Critical Materials and Minor Metals
Independent pricing, news, and analysis across critical materials and minor metals markets, including hafnium, titanium, tungsten, tantalum, gallium, and other key strategic metals.
Overview
Argus provides independent pricing and market intelligence across the minor metals sector, supporting customers in markets where transparency is limited, liquidity varies widely, and supply is closely tied to byproduct production from major metals. Many of these materials also fall under the critical raw material frameworks in many countries, increasing sensitivity to policy changes, trade restrictions, and supply chain risk. For decades, Argus has been a trusted resource for companies looking for a reliable data source for pricing of critical materials outside of China.
Our coverage spans key metals including cobalt, tantalum, hafnium, titanium, tungsten, vanadium, molybdenum, gallium, germanium, indium, selenium, tellurium, magnesium, manganese, bismuth, and antimony and more, providing insight into spot price trends, regional dynamics, and technology-driven demand shifts. With a global team of market analysts across major producing and consuming regions, Argus delivers the independent perspective needed to support procurement planning, risk management, and strategic decision making in these opaque and highly politicized markets.
Argus’ critical materials and minor metals coverage is delivered through our global products, including Argus Non-Ferrous Markets, Argus Battery Materials, Argus Tungsten Analytics and Argus Rare Earths Analytics Service, giving customers a comprehensive view across specialty, technology, and critical metals markets.
Manufacturers dependent on engineered materials have additional challenges in determining the impact of critical metals on the cost of alloys they buy. Argus further supports clients with the Argus Alloy Calculator, enabling fast alloy should-cost analysis and synthetic indicative price generation to provide material value in the absence of traditional spot market assessments.
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US steel contracts risk 2027 supply crunch
US steel contracts risk 2027 supply crunch
Pittsburgh, 12 November (Argus) — US flat steel buyers are working through contract talks with mills for 2027, but mills' prioritization of reducing backlogs has left some buyers fearful that contract commitments for next year will be reduced or even cut entirely. Before negotiations begin in earnest, many steel market participants expected reductions to tonnage commitments for mills in 2027 compared with 2026 levels, according to a survey conducted by Argus . Early negotiations between domestic mills and buyers have largely aligned with the survey's listed expectations. Several mills aim to cap or reduce 2027 contract supply commitments to free up some capacity and address widespread order backlogs that lasted throughout all of 2026. Once the backlogs are cleared, most mills intend to use the freed capacity to participate more heavily in the spot market, in which backlogs have kept most mills from participating through much of late 2026. Some are proposing cuts while others are simply scrapping min-max ranges, which allow buyers to flexibly adjust between a high and low level of supply each month that all falls under the same contract price. These mills instead are pushing buyers to commit to a fixed tonnage amount for the year and any additional supply requirements beyond the allotted contract will be addressed on the open market. Some buyers have struggled to get mills to answer calls or agree to even begin negotiations, spurring fears that mills may also reshuffle their customer pool to shrink contract commitments. Some large service centers reported losing a mill or two from their typical network of suppliers for 2027, while smaller buyers and those that require more niche production specifications worry that in such a reshuffle their businesses may not have any designated supplier. Even buyers that have locked in contracts worry that mills' pivot to the spot market will take a while to materialize because order backlogs will take months to clear, all while much of the market is anticipating modest to substantial demand growth in 2027. The reduction in domestic supply assurances has pushed more buyers into the overseas market, but foreign mills have had availability issues as well because US customer needs have not always aligned with rolling schedules. Still, even some US mills admitted that imports may have to play a larger role in the US supply mix through the end of 2026 and start of 2027 compared with recent trends because domestic mills will be tight on supply for the foreseeable future. Some buyers said it will be almost impossible to grow business in 2027 without imports. Major companies like Nissan , Worthington and Reliance all said in recent comments to Argus or in public earnings calls that low domestic steel supply was limiting or threatens to limit their US operations. Service centers told Argus that downstream customers were not aware of how dire the US steel supply situation was getting, and that service centers were already getting creative sourcing from foreign mills and fellow service centers to paper over the cracks forming ahead of 2027. US steel buyers trying to organize 2027 supply are thus left to cobble together a mix of reduced domestic contract supply, spot volumes that are not assured in the short term and foreign steel that takes months to arrive to US ports if it is available. Some buyers have argued the only alternatives are shutting down lines, laying off shifts or letting downstream customers bear those costs instead. By Aaron May Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Chinese HRC sellers step up Jebel Ali offers via Hormuz
