

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.
Latest steel news
Japan’s coking coal imports extend downtrend in March
Japan’s coking coal imports extend downtrend in March
Singapore, 28 April (Argus) — Japan's coking coal imports extended a downtrend in March, reflecting the prolonged downturn in the steel sector, which has weighed on raw material demand. The country imported 2.57mn t of coking coal in March, down by 18pc on the year but up by 5pc from February, according to data from the country's finance ministry. Shipments dropped by 10pc to 8.15mn t in January-March 2025 from a year earlier. Top supplier Australia shipped 19pc less volume from a year earlier at 1.78mn t, and volumes in January-March fell by 18pc from 2024 to 5.59mn t. Arrivals from Canada fell to 192,903t in March, down by over 60pc compared with a year and month earlier, but January-March volumes rose by 11pc on the year to 1.22mn t. Metallurgical coke imports rose by around 30pc on the year and month to 78,729t in March, with volumes in January-March 28pc higher on the year at 255,804t. Crude steel production from basic oxygen furnaces (BOF) rose by 3pc on the year to 5.3mn t. But output could fall in coming months. Japanese steel producer JFE will suspend operations at one of its three BOF in the West Japan Works from around mid-May on the back of lower steel demand in domestic and export markets, the firm announced on 2 April. This is expected to lower annual crude steel output by around 15pc. Meanwhile, the mill will proceed to invest in an electric arc furnace (EAF) facility in western Okayama, which could begin commercial operations in April-June 2028. Other steelmakers such as Nippon Steel and Kobe Steel have also been making the shift from BOF to EAF. The Argus premium low-volatile hard coking coal price fob Australia averaged $174.84/t in March, down by 7pc from February. By Xiuqi Huang Japan's coal imports Origin Mar 25 Mar 24 y-o-y ± % Feb 25 m-o-m ± % Jan-Mar 2025 Jan-Mar 2024 y-o-y ± % Coking coal ('000t) Australia 1,781 2,206 -19 1,522 +17 5,589 6,780 -18 Canada 193 493 -61 554 -65 1,221 1,103 +11 US 297 215 +38 252 +18 743 848 -12 Indonesia 298 230 +29 85 +249 495 329 +50 Colombia 0 0 n/a 25 -100 25 0 n/a Others 0 0 n/a 0 n/a 80 48 +67 Total 2,569 3,144 -18 2,438 +5 8,153 9,109 -10 Met coke (t) China 74,633 57,426 +30 56,445 +32 222,202 188,235 +18 Others 4,096 4,069 +1 3,713 +10 33,602 11,323 +197 Total 78,729 61,495 +28 60,158 +31 255,804 199,558 +28 Source: Japan Finance Ministry Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's Usiminas steel price outlook murky
Brazil's Usiminas steel price outlook murky
Sao Paulo, 24 April (Argus) — Brazilian steel producer Usiminas' outlook for prices was mixed as steel output rose in the latest quarter. Usiminas commercial vice-president Miguel Homes said that pressure from imports and the Brazilian real's recent appreciation to the US dollar may force the producer to adjust spot prices in the future. At the same time, the company expects prices to remain flat in the coming quarter, according to its quarterly earnings release. Usiminas confirmed a 3pc price increase for automotive manufacturer contracts in April, which could signal an opportunity for a price reduction in light of the real's appreciation. The real has appreciated by 12.5pc to the US dollar year-to-date, slashing feedstock costs for Usiminas but also pressuring its domestic price levels. Brazilian mills have been unable to raise prices because of strong import flows, which increased 30pc in the first quarter, reaching 1.7mn metric tonnes (t). Usiminas sales rose to 1mn t in the first quarter, up by 9pc from the same period a year earlier. The company expects its sales volumes to be stable in the coming months. It also boosted crude steel output to 773,000t in the first quarter, 10pc above a year prior. Rolled-steel production remained flat at 1mn t. The company exported over 90,000t of steel in the first quarter. Argentina's automotive and oil and gas pipeline industries accounted for 81pc of Usiminas'steel exports , Usiminas said. Iron ore production reached 2.1mn t in the first quarter, up by 12pc from a year earlier. The company sold 2.2mn t of iron ore, marking 13pc growth from a year before. Exports accounted for 75pc of first quarter sales and profits in the period soared by over ninefold to R337mn ($65mn). By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
SA Recycling expands Atlanta shredder rail spur
SA Recycling expands Atlanta shredder rail spur
Pittsburgh, 24 April (Argus) — US scrap metal processor SA Recycling is expanding the rail spur at its Doraville, Georgia, shredder, which is about 20 miles northeast of Atlanta. The expansion will nearly double rail capacity at the facility by boosting its daily carloads from 14 up to 25 per day, according to railroad Norfolk Southern. The company worked with the railroad to establish a direct connection between its scrap yard and the rail yard to eliminate mainline switching conflicts and congestion. SA's Doraville shredder can process up to 200 cars/hour. It is one of 28 SA operations across the state, according to the company's website. The Orange County, California-based company is a 50-50 joint venture between Sims and Adams Steel. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil points to China, India steel dumping
Brazil points to China, India steel dumping
Sao Paulo, 24 April (Argus) — Brazil's development ministry alleged it has found evidence in a recent investigation of China and India exporting pre-painted flat steel at too far below market prices. Brazil will not apply any duties as of now and will continue the scrutiny for the next 18 months, it said. The investigation started in June 2024 after a request from Brazilian steelmaker CSN. This marks the third decision in all anti-dumping investigations in which the ministry has confirmed dumping without imposing provisional penalties. Brazil has also identified steel dumping practices by China regarding both coated steel and cold-rolled steel. Brazil's steel imports rose by nearly 30pc to 1.7mn metric tonnes in the first quarter from a year before. March imports increased by 21pc from the same month last year, despite a 25pc tariff in effect since June 2024 on 11 steel products from China. Chinese sellers were responsible for 78pc of all flat steel imports into Brazil in the first quarter, according to Comex Stat, Brazil's foreign trade platform. Brazilian steelmakers have been calling for more pragmatic trade defense measures to ensure fair competition . By Maria Frazatto and Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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