Steel
Overview
The price indices in our Argus Ferrous Markets and Argus Global Steel services are widely used by companies in physical supply contracts around the world – for iron ore, coking coal, hot-rolled coil (HRC) and ferrous scrap.
Many of them are used as the settlement prices for cash-settled futures contracts launched by exchanges to allow users of the derivatives who also transact in the physical market to minimize basis risk while hedging. These cash-settled monthly futures contracts are settled against the arithmetic mean of all the published Argus prices during each calendar month.
Using indices allows companies to trade material on an index-linked basis, not only via fixed-prices sales. This offers significant advantages when prices are volatile, yet the modern finished steel market remains primarily transacted on a fixed price basis. The addition of futures markets offers opportunities to enhance supply chain resilience further.
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Latest steel news
Australia’s Qld coal exploration falls for fifth time
Australia’s Qld coal exploration falls for fifth time
Sydney, 2 December (Argus) — Australian developers spent A$55mn ($36mn) on coal exploration projects in Queensland — the country's main coking coal-producing region — over July-September, down 7.9pc on the year, marking the fifth consecutive quarterly decline, due to weak prices and high royalties. Mining firms have invested A$145mn in coal exploration projects since the start of 2025, down 22pc on the year, data from the Australian Bureau of Statistics show. Producers in the state have faced elevated royalty rates and coal price volatility this year, reducing incentives for new investment. Argus ' metallurgical coal premium hard low-volatile fob Australia price fell from $200.80/t on 2 January to $166/t on 20 March, before recovering to $189.25/t by the end of September. But the modest April-September price recovery has offered little relief. Australian miners QCoal and BHP both placed Queensland mines into care and maintenance in September, citing coal price weakness and high royalty rates. BHP — which operates mines through the BHP Mitsubishi Alliance joint venture — also told investors on 19 August that the state's royalty regime limits the financial benefit of price increases . The company halted new coal investments in Queensland soon after the government reformed its progressive royalty regime in 2022, which raised marginal royalty rates at most price levels . BHP may not been alone. Whitehaven Coal , which operates mines in Queensland and New South Wales, said in late August that the state's royalty regime encourages producers to invest outside Queensland. Three other producers (see table) have sought royalty relief or downsized operations since early 2025, citing royalty and cost pressures. More broadly, coal producers' spending on business purchases , community payments, and government payments fell by A$5.2bn in the 2024-25 financial year to 30 June. This likely reflects a minor investment decline, as royalty payments also dropped by about A$5bn over the year. Queensland's government has pledged to maintain the state's current royalty regime — introduced before it took office — until at least the next state election in 2028. "[Queensland's] Government is providing certainty for the coal industry in Queensland with faster decisions, streamlined approvals and a stable royalty regime, exactly as we committed before the election," state treasurer David Janetzki told Argus on 2 December. By Avinash Govind Queensland Coal Exploration A$mn Jul - Sep '25 Jul - Sep '24 y-o-y Change (%) Jan - Sep '25 Jan - Sep '24 y-o-y Change (%) Exploration 58 63 -7.9 145 187 -22 Australian Bureau of Statistics Responses to Queensland financial challenges Company Response BHP Placed Saraji South into care and maintanence, avoiding new developments QCoal Closed its Cook Colliery mine Whitehaven Coal Incentivised to direct investment towards New South Wales Coronado Sought royalty relief, negotiated $150mn thermal coal-based financing deal Bowen Coking Coal Sought royaty deferral, entered voluntary administration Bravus Agreed to invest A$50mn into Carmichael mine in exchange for a royalty deferral Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia's QCoal to keep producing after mine closure
Australia's QCoal to keep producing after mine closure
Sydney, 2 December (Argus) — Australian coking coal producer QCoal will maintain its Northern Hub and Byerwen coking coal complexes in Queensland, after the 28 November closure of its 1mn t/yr Cook Colliery. QCoal's Cook Colliery closure has no impact on its other operations, a spokesperson told Argus on 2 December. The company can produce up to 10mn t/yr of hard coking coal at Byerwen, a joint venture with Japanese producer JFE Steel. It also produces about 6mn t/yr of thermal and hard coking coal at its Northern Hub complex. QCoal closed Cook Colliery's final production unit on 28 November because of high production costs, market pressures and high royalty rates, the company said at the time. It will move the underground mine into care and maintenance, the company added. QCoal closed the Cook Colliery's first production unit for similar reasons in September. The company is not the only Queensland coal producer facing production challenges. Australian producer BHP moved its Saraji South mine into care and maintenance in November because of royalty rates and coal prices. Other Queensland coal producers are also on capital strike but not saying so publicly, Gordon Galt, director at investment firm Taurus Funds Management, told Argus . Their spending on business purchases, community payments and government payments fell by A$5.3bn ($3.5bn) over the July 2024-June 2025 financial year. Queensland's royalty revenue fell by A$5bn over the same period, because of low coal prices. Producers are also looking to sell or secure financing for around six mines because of cost pressures, a market participant told Argus . By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan's Nippon Steel shuts Muroran mill because of fire
Japan's Nippon Steel shuts Muroran mill because of fire
Tokyo, 1 December (Argus) — Japan's largest steel producer by capacity Nippon Steel stopped operating the Muroran blast furnace in the northern prefecture of Hokkaido today because of a fire. Fire hit Muroran steel mill's hot blast stove, a part of the blast furnace, early on 1 December, the company said. The fire was extinguished, but Nippon Steel is unsure when it can resume operation of the blast furnace. Nippon Steel operates one blast furnace at the Muroran steel mill. The steel mill has a crude steel output capacity of 1.24mn t/yr. The mill mainly manufactures steel products for carmakers. The company had only resumed normal operation of the Muroran blast furnace in late November, after repairing a steel slag leak in September. Japan's crude steel demand to be 20.23mn t in October-December, 2.4pc lower than in the same period a year ago, according to the country's trade and industry ministry. Demand from the construction sector is expected to fall because of rising material costs and labour shortages, while a recovery in demand from carmakers is also unlikely, Meti said. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil stalls steel dumping probes
Brazil stalls steel dumping probes
Sao Paulo, 26 November (Argus) — Brazil's trade ministry Mdic missed scheduled dates it had set for rulings on at least two ongoing anti-dumping investigations into steel imports, and no new dates have been announced. The foreign trade secretariat Secex had planned to issue decisions on both cases in November, but those dates passed without official notices. The ministry did not immediately provide a reason for the delay. "Customers held off on new orders to understand what the real costs will be after the trade defense measures", a trader said. The probes cover cold-rolled (CR) steel from China and pre-painted steel from China and India. The investigations were launched in August and September, respectively. Anti-dumping investigations in Brazil must be concluded within an 18-month timeframe, so the secretariat has until February 2027 and March 2027 to publish final decisions. Brazil in July postponed another investigation conclusion, moving it to 12 January from October, regarding flat-coated steel imports from China. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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