariff had been imposed that could have lifted the pig iron cfr New Orleans price up to $507/t. The USTR also exempted Brazilian pig iron from a separate proposed 25pc Section 301 tariff on 15 July . Brazil supplied 59pc of US pig iron imports, or 1.3mn t, during January-May. The country has consolidated its position as the leading source of pig iron for the US market since 2022, when sanctions stemming from the Russia-Ukraine war halted Russian shipments. Although Ukraine and India have expanded their presence in the US market in recent months, market participants said neither country is capable of matching Brazil's export scale. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India’s Oct-Dec EU HRC quota to exhaust quickly
India’s Oct-Dec EU HRC quota to exhaust quickly
Mumbai, 23 July (Argus) — India's October-December EU quota for hot-rolled coil (HRC) could be filled rapidly as major mills ramp up sales to the bloc following new import measures from 1 July, market participants said. At least 100,000t of Indian HRC is expected to be cleared through customs once the new quotas open in October. Market participants estimate EU importers have booked 125,000-200,000t of Indian HRC over the past few weeks, most of which is for shipment in July and August. More deals are under negotiation. India's tariff-free HRC allocation was cut by 34pc to 149,319 t/quarter from 1 July under the new import regime, of which 68pc has already been utilised, leaving about 47,000t available for use in the current quarter as of 17 July. The shared free-trade agreement (FTA) quota pool — available on a first come, first served basis — is expected to be largely utilised by Turkey in the current quarter but could become accessible to India in the next quarter. Indian mills have been targeting faster shipments in a bid to clear some volumes in the current quarter. But suppliers are now looking to fill up the October-December allocations and may even slightly overshoot the quota, an Indian steel mill source said. Recent bookings have been concluded at $630-650/t cfr EU. India could then access the FTA quota pool, although this remains uncertain as it would likely face competition from Turkey, which has also been shipping sizeable volumes to the EU and benefits from shorter lead times. For Indian mills, the EU presents a timely opportunity to export surplus volumes during the seasonally weak monsoon period, when domestic demand typically softens, market participants said. "Domestic prices in India are under pressure due to low demand," a trader said. "Vietnam is not attractive anymore [and] Middle East prices have also started sliding down. So the only option is to aggressively book orders into the EU." The Argus weekly Indian domestic HRC assessment for 2.5-4mm material stood at 57,350 rupees/t ($594/t) ex-Mumbai on 17 July, having come off a multi-year high of Rs59,000/t reached in early April. The surge in Indian shipments to the EU is "just a tactical rush and not a sustainable trend", a steel user said. Market participants said this export window may close soon as EU buyers become wary of October-December quotas being depleted and as trading activity slows ahead of holidays in Italy. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's Syrah cuts Mozambique graphite output in 2Q
Australia's Syrah cuts Mozambique graphite output in 2Q
Sydney, 23 July (Argus) — Australian graphite producer Syrah Resources has reduced natural graphite production at its Balama mine in Mozambique in April-June because of weak demand and higher than usual diesel costs during the quarter. Syrah cut production by 65pc on the year to 2,000t because of weak ex-China demand for natural graphite fines and approximately 50pc higher diesel prices in Mozambique during the quarter on the back of the US-Iran war, the company said on 23 July. Output was also lower on the quarter by 90pc. Its April-June output represented residual production from the previous quarter, with the next round of production deferred to the July-September quarter, the company said. The mine has capacity to quickly scale up production to meet new demand. Syrah undertook planned maintenance during the quarter which will ensure reliable production throughout the rest of the year, the company said. The company's sales rose by 983pc on the year to 7,000t as the company drew on existing inventory to service sales (see table) . Sales were particularly low in the same quarter a year earlier due to civil unrest at the Balama mine , which disrupted access to the mine for six months until May 2025 . Mozambique policy uncertainty The Mozambique parliament officially enacted a new mining law in early June . This will increase mandatory government participation in mining projects from 5pc to 15pc and introduce more stringent regulations on domestic value addition and in-country processing, but the implementation of these changes and their impact on its Balama mine and downstream refining activities is still unclear, Syrah said. The government currently owns 5pc of Balama through Twigg Exploration and Mining. Syrah produced 150t of active anode material (AAM) at its 11,250 t/yr Vidalia facility in the US during the quarter for testing and quality validation as it engages with potential customers. The company has signed a 8,000 t/yr offtake deal with US automaker Tesla covering 70pc of Vidalia's output. The company will begin AAM sales from Vidalia by the end of this year, pending customer qualification. It has plans to expand the facility to 45,000 t/yr but has not outlined a financing timeline. By Daniel Gage-Brown Syrah quarterly graphite output ('000t) Apr-Jun '26 Apr-Jun '25 y-o-y ± % Jan-Mar '26 m-o-m ± % Production 2 7 -65 24 -90 Sales 7 1 983 20 -68 Inventory 11 7 57 16 -31 Source: Syrah Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Illinois to open EV rebate program in August
Illinois to open EV rebate program in August
Houston, 22 July (Argus) — The Illinois Environmental Protection Agency (EPA) will launch its next electric vehicle (EV) rebate program, offering up to $4,000 from 1 August to 31 December. New or used EVs with a selling price up to $80,000 on the bill of sale are eligible for a $2,000 rebate. Low-income applicants can receive an additional $2,000. Buyers must apply within 180 days of the purchase date. Eligible applicants' income cannot exceed 500pc of the federal poverty line. The Illinois General Assembly has allocated about $14mn for the current fiscal year ending 30 June 2027. The previous EV rebate application cycle received 3,499 applications, with 3,001 rebates issued, more than half to low-income applicants. By Carol Luk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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