Metals
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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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Latest metals news
Browse the latest market moving news on the global metals industry.
EU FeSi trends lower as safeguard quotas left unfilled
EU FeSi trends lower as safeguard quotas left unfilled
London, 17 June (Argus) — European ferro-silicon prices have trended down since the EU's safeguard quotas renewed in May, as plentiful supply in European warehouses weighed on import demand. European ferro-silicon prices have fallen by 3.6pc since the start of the third safeguard period on 18 May. Argus last assessed prices at €1,240-1,280/t ddp NWE on 16 June, after holding rangebound for three weeks on sluggish spot trade. An overhang of low-priced inventory imported ahead of the initial safeguard implementation in November 2025 has eased the pressure to import material and fill the quota. Much of this material remains in European warehouses as sellers anticipate higher prices once safeguard quotas begin to fill. "There are still a lot of cheap units in the system," a trader said. "Those holders are waiting for better numbers." The EU's smaller quota allocations for material from Brazil and other countries have already filled but larger quotas such as Norway and Iceland are taking more time. Many suppliers have withdrawn offers at current levels and delayed sales in expectation of stronger pricing later in the year, market participants said. Near-term trading is expected to remain muted because of slow underlying steel demand and a seasonal slowdown in July-August. "People are not offering at these levels," a trader said. "They are waiting for the quotas to fill further before selling." But considering the cost impact from a recent jump in silico-manganese prices , after quotas for material from India and other countries filled in May, buyers may push to secure low-cost units before ferro-silicon prices can follow the same trajectory. Once the allocated safeguard quotas are exhausted, ferro-silicon importers will have to pay a minimum import price, which is fixed at €2,408/t. This is much higher than the minimum import prices for other alloys included in the safeguard measures such as silico-manganese, which stands at €1,392/t. The minimum import cost for ferro-silicon is almost double current spot prices, making out-of-quota material particularly risky. This would leave trading firms that import beyond the allocated quota exposed to a significant loss unless prices in Europe increase. Silicon metal presents an alternative Silicon metal, which is also used as a source of elemental silicon and can partially substitute ferro-silicon, has become more attractive to buyers seeking to avoid higher ferro-silicon prices entirely. Some buyers have chosen silicon as a substitute because of lower cost imports coming from Angola and China, a ferro-silicon producer explained. Silicon metal, which was investigated but ultimately excluded from the safeguard measures in November, is a point of concern for European ferro-silicon producers that are unable to compete against lower-priced imports from third countries. Historically, silicon has traded at a premium to ferro-silicon, but the spread between the two has narrowed since 2022, making substitution more attractive despite silicon's higher absolute price. Argus last assessed European 5-5-3 grade silicon prices at €1,475-1,600/t ddp Europe works on 16 June. By Lauren Hadeed Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
GCC steel trade sees slow recovery
GCC steel trade sees slow recovery
London, 17 June (Argus) — Steel market participants in the Middle East do not expect prices to normalise immediately, or for raw material inflows to recovery quickly, following the announcement of a potential US-Iran peace deal. Market sentiment has improved but expectations for an imminent peace deal have not yet changed the physical steel market, participants said. Freight costs and insurance premiums will probably ease gradually, and buyers are cautious after production and shipment delays, stoppages and force majeure notices during the conflict. Metallics and pellets A peace deal that results in the reopening of the strait of Hormuz will likely first affect steelmaking raw materials, before any impact is felt in the finished steel market. Steel mills in Gulf Co-operation Council (GCC) countries have faced tighter availability of iron ore pellets, direct reduced iron (DRI), hot-briquetted iron (HBI) and scrap since trade through Hormuz was disrupted, with DRI-based production in the region heavily dependent on seaborne raw material flows. Iran was a key supplier of merchant DRI and HBI to the GCC before the conflict, leaving Gulf producers exposed. The UAE has been less affected than some other GCC markets because mills have been able to source some pellet and DRI from Oman. Pellets cannot be moved easily by road and need vessel access through specific ports. Major pellet supplier Bahrain Steel's iron ore cargoes were delayed outside the strait of Hormuz, docked at Madagascar and later discharged in India, sources said. Traders expect some of this material to be brought back to the Gulf once the strait reopens. Saudi Arabia has also faced scrap shortages but this will not be resolved quickly after the strait reopens, market participants said. Domestic scrap generation is limited and collection usually slows during the summer. Saudi scrap availability is unlikely to improve in June-September, regardless of whether Hormuz reopens, a regional market participant said. Semi-finished steel The disruptions to raw material flows have increased demand for semi-finished steel, because billet can be moved more easily than pellets or other bulk raw materials. This has made billet a more workable replacement for mills that cannot secure enough metallics, even if inland transport costs remain high. Saudi buyers have bought significant amounts of billet in recent weeks, including a large cargo from India. Billet cargoes are being discharged at western Saudi ports and transported by truck to a major production site in the east of the country, because of the effective closure of the strait and despite elevated trucking costs. Iranian billet has continued to move in small volumes, even though Iranian flat steel supply was disrupted by earlier restrictions on slab exports following attacks in late March that led to production stoppages. Some Iranian billet has been sold into Saudi Arabia outside the regular channels, but sales to UAE have been scarce because of import certification requirements. Around 50,000-60,000t of Iranian billet is currently on vessels and could be sold to Turkey or Syria, sources said. Sellers are waiting for higher prices before closing deals, with Iranian billet heard at $410-420/t fob. Finished steel output, exports Long steel prices in