Chinese HRC sellers step up Jebel Ali offers via Hormuz
Mumbai, 12 November (Argus) — Chinese traders are increasingly offering hot-rolled coil (HRC) to UAE buyers on a cfr Jebel Ali basis as more Chinese-owned vessels start crossing the strait of Hormuz, industry sources said. This has provided an attractive alternative for buyers facing months-long delays, hefty demurrage charges and road transportation costs linked to cargoes discharged at the ports of Fujairah and Oman. An increasing number of Chinese vessels carrying steel products are reaching Jebel Ali, sources said. Only two or three vessels were reported to have crossed the strait of Hormuz last month, but four or five have already made the transit so far in November, according to market estimates. News that Tehran exempted countries including India and China from restrictions on shipping through the strait may be encouraging more vessel owners to undertake the transit, a trading firm said. Apart from China, no other origins were reported to offer shipments on a cfr Jebel Ali basis. Indian suppliers have withdrawn from the Mideast Gulf market in recent months, favouring domestic sales after Indian HRC prices reached multi-year highs. Japanese and South Korean suppliers were also not active in the Middle East market, but continued to favour Fujairah and other regional ports over direct deliveries through the strait of Hormuz, sources said. The renewed flow of cfr Jebel Ali offers is currently being led primarily by trading firms, with quoted freight rates varying widely, depending on the vessel owner and contract terms. Some suppliers are charging an additional $30-50/t to account for the risks associated with transiting the strait of Hormuz, sources said. Freight from China to the UAE was around $40/t before the conflict, but has since risen to around $80-85/t for standard shipments, with detention costs charged separately. Some freight indications are as high as $140-150/t on an all-inclusive basis for cargoes delivered directly to Jebel Ali, sources said. Buyers appear willing to accept higher charges for Hormuz shipments, preferring deliveries to Jebel Ali over alternative ports such as Fujairah, where congestion has pushed waiting times beyond 90 days in some cases. Some importers were incurring hefty demurrage costs on previously booked cargoes after vessel waiting times exceeded the assumed 30-day period at Fujairah. "It's always better to pay an extra $50/t freight than waiting indefinitely at Fujairah," an importer said. Deliveries through Sohar in Oman entail additional trucking costs and vehicle shortages for onward land transport into the UAE, making direct deliveries to Jebel Ali increasingly attractive, sources said. As Jebel Ali was largely inactive during much of the conflict, berthing was heard to be readily available once vessels arrived. If competing origins continue steering clear of cfr Jebel Ali offers, Chinese HRC sellers have a distinct advantage in the Middle East, which could potentially boost their market share in the region. Already, UAE importers were heard to have booked a combined volume of around 50,000t of Chinese HRC over the past few weeks, with transaction prices differing, depending on delivery terms and whether cargoes were discharged at Jebel Ali via the strait of Hormuz. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US aims to grow mineral stockpile
US aims to grow mineral stockpile
Houston, 11 November (Argus) — The US Defense Logistics Agency (DLA) awarded up to $3.3bn in firm, fixed-price indefinite quantity/indefinite delivery (IDIQ) contracts for cobalt, gallium, nickel and high purity aluminum for the national defense stockpile, prompting questions over the quantities to actually be purchased. Under an IDIQ contract, the agency may place purchases during the established ordering period under a maximum total purchasing amount, although the agency is not obligated to buy that volume or value. The awarded values represent ceilings of what could be spent under the IDIQ contracts and are not guaranteed purchases. None of the acquisitions were announced officially by the awardee companies, but a spokesperson for the DLA noted awardees can choose to publicly share deals. Since the beginning of 2025 Metallus , Elmet , Largo , US Antimony and Global Advanced Metals all shared public updates on awards with the agency for strategic materials. The DLA committed $2bn to acquiring