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Argus’ comprehensive coverage of the global ferrous markets provide independent price assessments, news and market analysis for iron ore, coking coal, ferrous scrap, pig iron and steel.
Our global team of experts in China, Singapore, the UK and US deliver over 300 domestic and seaborne price assessments along with detailed market commentary on a daily basis to ensure our clients have complete mine to mill price coverage.
The ferrous portfolio includes established Argus price indices for 62pc and 65pc iron ore fines, Turkish ferrous scrap imports, and our fob Australia and cfr China premium hard coking coal indices.
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Indonesia imposes new nickel royalty rates
Indonesia imposes new nickel royalty rates
Singapore, 29 April (Argus) — The Indonesian government has implemented new royalty rates, also known as the non-tax revenue or Penerimaan Negara Bukan Pajak (PNBP) for nickel products, effective from 26 April. Some of the effective royalty rates were slightly adjusted from the previous proposal on 8 March. The PNBP royalty rate for nickel ore remained the same as the proposal, which was revised from a fixed 10pc to a range of 14-19pc, depending on the Harga Mineral Acuan (HMA) nickel price — the reference price for nickel ore. Implemented nickel pig iron (NPI) royalty rates were also as proposed at 5-7pc, depending on the HMA, from a flat rate of 5pc. The Indonesian government set the new royalty rate for ferronickel at 4-6pc, a slight drop from the proposed 5-7pc but an increase from the previous fixed 2pc. Royalty rates of nickel matte were similarly imposed lower at 3.5-5.5pc, down from the proposed 4.5-6.5pc but higher than the previous 2-3pc. Royalty rates for nickel mixed-hydroxide-precipitate (MHP) were newly introduced at a flat rate of 2pc. The new royalty rates are expected to increase production costs in the longer term but is likely to have limited immediate impact on prices. The nickel industry and government are in ongoing discussions over profitability concerns and possibility of delaying the implementation, but other details could not be confirmed. Nickel royalty rates HMA nickel ($/t) Proposal on 8 March (%) Implemented rates (%) Nickel ore <18,000 14.0 14.0 18,000 < 21,000 15.0 15.0 21,000 < 24,000 16.0 16.0 24,000 < 31,000 18.0 18.0 ≥ 31,000 19.0 19.0 NPI <18,000 5.0 5.0 18,000 < 21,000 5.5 5.5 21,000 < 24,000 6.0 6.0 24,000 < 31,000 6.5 6.5 ≥ 31,000 7.0 7.0 Ferronickel <18,000 5.0 4.0 18,000 < 21,000 5.5 4.5 21,000 < 24,000 6.0 5.0 24,000 < 31,000 6.5 5.5 ≥ 31,000 7.0 6.0 Nickel matte <18,000 4.5 3.5 18,000 < 21,000 5.0 4.0 21,000 < 24,000 5.5 4.5 24,000 < 31,000 6.0 5.0 ≥ 31,000 6.5 5.5 MHP Flate rate - 2.0 Source: Indonesian government Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia’s Fortescue lifts iron ore sales in Jan-Mar
Australia’s Fortescue lifts iron ore sales in Jan-Mar
Sydney, 29 April (Argus) — Australian metal producer Fortescue shipped 46mn wet metric tonnes (wmt) of iron ore on a 100pc basis in January-March, up by 6.5pc on the year, despite facing weather challenges. Fortescue left its export guidance for the 2025 financial year ending 30 June unchanged at 190mn-200mn wmt of ore, including 5mn-9mn wmt of magnetite concentrate from its Iron Bridge mine, in its January-March quarterly report on 29 April. The company sold 143mn wmt of ore, including 4.7mn wmt of Iron Bridge magnetite, in the nine months to 31 March. Fortescue increased its shipments across every product category on the year in January-March (see table) , because of the partial ramp-up of Iron Bridge and an ore car derailment in January-March 2024. These factors offset the impact of multiple cyclone-related port disruptions in Western Australia (WA) over January-February. Fortescue's Iron Bridge magnetite sales tripled on the year but remained flat on the quarter in January-March. The company is reviewing the 22mn t/yr mine's ramp-up schedule and will announce a plan to reach full capacity by late June. Fortescue originally planned to increase Iron Bridge's output to capacity by September, before it in February backed away from that date. The company improved ore processing circuits at the mine during the last quarter, replacing the lining of air classifiers, Fortescue told investors on 29 April. Fortescue's iron ore fines products accounted for 55pc of its total sales in January-March, down slightly from 56pc a year earlier. Iron ore fines tend to be less valuable than similarly graded iron ore lumps, as they require additional