Metals
Overview
The global metals markets are evolving rapidly, shaped by shifting supply chains, rising demand for critical minerals, geopolitical uncertainty, and increasing price volatility across ferrous, non‑ferrous and emerging technology metals. Argus provides independent metals pricing, trusted benchmarks and actionable market intelligence that give mining companies, metal producers, traders, manufacturers and recyclers the clarity and confidence they need to navigate increasing cost exposure, manage risks and make data-driven decisions.
Covering the steel supply chain, base metals, critical metals including rare earths, scrap, ferroalloys, raw materials and energy‑transition metals, Argus delivers accurate, reliable price assessments that reflect real market activity. Companies worldwide reference Argus metals benchmarks in physical and financial contracts to ensure fair, consistent and market‑aligned pricing, a crucial advantage in regions where regulatory environments, trade flows and cost structures vary dramatically.
With expert analysis, regional metals prices, market reporting, and fundamentals data, Argus helps users track market sentiment, identify key metals price drivers and stay informed on developments across ferrous, non‑ferrous and critical minerals markets, supported by localized coverage in the most active trading regions. This includes rapid shifts driven by developments in emerging supply chains, logistics constraints, shifting demand conditions, energy and input‑cost volatility, and China’s dominant role in global metals supply and demand, where changes in production, export policy, or refining capacity can quickly move global metals prices, availability and trade flows.
Argus empowers stakeholders across steel, raw materials, non‑ferrous and critical metals markets with reliable data, clear insights and a deeper understanding of global metals‑market dynamics, helping businesses remain competitive, agile and prepared for what’s next.
Market Coverage
Argus offers comprehensive coverage across all major metals markets, providing independent pricing and market intelligence for steel, steel raw materials, base metals, alloys, scrap, pipe and tube, battery materials, rare earths and specialty and minor metals. Our pricing and market intelligence provide a clear, structured view of metals markets worldwide, helping you monitor key trends and respond to shifting market dynamics with confidence.
Stay ahead of the Metals market
To be informed of new metals content, sign up to the Argus Metals Newsletter of your choice. Each issue provides key prices, selected news, downloadable insight papers, podcasts, and on-demand videos on your selected metal markets. We offer four tailored newsletters according to your area of interest, covering battery materials, ferrous, non-ferrous, and scrap markets.
Latest metals news
Browse the latest market moving news on the global metals industry.
EU committee mulls revised CO2 targets for cars, vans
EU committee mulls revised CO2 targets for cars, vans
Brussels, 2 June (Argus) — The European Parliament's environment committee today debated amending the EU's CO2 standards for passenger cars and vans to allow new vehicles powered exclusively by alternative fuels to be reclassified as zero-emission vehicles. The new vehicle category, proposed by Italian lawmaker Massimiliano Salini, received support from conservative and right-wing members. It would address a "flaw" in the current regulation, Salini said. EU law currently only allows for the sale of electric vehicles (EVs) as zero-emission from 2030 due to tailpipe approach to emissions. The alternative-fuel category would not normally achieve zero tailpipe emissions, Salini told the committee. "But they do ensure a carbon-neutral balance overall", he said. Centre-right EPP group member Salini's draft report aims also to raise the share of biofuels and e-fuels that carmakers can count towards fleet-wide CO2 reduction targets, increasing the limit from 3pc to 10pc. The text maintains low-carbon steel credits at up to 7pc. The environment committee is aiming to vote on its position on 4-5 November. Committee agreement typically requires support from the EPP group, the largest political group in parliament. "The EPP's intention is to find the majority in the centre," said German lawmaker Peter Liese, while noting that the "ban" on new car sales with internal combustion engines (ICE) from 2035 must be "abolished". "That must be the starting point of all negotiations," Liese said. Liese also called for e-fuels and biofuels to play a greater role. "It's true they are not 100pc climate neutral. But their contribution must be accepted as far as they are climate neutral," he said. "We need more technological neutrality," said Czech ECR conservative Alexandr Vondra, adding that targets for carmakers should be more "realistic". Vondra welcomed suggested amendments to cut the 2035 fleet-wide emissions-reduction targets for new light commercial vehicles from 100pc to 80pc. German Greens lawmaker Michael Bloss said high fuel prices are driving faster EV uptake , while ICE sales are falling. Bloss argued Salini's suggested flexibilities would lead to less investment. Bloss urged the committee to form compromises on the details around centre political groups. However, he said Salini's report seeks a right-wing majority. Passenger cars and vans are responsible for around 16pc and 3pc of the EU's total CO2 emissions, according to the European Commission. The EU has a net zero target for 2050, with interim targets of 55pc greenhouse gas (GHG) emissions reductions for 2030 and a net GHG cut of 90pc for 2040, both from a 1990 baseline. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US May factory activity quickens to 4-year high: ISM
US May factory activity quickens to 4-year high: ISM