strategic and critical materials for the national defense stockpile throughout fiscal year 2026 (1 October 2025 to 30 September 2026), including high purity aluminum, according to an agency press release. Previously, the DLA would release the Annual Materials Plan (AMP), a list of potential material acquisitions including maximum quantities to be purchased, at the beginning of the agency's fiscal year in October. The DLA never released an AMP for the 2026 fiscal year and has yet to release one for 2027, leaving market participants still mulling which materials the agency already secured and what will be prioritized. Cobalt Switzerland-based miner and trader Glencore secured a contract to supply cobalt worth up to $900mn over a five-year period, according to an updated filing on the agency's procurement website. The DLA declined to comment on the quantity of material to be purchased. Glencore declined to comment on the award. Market participants noted without any confirmed information on the quantity or grade of cobalt the DLA plans to acquire, it would be difficult to gauge the impact on the market of the total tender as news of the award spread. When the contract was finalized in May, Argus assessed alloy grade prices on average at $30-31.50/lb which would imply a volume of approximately 13,276 metric tonnes (t) at the midpoint of the range, if the full $900mn were spent over the five-year ordering period at that level. Some sellers questioned whether the total volume of metal had already been removed from the market and was held in reserve for the DLA or if Glencore would need to acquire additional metal which could potentially tighten supply. Some market participants surveyed by Argus broadly dismissed supply concerns over the contract, particularly dependent on the grade and timeline. Others were also largely unconcerned about the tender's impact on the domestic cobalt markets, since the contract was awarded in May 2026, largely unbeknownst to participants until recently. The agency initially requested quotes for up to 16.5mn lb (7,480t) of alloy-grade cobalt cut cathode or rounds in August 2025 for a maximum of $500mn before the tender was cancelled . Ultimately, the request was not competed. Nickel Glencore was also awarded a separate contract from the DLA for up to $65mn to supply 1,500t of nickel cathodes and pellets over a five-year ordering period beginning in September. The agency initially issued a request for information on class 1 nickel products in March 2026 for 3,500t. Argus obtained a copy of the nickel contract from the DLA internet bid board system, where it was posted publicly for a time alongside other non-ferrous contracts for the national defense stockpile, including the gallium contract, before being pulled. After viewing the nickel contract, market participants surveyed by Argus posed few questions with some noting the expected volume to be purchased was relatively small and likely would not impact the market. Aluminum The Department of Defense announced Rio Tinto was awarded up to $995mn to supply high purity aluminum to the DLA on 25 September, noting it was a competitive acquisition with three responses received. The company will supply "a small volume" of high purity aluminum, Rio Tinto confirmed, but did not provide further details as to how much material the company could supply over the five-year period. Aluminum roller Arconic also received an IDIQ award to supply high purity aluminum for up to $995mn over a five-year period. The company did not respond to a request for comment. The Department of Defense awarded Arconic $45.5mn in 2023 to boost production of high purity aluminum for missiles and munitions. Gallium The DLA awarded Louisiana-based alumina producer Atlantic Alumina (Atalco) a contract to supply up to $350mn for 55,610kg (55.6t) of gallium over a five-year ordering period. Atalco did not immediately provide comment to Argus . The DOD has invested $400mn in the company, with a portion of the equity financing going toward scaling primary gallium production. The company expects to make 50t/yr of the semiconductor input once begins producing commercial volumes. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Q&A: European Investment Bank on EU mineral strategy
Q&A: European Investment Bank on EU mineral strategy
London, 11 November (Argus) — The European Investment Bank (EIB) financed €1.2bn ($1.3bn) in 2025 for critical raw materials projects across the value chain, as the EU aims to strengthen supply-chain resilience. Argus spoke to EIB vice-president Nicola Beer about the sector's biggest financing gaps, the case for a broader financing toolbox that includes greater equity and risk-sharing capacity, and Europe's efforts to build more diversified supply chains. The EIB signed a framework agreement with Canada to support critical raw material investment. How important is foreign investment to Europe's long-term supply security, and is the EU doing enough to turn strategic partnerships into viable projects? Europe will never achieve critical raw-material security by trying to produce everything itself. What