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
EU coil mills running near full tilt: Navigate
EU coil mills running near full tilt: Navigate
London, 16 January (Argus) — Major European hot-rolled coil producers have increased output markedly since September-October last year and are now running close to full capacity despite weak demand, data from Navigate Commodities show. Tata Steel Ijmuiden has increased its run rate from around 66pc in September 2023 to full utilisation so far this month, Navigate said. Leading producer ArcelorMittal has increased production at its Fos-sur-Mer site in France from 45pc last October to full utilisation today, while its Dunkirk plant is also running at full capacity. German producers ThyssenKrupp and Salzgitter are running at full capacity. ArcelorMittal's Bremen plant has ramped up from 75pc in August to full production today, and its Eisenhuttenstadt plant has increased its run-rate from 64pc in September to 100pc so far this month. Voestalpine's Linz site in Austria is slightly below, at 98.5pc, while Swedish steelmaker SSAB is running its Lulea site in Sweden and Raahe plant in Finland at full capacity. Its Swedish Oxelosund site has minimal production. Italy's only operational integrated producer Arvedi is running at over 97pc capacity, up from 70pc in September. US Steel Kosice in Slovakia is also at its maximum run rates, Navigate said. Mills are responding to a firmer pricing environment: the Argus benchmark north EU HRC index has risen by €52/t since the start of September to €628/t on 15 January, while the Italian index increased by €56.50/t to €638.50/t over the same period. Constrained import supply and a higher floor price for imports because of CBAM costs are driving prices and utilisation. Revisions to the EU steel safeguard could increase demand for EU mills' hot-rolled, cold-rolled and hot-dip-galvanised coil by an incremental 6mn t/yr if the domestic price remains more attractive than imports with safeguard duties, Argus calculations show. A sustained 500,000 t/months increase in EU27 hot metal output typically coincides with a roughly €55-60/t increase in CME EU HRC futures prices 4-5 months later, Navigate said. This could occur under the new safeguard, some sources said. However, some suggest domestic mills could battle for market share as they look to secure some of this additional demand. EU mills would need to pay the full cost of their remaining carbon exposure for additional production not covered by free emissions trading scheme allowances, which would increase the cost of the domestic marginal tonne by around €180/t at current carbon prices. The contango on the futures curve has softened in recent weeks, with spot rises last year outpacing increases on paper. The second-quarter contract traded at €670/t on 15 January, at a premium to the underlying index and just slightly below the third-quarter settlement of €680/t. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Weather disrupts Australian copper, coal logistics
Weather disrupts Australian copper, coal logistics
Sydney, 15 January (Argus) — Australian coal and copper producers have continued to face weather-related challenges in Queensland, including transport closures in the mineral-rich state. Road and rail disruptions have limited global producer Glencore's ability to supply copper concentrate to its smelter for multiple days. These disruptions are ongoing, a spokesperson told Argus today. Parts of the Mount Isa rail line — which supports Glencore and other metal and fertilizer producers — remain closed because of weeks of rainfall, Australian rail operator Queensland Rail said on 14 January. The operator is meeting regularly with freight operators to support load management, it added. Queensland Rail is unable to confirm a timeline for the resumption of operations at the Mount Isa line, Queensland Rail's head of regional Scott Cornish said. Glencore is also facing disruptions at its Hails Creek and Collinsville mixed thermal and coking coal mines, and its Clermont thermal coal mine. Australian producer Pembroke Resources is also facing weather-related disruptions. The firm declared force majeure on some coal shipments on 15 January because recent weather events have stopped it from mining, according to market sources. Australian coal producers M Resources and Stanmore and Swiss-based AMCI also declared force majeure on Queensland shipments earlier this week because of supply chain disruptions. Some Queensland coal operators have been less impacted by the wet weather. The BHP Mitsubishi Alliance's mines in the state are operating and it has wet weather plans in place, a BHP spokesperson told Argus on 15 January. The Central Queensland Coal Network — which links coal mines in the state to export ports — is also open and operational with some minor isolated restrictions in place, Australian rail operator Aurizon told Argus . Argus ' metallurgical coal premium hard low-volatile fob Australia price has increased over the past week because of the weather events in Queensland. It was last assessed at $232.95/t on 14 January, up from $218.75/t on 7 January. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's BHP, Rio Tinto partner on iron ore projects
