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.
Japan adds funding for Rapidus semiconductor project
Japan adds funding for Rapidus semiconductor project
Tokyo, 5 June (Argus) — The Japanese government has invested an additional ¥150bn ($960mn) in domestic semiconductor producer Rapidus through the Information-technology Promotion Agency (IPA), the economy, trade and industry ministry (Meti) said today. Additional support will help fund investment in equipment for the mass production of 2-nanometre semiconductors, as well as research and development of next-generation 1.4nm technology, the government said. The investment follows a ¥100bn injection in fiscal year 2025-26 (April 2025-March 2026), bringing total government investment in the company to ¥250bn. The government also plans to provide subsidies of ¥631.5bn in fiscal year 2026-27 and around ¥300bn in fiscal year 2027-28, Meti said. Rapidus aims to begin mass production of 2nm semiconductors in fiscal year 2027-28 and start advanced packaging production in fiscal year 2028-29. Despite continued government backing, the company is expected to require additional private-sector funding, targeting around ¥1tn in private equity and more than ¥2tn in private financing. Japan has expanded support for its semiconductor industry since designating semiconductors as a critical material in 2022, citing economic security concerns and the need to strengthen domestic chip production. The project is a key pillar of the government's growth investment programme, Japan's trade and industry minister Ryosei Akazawa, said at a press conference today. "This project is a national undertaking that must succeed for the benefit of Japan. We will continue to make every effort to ensure its success," Akazawa said. By Fumito Nagase Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazilian BPI could face up to 37.5pc US tariffs
Brazilian BPI could face up to 37.5pc US tariffs
Sao Paulo, 4 June (Argus) — The US could impose tariffs totalling 37.5pc on Brazilian basic pig iron (BPI) by mid-July, as the product does not appear on current exemption lists under two separate Section 301 of the Trade Act of 1974 actions targeting Brazil. The US Trade Representative (USTR) proposed a 25pc tariff on a range of Brazilian products starting on 15 July, following a determination that Brazil has unreasonably burdened US commerce through its trade policies. The country could also face an additional 12.5pc duty under a separate Section 301 probe related to forced labor concerns . BPI does not appear on the lists of exemptions published by the USTR's office on 1 and 2 June. The steel feedstock is integral to US EAF steel mills and could still be excluded from the measures following public hearings scheduled for 6 and 7 July. The USTR requires requests to appear at the hearings to be submitted by 22 June. US steelmakers are expected to be heard during the process to explain how the tariffs could increase costs in their supply chain as they have become increasingly reliant on Brazil as a BPI source following the 2022 outbreak of the Russia-Ukraine conflict. Brazil accounted for 63.5pc, or 4.14mn metric tonnes (t), of total BPI imports between January 2025 and March 2026. Although Indian cargoes have increased recently, overall capacity elsewhere remains insufficient to offset Brazilian supply. Demand for pig iron has been supported by elevated US steel production, with mills operating above the widely considered healthy utilization rate of 80pc in recent weeks, according to the American Iron and Steel Institute. Output has increased since the separate 50pc Section 232 steel tariffs curbed imports, prompting mills to raise prices and widen margins. The USTR annex of exempted products published on 1 June includes a related ferrous category under HTS code 7201.50.60 (spiegeleisen), but not the far more widely traded non-alloyed pig iron under code 7201.10.00. Brazil has not exported the former product to the US in significant volumes, but instead, the country shipped all of its 260,000t of BPI in the latter category in April, according to customs data. Any additional tariffs would likely increase production costs for the EAF-heavy US steelmakers. The Argus pig iron Nola cfr assessment currently stands at $510–520/t. If the US imposes a 37.5pc tariff, costs could rise by roughly $190/t based on current prices. The USTR did not respond to an Argus inquiry on why BPI was not included in the exemption lists or whether the administration plans to exempt the material under either of the two trade actions. In 2025, BPI was exempted from US tariffs imposed on Brazilian products under the National Emergencies Act. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU finance ministers eye agreement on CBAM changes
EU finance ministers eye agreement on CBAM changes
Brussels, 4 June (Argus) — EU finance ministers are seeking agreement on their position for legal changes to the bloc's carbon border adjustment mechanism (CBAM), extending the scope to more downstream products and adding anti-circumvention measures. Final tweaks and clarifications specify the European Commission's power to suspend CBAM for problematic sectors. The text drawn up for finance ministers, who meet on 12 June, takes account of a majority that has spoken out against giving the commission broad empowerment to temporarily remove specific goods from CBAM under a new article 27a. Diplomats noted the risks of "jeopardising" the effectiveness of CBAM and the "imprecise" scope of the powers. To bridge differences, Cyprus, chairing discussions between diplomats, has built on a previous draft to specify the conditions that the commission could use to trigger CBAM suspension. This includes average non-CBAM-related import price increases of more than 50pc compared with average prices for the same CBAM goods over the previous 10 years. Price increases would need to be sustained over a period of at least six months. If finance ministers agree on the text on 12 June, EU states would be ready for negotiations over a final legal draft with the European Parliament after summer. Cypriot diplomats suggested article 27a remains in the European Council's draft position as a "good basis" for the talks. During a first discussion, members of parliament's environment committee broadly supported deleting the new article 27a. But some members have called for partial or full CBAM suspension . The committee is expected to vote on the issue on 6 July, followed by the whole parliament in early September. Discussions on CBAM's suspension have continued following the commission's adoption last month of a fertilizer action plan, including measures such as financial relief for farmers, and assessing stockpiling options for key fertilizers and inputs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australian state adds funding for Whyalla steelworks
Australian state adds funding for Whyalla steelworks
Sydney, 4 June (Argus) — The South Australian (SA) state government will provide A$319mn ($228.5mn) in additional funding over the next two years to support the sale and operations of the 1.2mn t/yr Whyalla steelworks, it said in its 2026-27 budget today. The SA government placed the steelworks into administration in February 2025. It has since received over A$2.88bn in state and federal funding, which the governments say is needed to secure sovereign steelmaking capabilities and support low-emissions manufacturing. The SA government also allocated A$6.5mn over two years to support Whyalla's transition towards low-carbon steelmaking. The state government added that its 200PJ gas deal with Santos will support the steelworks' transformation. The deal will see Santos deliver about 20 PJ/yr (534mn m³/yr) to the Whyalla steelworks under a 10-year binding term sheet, starting in 2030. Santos' gas will enable Whyalla to deploy direct reduced iron (DR) technology to process magnetite ore into low-carbon iron, chief executive Kevin Gallagher said on 20 February, cutting emissions by about 50pc compared to the former coal-fired blast furnace operations. The state government on 27 May shortlisted two bidders to purchase the steelworks — Australian independent M Resources and India's Jindal Steel. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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