we need is diversification including more capacity at home, but also several reliable international partners. Canada has the abundant mineral resources Europe needs and Europe brings industrial demand, technology and capital. Bringing the two together should be a natural fit. But identifying common interests is the easy part. A mine or processing facility can take years to develop, requires large upfront investment and has to remain viable through volatile commodity-price cycles. Investors need confidence that there will be buyers for the material, while European industry needs confidence that the supply will actually be there. Where along the value chain does the EIB expect to deploy most of its capital over the next few years? I would resist choosing one part of the value chain. A mine without processing capacity or a refinery without reliable feedstock do not create resilience. Our approach is to invest across the value chain, from extraction and processing to refining, recycling, substitution and innovation. Financing needs will depend on the material and the bottleneck. Our job is to identify where investment can make the greatest difference to Europe's resilience and competitiveness. Likewise, there is no simple ranking of critical raw materials that determines what we finance. What matters is where Europe is most vulnerable and where investment can make the greatest difference. This is why we are developing a heat map that looks beyond supply concentration to the consequences any disruption would have for European industry. The EIB has said EU mineral exploration spending will need to rise to meet the Critical Raw Materials Act's domestic extraction goals. Could the EIB play a more direct role in supporting exploration projects? Exploration is where we have one of the biggest financing gaps and it is the highest-risk part of the value chain. Our study estimates that European exploration spending needs to increase from around €200mn to around €2bn a year. But that is an investment need for Europe, not an EIB financing target. The challenge is that only a tiny fraction of exploration prospects become operating mines. Traditional debt finance is therefore often not the right instrument at the earliest stages. If Europe wants significantly more exploration, it needs to find ways of absorbing more of that early-stage risk. The EIB could play its part in that, but the right frameworks and mandates would need to be in place. The discussions around the next EU budget will be decisive in determining how much risk Europe is prepared to share in early-stage exploration. You have spoken about the need for additional equity and risk-sharing instruments. Could the EIB eventually take a larger role in providing equity capital to critical minerals projects? There is no single financing instrument that fits all projects. The risks are very different depending on whether you are looking at exploration, a first-of-a-kind technology, a processing plant or an established industrial operation. The EIB already goes beyond traditional lending. We use venture debt to support innovative companies such as TWAICE Technologies, which develops software to help improve the performance and lifetime of batteries used in electric vehicles and energy storage. But that will not be enough for some of the highest-risk projects. Europe needs a broader financing toolbox, including more equity and risk-sharing capacity. The EIB can play an important role in that toolbox, but the objective should be to use the right instrument for the right risk, not simply to replace debt with equity. The EIB has emphasised the importance of transparent pricing and market data in critical mineral markets. What progress is being made on the proposed price index? It is true that we need to make opaque markets more transparent. Investors can deal with risk but they struggle with uncertainty. One idea under discussion is whether anonymised transaction data from trading platforms could contribute to more reliable price indices, validated by established price-reporting agencies. This could build on existing platforms or on a new reporting mechanism through which market participants provide relevant transaction data. The aim is to establish credible reference prices based on actual transactions, rather than to set prices politically. Better price signals would give companies and investors a more reliable basis for long-term contracts and investment decisions. What would success look like for the EIB's critical minerals strategy? Success would mean that in five years we spend less time talking about what Europe lacks and more time talking about what we have built. I want to see new critical raw-material projects in Europe, stronger processing and recycling capacity, and a much broader network of reliable international partners. I want European companies to treat resilience as a permanent part of investment and procurement decisions rather than something we only discuss after the next supply shock. By Cristina Belda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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