processing. Fortescue's iron ore cash costs decreased by 7pc from $18.93/wmt a year earlier to $17.53/wmt, on the back of mine performance improvements. The company left its cash cost guidance for the 2025 financial year unchanged at $18.50-19.75/wmt. Fortescue's cash costs hovered in the upper end of its guidance over the first half of the 2025 financial year, reaching $19.20/wmt. Many of Fortescue's WA competitors experienced sales declines in January-March, because of cyclone-related disruptions. WA iron ore shipments from global metals firm BHP and UK-Australian producer Rio Tinto declined by 7.8pc and 18pc on the year, respectively, during the quarter. Argus ' iron ore fines 62pc Fe (ICX) cfr Qingdao price has been falling since late-January. It was last assessed at $99.10/t on 28 April, down from $105.25/t on 31 January. By Avinash Govind Fortescue Shipments by Product mn wmt Jan-Mar '25 Jan-Mar '24 Oct-Dec '24 Jul-Mar '25 Jul-Mar '24 y-o-y Change (%) YTD Change (%) Iron Bridge Concentrate 1.5 0.5 1.5 4.7 0.6 200.0 683.0 West Pilbara Fines 3.4 3.0 3.6 10.6 11.6 13.0 -8.6 Kings Fines 4.0 3.9 4.1 11.8 11.2 2.6 5.4 Fortescue Blend 17.0 17.0 18.0 53.0 58.0 3.0 -10.0 Fortescue Lump 1.8 1.6 1.9 5.8 6.1 13.0 -4.9 Super Special Fines 18.0 18.0 20.0 58.0 50.0 2.9 15.0 Other 0.0 0.0 0.0 0.0 0.2 - -100.0 Total 46.0 43.0 49.0 143.0 138.0 6.5 3.8 Fortescue Argus' iron ore cfr Qingdao prices ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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.
Australia’s Lynas cuts Jan-Mar rare earth oxide output
Australia’s Lynas cuts Jan-Mar rare earth oxide output
Sydney, 28 April (Argus) — Australian mineral producer Lynas Rare Earths reduced its rare earth oxide output by 46pc on the year in January-March, because of maintenance and improvement work across multiple plants. Lynas left its total oxide production target for the fiscal year ending 30 June unchanged at 10,500t in its January-March quarterly report on 28 April. The company's improvements should enable it to increase production over April-June, following two quarters of declining output. Lynas produced 1,911t of rare earth oxides, including 1,509t of neodymium-praseodymium (NdPr) oxide, in January-March. The company cut its NdPr oxide production by 12pc on the year over that period, prioritising NdPr oxide over other rare earth oxides ( see table) . NdPr oxide accounted for 79pc of the company's total oxide output in January-March, down from 49pc a year earlier. But Lynas' NdPr oxide share of production may drop in April-June. The company built dysprosium and terbium processing circuits in Malaysia last quarter, and expects to start refining the minerals in May and June, respectively. Lynas' expansion into dysprosium and terbium production comes as Chinese manufacturers — the largest exporters of dysprosium and terbium — weigh the impact of recent rare earth export controls, with some firms limiting offers . Lynas produces oxides in Malaysia using rare earths mined and initially processed in Western Australia (WA). The company spent the January-March quarter doing kiln maintenance work in Malaysia and improving its WA processing methods. Its Malaysian work finished during the quarter and its WA improvements are ongoing, the company said on 28 April. Lynas chemically treated rare earth carbonates from its WA plant before converting them to oxides in October-December, because of sulphate impurities, slowing production over the quarter. Its WA process changes are meant to prevent that from happening again. Lynas continued work on a Texas rare earth plant in January-March. The company is in talks with the US government over funding support for the project, the company said on 28 April. Recent US tariffs and water treatment issues could increase its Texas project costs, it added. The first Trump administration backed Lynas' US project in 2019, invoking the Defence Production Act to fund marketing, engineering, and design work. Argus ' praseodymium-neodymium oxide min 99pc fob China price has been quite volatile over the past three months. The price was last assessed at $56,000/t on 25 April, down from $62,250/t on 24 February and $57,150/t on 27 January. By Avinash Govind Lynas Oxide Production Jan-Mar '25 Jan-Mar '24 Oct-Dec '24 Jul-Mar '25 Jul-Mar '24 y-o-y Change (%) YTD Change (%) Rare earth oxide (total) | t 1,911 3,545 2,617 7,250 8,720 -46 -17 NdPr oxide | t 1,509 1,724 1,292 4,478 4,151 -12 7.9 NdPr oxide share | % 79 49 49 62 48 62 30 Lynas Rare Earths Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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