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
Mexican steel trade down on tariffs in Jan
Mexican steel trade down on tariffs in Jan
Houston, 6 March (Argus) — Mexican steel imports and exports fell sharply on the year in January in response to both the US' and Mexico's own steel import tariffs, the latest data from steel chamber Canacero showed. January Mexican steel imports fell by 21pc to 793,000 metric tonnes (t) in January year on year after Mexico imposed import tariffs on more than 1,400 goods from non-trade treaty countries on 1 January. Tariffs on more than almost 300 steel and scrap grades rose to 35pc from a previous range of 0-35pc, depending on the specific grade. Mexico also imposed as low as 20pc and up to 50pc import tariffs on a handful of specific steel and scrap grades. Steel exports fell by 47pc to 166,000t in January compared with January 2025, pressured mainly by the US' announcement of 25pc steel import tariffs on 20 January, which were imposed on 12 March then doubled to 50pc on 30 May. The US remained Mexico's largest buyer of steel but its share of total Mexican steel exports fell to 43pc in January from 79pc in January 2025. Mexican steel production extended a two-year long slide, falling by 16pc to 1.343mn t in January compared to January 2025. Production has been continually hampered by tepid demand since early 2024. Steel consumption also extended losses, falling by 14pc to 1.97mn t in January from the prior-year month. Demand has been pressured since early 2024 on political, then economic, uncertainty and trade tensions with the US. By Marialuisa Rincon Mexican finished steel YTD 000s of metric tonnes, except ±% Jan-26 Jan-25 Difference ±% Production Hot-rolled coil (HRC) 325 328 -3 -0.9% Rebar 283 357 -74 -20.7% Cold-rolled coil (CRC) 229 288 -59 -20.5% Total* 1343 1598 -255 -16% Consumption HRC 397 439 -42 -9.6% Hot-dipped galvanized (HDG) 341 383 -42 -11% CRC 323 380 -57 -15% Total 1970 2290 -320 -14% Imports by country US 298 346 -48 -13.9% Japan 128 168 -40 -23.8% South Korea 99 133 -34 -25.6% Imports by product Alloyed 168 181 -13 -7.2% HDG 116 150 -34 -22.7% CRC 96 119 -23 -19.3% Total 793 1004 -211 -21% Exports by country US 71 248 -177 -71.4% Colombia 18 5 13 260% Canada 17 14 3 21.4% Exports by product Seamless tube 66 63 3 4.8% Rebar 16 21 -5 -23.8% Structural profiles 14 21 -7 -33.3% Total 166 312 -146 -46.8% Source: Canacero Totals include other products than those listed in this spreadsheet. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US sheds 92,000 jobs in Feb, jobless rate ticks up
US sheds 92,000 jobs in Feb, jobless rate ticks up
Houston, 6 March (Argus) — The US unexpectedly lost 92,000 jobs in February while revisions pulled December data into negative territory, evidence the labor market continues to weaken amid policy uncertainty and geopolitical strife. Analaysts were expecting about 60,000 job gains, according to a survey from Trading Economics, so Friday's Bureau of Labor Statistics (BLS) report of a drop comes is seen as a shock. January's data was revised downward by 4,000 jobs to 126,000 while December's was revised by 65,000, pushing that month to a 17,000 job loss. The US economy has been buffeted by President Donald Trump's heavy-handed use of tariffs to extract trade and diplomatic concessions, partial government shutdowns and sticky inflation that keeps lower-earning households from spending. Companies have generally been reluctant to hire amid the ongoing uncertainty and the latest war in the Middle East is only fueling energy inflation and policy uncertainty. The unemployment rate edged up to 4.4pc last month from 4.3pc, but remains at historically low levels. Average hourly earnings rose by 3.8pc in February from a year earlier, compared with 3.7pc in the prior month. Heath care jobs, a leader in recent months, fell by 28,000 in February, affected by strikes at some hospitals systems, following gains of 77,000 in January. Physician offices lost 37,000 jobs, also mainly on the strikes. Federal government jobs fell by 10,000 last month and are down by 330,000 since reaching a peak in October 2024. Manufacturing lost 12,000 jobs last month, with auto manufacturing down by 1,600. Jobs in manufacturing, which Trump has pledged to revive with his use of tariffs, are down by 98,000 since February 2025 and are at their lowest levels in four years. Construction lost 11,000 last month. Mining lost 2,000. Transportation and warehousing lost 11,000 jobs, even as air transport was up by 5,000. Financial activities gained 10,000 jobs after losing 30,000 the prior month. Leisure and hospitality lost 27,000 after losses of 12,000 the prior month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
GM's Silao plant in Mexico may strike on 25 March
GM's Silao plant in Mexico may strike on 25 March
Houston, 5 March (Argus) — Workers at automaker General Motor (GM)'s Silao plant in Mexico may strike on 25 March following the suspension this week of contract talks between the firm and national independent automotive industry workers' union Sinttia. GM suspended talks for a week after three weeks of negotiations, Sinttia said on 3 March, adding that the workers will strike on 25 March. Silao produces 300,000 vehicles/yr, according to Sinttia. The union originally asked GM for a 20pc pay increase for workers. GM's counteroffer was "far below its real capacity," Sinttia said. It added that the gap between Silao workers and their US counterparts "remains enormous." GM is "negotiating in good faith, with absolute respect for the union process and its representatives," it told Argus . "Our goal is to maintain a cordial and constructive dialogue, always seeking common ground that allows this process to move forward." The firm is committed to reaching a "fair and sustainable agreement that benefits our employees and is favorable for all parties involved," it added. Sinttia said that 90pc of Silao's production goes to the US, leading GM to have its highest market share in the US since 2015. By Marialuisa Rincon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Tata Steel UK hikes HRC offer by £125/t
Tata Steel UK hikes HRC offer by £125/t
London, 4 March (Argus) — Tata Steel UK has increased its hot-rolled coil (HRC) prices by £125/t and hot-dip galvanised by £140-150/t for the second quarter, sources told Argus . Some service centres have received fresh HRC offers at around £620/t ddp West Midlands, up from previous levels closer to £540-550/t ddp. Tata is staggering the increase, with another £40/t applied for May and again for June, according to some buyers. Others said they have been told that they have no HRC allocation for April and will pay £125/t staggered over May and June, with an increase of around £95/t to start with. Tata is citing risings costs for inputs, notably slab and zinc, and the disparity between UK and European prices . Slab has become increasingly tight, as the US-Iran war has stopped Iranian exports, while European mills have found it more economical to import semi-finished material than to increase production and purchase more emissions allowances. Traders said trading activity has increased for the coming week, with buyers paying more for HRC stock. Some said it remains to be seen whether sheet prices, which have been as low as £540/t ddp, follow suit, given the continued low demand environment. Impending quota changes, along with the current risk and cost of shipping from Asia, will push buyers towards more European sourcing in the coming months, sources suggest. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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