the GCC have risen since the start of the conflict, with the Argus UAE ex-works rebar index rising by 325 dirham/t ($90/t) to Dh2,750/t from 4 February-4 June. Major Saudi producer Hadeed hiked its rebar offers by 670 riyals/t ($180/t) to SR2,930/t. Meanwhile, Argus ' hot-rolled coil (HRC) cfr UAE import assessment rose by $110/t from late February to $600/t cfr on 21 May. Hadeed increased its HRC offers by SR490/t to around SR2,800/t in late May compared with before the war started. Saudi prices are expected to fall once raw material supply improves and output normalises, but any decline is unlikely to be immediate. Mills first need to rebuild their inventories, clear delayed cargoes and confirm that freight costs are decreasing, sources said. No immediate market change took place after the latest political announcements, a UAE flat steel producer said. Steel prices do not move like equities, as buyers need to see whether a deal is signed, whether it holds and whether Hormuz opens fully before treating Middle Eastern cargoes as normal again, the producer said. Finished steel exports from the GCC are unlikely to recover quickly. Buyers outside the region are expected to apply a risk discount to Middle Eastern material after recent delays and cancellations. EU sales are also limited by uncertainty surrounding country-specific safeguard quotas and carbon border adjustment mechanism requirements. Some Saudi export orders are on hold while sellers wait for clarity on EU quotas for the next quarter. By Elif Eyuboglu and Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s Hancock to cut Roy Hill iron ore production
Australia’s Hancock to cut Roy Hill iron ore production
Sydney, 17 June (Argus) — Australian producer Hancock plans to cut back production at its Roy Hill iron ore mine in Western Australia's Pilbara region, in a move to extend the mine's lifespan by a decade, the firm said on 17 June. Mining activity would be reduced at Roy Hill mine, but it would maintain a production rate of over 63mn t/yr, the company said. Roy Hill produced its first iron ore shipment in 2015 and has an expected lifespan of 20 years. The updated mine plan would extend its life by 10 years, maximise the amount of orebody it could turn into product, and reduce the amount of waste mined, Hancock subsidiary Hancock Iron Ore said. Hancock Iron Ore operates the mine, which was created following the merger of Atlas Iron and Roy Hill, both previously owned by Hancock. Roy Hill shipped 61.6mn t of iron ore over its fiscal year to 30 June 2025 despite record rainfall in the Pilbara and major interruptions from tropical cyclone Zelia, the firm said in October 2025. Argus estimates Roy Hill shipped 66mn dwt of iron ore in the 2022 calendar year, 66.6mn dwt in 2023 and 63.7mn dwt in 2024. Hancock Iron Ore is planning to process an additional 8mn t/yr of ore at Roy Hill from the McPhee Creek mine, with first ore previously expected in the 2026 financial year. This arrangement would also extend the life of the Roy Hill mine, it said. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK's proposed plan to dilute EV targets ‘short-termist’
UK's proposed plan to dilute EV targets ‘short-termist’
London, 16 June (Argus) — A proposed UK plan to ease battery electric vehicle (BEV) sales targets is a win for "short-termist incumbent lobbying", industry experts say, even though sales uptake has so far trailed the government's mandates. UK ministers are preparing a consultation that could result in the country's zero-emission vehicle (ZEV) sales mandate being lowered to roughly 50-70pc of all new car sales by 2030 from 80pc at present. Carmakers have struggled to keep pace with the government's targets and warn that their costs are rising sharply as the mandates tighten further. This strain can be seen in sales data, with BEVs accounting for 23.4pc of all new car sales last year, against a 28pc government mandate. The gap between actual sales and the government target comes despite strong sales growth and heavy incentives. Growth has continued this year but is still trailing behind the government target, which has climbed to 33pc of all sales this year. This has pushed carmakers to work to close the gap through discounts, timing tactics and credit trading, to drive up consumer demand. Carmakers are able to meet the ZEV requirement by banking credits, borrowing from future years or pooling performance — a system that has allowed compliance even when their annual averages lag. Sales tend to spike around the March plate change and April tax deadline , somewhat offsetting weaker periods. Industry-wide BEV discounting has exceeded £10bn ($13bn) over the past two years, in order to induce demand, UK trade body the Society of Motor Manufacturers and Traders (SMMT) says. This is equivalent to an average discount of almost £12,000/vehicle, which is a level that industry cannot sustain, the SMMT says. Other parties are more conservative, with retail platform Autotrader and consultancy Jato estimating an average discount of around £5,500/vehicle, clean energy think-tank Transport and Environment says. Some energy firms and campaign groups are pushing back against the government's proposal to weaken the rules. The government has chosen to side with short-termist incumbent lobbying instead of support the long-term future of industry, UK utility Octopus Energy founder Greg Jackson said. Fewer EV sales would result in higher electricity system costs, Jackson said. Repeated policy changes risk deterring investment, charging firms and advocacy groups warn. Policy instability "creates uncertainty for drivers and businesses, undermines confidence and makes investment decisions harder", industry body Electric Vehicles UK chief executive Tanya Sinclair said. And the market remains reliant on support measures. BEV uptake has been largely driven by corporate fleets and tax perks in recent years, with private demand remaining weak . Sales of plug-in hybrid vehicles have grown faster when confidence in fully electric cars dips, reflecting concern over upfront costs and charging access. The implications of this for the wider energy system are material, Transport and Environment said. Cars consume about 1bn bl of oil in Europe each year, costing the region about €67bn ($78bn) in imports last year, according to the think-tank. EVs are starting to reduce that exposure, with existing fleets saving around 46mn bl of oil in 2025 alone. This has cut import costs and dampened Europe's exposure to fuel price shocks. But weakening ZEV pathways would partly reverse that shift. A less ambitious trajectory across Europe could raise oil demand by hundreds of millions of barrels over the next decade, increasing import costs and leaving drivers more exposed to volatile oil markets, Transport and Environment said. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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