Australia's BHP, Rio Tinto partner on iron ore projects
Sydney, 15 January (Argus) — Australian iron ore producer BHP and producer Rio Tinto will partner on mine and ore processing projects to boost their joint production capacity by up to 200mn t/yr under a pair of initial agreements. BHP and Rio Tinto could collaborate to mine ore at Rio Tinto's Wunbye deposit and process ore from BHP's Yandi Lower Channel deposit, according to the non-binding deals signed on 15 January. Both deposits are in Western Australia's Pilbara region. The partnership is subject to final investment decisions from both companies, regulatory approvals and Traditional Owner engagement, the companies said. They expect to achieve first ore from the two deposits in the early 2030s, they added. The deal will extend the life of Rio Tinto's Yandicoogina project — which houses Wunbye — and BHP's Yandi project, create additional value and support local jobs and communities, Rio Tinto's iron ore chief executive officer Matthew Holcz said. BHP produced 3.5mn t of saleable ore at Yandi in July–September 2025, down by 21pc on the year. Its initial deals with Rio Tinto have no impact on existing plans to cut production at the mining hub, a BHP spokesperson confirmed to Argus . Rio Tinto sold 10.8mn t of Yangicoogina Fines in July–September 2025, down by 8.7pc on the year. The company's deals with BHP come after it expanded multiple joint venture investments in 2025. It partnered with Australian producer Hancock Prospecting to invest $1.6bn into their Hope Downs joint venture in Western Australia. It also plans to develop new deposits at its Robe Valley joint venture and achieve first ore at its Rhodes Ridge joint venture project by 2030. Rio Tinto may soon form another major partnership. The company is in early discussions with global producer Glencore over a partial or complete merger. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US shredder feed rises on supply, zorba
US shredder feed rises on supply, zorba
Pittsburgh, 14 January (Argus) — Shredder feed buying prices across the US have neared at least a 10-month high as seasonally slower inbound flows, firm shred demand, small gains in export markets and a rally in non-ferrous scrap export prices have driven shredders to raise buying prices. Major bulk exporters on both the east and the west coasts, as well as inland domestic shredders, have raised feed prices over the last few weeks and paid premiums for large-tonnage and remote volumes in some areas because of stiff regional competition and near-term highs in zorba prices. Moderate gains in the US domestic January scrap trade and wintry weather have increased competition for the grade, while gradual gains in the export markets have also begun to lift prices. Coastal exporters attempted to maintain stable buying prices through the year-end amid relatively stable export demand, but in recent weeks most buyers have hiked prices. Average east coast shredder feed prices across Albany, Boston, New York and Philadelphia on Wednesday rose to $225/gt delivered export yard, the highest level since April. Average west coast shredder feed prices across Los Angeles, San Francisco and Seattle/Portland increased to $195/gt, the highest since September 2024. Inland shredders also hiked prices early this month in response to gains January domestic ferrous scrap settlements. Some mill-owned shredders have increased infeed prices at higher rate than the domestic shred trends, highlighting supply pressures and creating some pockets of heightened regional competition for shredder feedstock. Light iron retail scale prices across five major US regions assessed by Argus — Ohio Valley, Texas, Midwest, northeast and southeast — also rose to the highest levels since late-April. Average light iron scale prices across these regions ranged between $150-220/gt in the latest assessment on 9 January, at least a 10-month high for most regions. Since December, domestic shredded scrap prices have increased by $47/gt, resulting in US domestic steel mills paying higher prices for shred than offshore buyers for the first time since late September. National average shred price for January rose to $408/gt ($401/metric tonne) delivered mill, while the Argus daily cfr Turkey shred ferrous scrap price assessment rose to $400/gt ($394/t) on Wednesday. The run-up in shredded aluminum products like zorba has allowed shredders to tap into higher revenue streams from various nonferrous downstream items, which has likely helped to increase shredder feed prices higher so far this month. Robust demand from Asia and higher intrinsic values tied to gains in London Metal Exchange aluminum and copper prices have driven zorba prices to multi-year highs in Argus ' price history dating back August 2018. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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