Houston, 1 June (Argus) — US manufacturing activity expanded in May at the fastest pace in four years, with production and demand indicators growing, even as factory purchasing managers expressed concerns about the Iran war and rising prices. The manufacturing purchasing managers index rose to 54 in May, up from 52.7 in April and the highest since May 2022, the Institute for Supply Management (ISM) said in its latest survey results. Readings over 50 signal growth, while those below that level point to contraction. The new orders index rose to 56.8 in May, up from 54.1 in April, marking a fifth month of gains following four months of contraction. ISM said 25pc of respondents' comments were positive while 69pc were negative. The Iran war was mentioned in 42pc of comments and tariffs in 18pc. Price volatility was mentioned in 57pc of comments. "Despite the positive momentum for demand, sentiment remained dominated by the war in Iran," Oxford Economics said in a note on the ISM report. "The strait of Hormuz closure is driving up oil, fuel, and raw material costs, creating shipment delays and price hikes across industries." The production index rose by 0.9 to 54.3, ISM reported. The prices index slipped to 82.1, still in solid expansion. The employment index rose by 2.2 to 48.6, signaling a diminishing rate of contraction, with only half of respondents hiring. The supplier deliveries index was unchanged at 60.6 from April after rising in each of the prior five months. The unchanged reading marked continued slower deliveries, which is typical of improving economic activity and rising customer demand. Customers' inventories rose to 42.7 in May from 39.1, remaining "too low", according to ISM, which is considered a positive sign for future demand. The new export orders index rose by 2.7 points to 50.6, returning to growth, while the import index rose to 53 from 50.3. "Impact of Iran conflict starting to directly and negatively impact cost of supply chain," a transportation equipment survey respondent said. "Oil and related commodities are escalating in price." "The Middle East conflict is triggering shipment delays and uncertainties," a machinery respondent said. "Elevated gas prices and inflation will surely impact our purchases. However, over the last quarter, we've seen increased demand that was unexpected." By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
S Africa energy regulator approves FeCr tariff relief
S Africa energy regulator approves FeCr tariff relief
London, 1 June (Argus) — The National Energy Regulator of South Africa (Nersa) has approved an electricity tariff agreement between energy utility Eskom and ferro-chrome smelters that will prevent the shutdown of the country's ferro-chrome industry in the near term. Eskom's new tariff for ferro-chrome producers Samancor and Glencore-Merafe is set at 62 South African cents/kWh (4¢/kWh), down from 87.44¢/kWh at the start of 2026 and less than half the 135¢/kWh these producers were paying at the end of 2025. The tariff for Samancor is set for five years and the tariff for Glencore-Merafe is for three years, both effective from 1 June. Nersa also confirmed that any revenue shortfall from the lower tariff price will be borne by Eskom directly and cannot be recovered through increased levies on standard tariff customers. Merafe Resources said today that it has called off its Section 189 retrenchment process at the Glencore-Merafe joint venture in response to the approval of the new tariff, which will prevent the potential loss of thousands of jobs. The company is still in talks with Eskom to finalise the details of the power purchase agreement that will use the tariff. Samancor's position is still not clear. The company moved forward with a retrenchment notice in March, at which time it planned to cut 2,400 jobs across its smelting operations and corporate offices, according to South Africa's National Union of Mineworkers. That notice came despite Eskom's initial announcement in February of its intent to offer the lower 62¢/kWh tariff. It is possible that Nersa's approval of a longer tariff period for Samancor may be an incentive to halt the retrenchment process, but Samancor has not yet issued any public statement to that effect. Production costs for South African ferro-chrome remain extremely challenging, even under the new tariff, but general consensus across the market is that the agreement will avert the almost total collapse of production that threatened to occur without electricity price relief. Production at Glencore-Merafe and Samancor dropped sharply last year as they struyggled in the face of lower-cost competition from Chinese ferro-chrome producers that benefited from lower energy prices. This dynamic has pushed South Africa towards sales of chrome ore overseas to China in recent years, rather than utilisation of ore reserves to produce higher-value ferro-chrome. Glencore Ferroalloys chief executive Japie Fullard [told Argus in April](https://direct.argusmedia.com/newsandanalysis/article/2816436) that the 62¢/kWh tariff only represents a breakeven margin at Glencore-Merafe's smelters, other than the more technologically advanced Lion operation, which has a lower production costs. But he emphasised that the group wants to continue to beneficiate ore in South Africa, despite the lack of strong margins. By Ronan Murphy Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil renews quota policy for import steel
Brazil renews quota policy for import steel
Sao Paulo, 29 May (Argus) — Brazil will extend its steel import quota regime for another 12 months from June, the foreign trade chamber Camex's executive management committee (Gecex) said on 28 May. Steel imports within the quota threshold will remain subject to reduced 10-16pc tariffs, while a 25pc duty applies to volumes exceeding the quota. The quotas cover 19 steel products across flat, long and tubular steel segments, regardless of origin. The foreign trade authority assigned individual quota volumes for each product based on historical import levels. Gecex will also increase quota volumes for four coated flat steel products by 15pc, it said. The adjustment aims to avoid double protection, as the products became subject to antidumping duties in February 2026. Brazil imposed AD duties on imports of cold-rolled coil (CRC), hot-dipped galvanized (HDG) and other coated steel products from China earlier this year. Quota allocations will renew every four months through June 2027. Importers will be able to access lower tariffs on around 540,000 metric tonnes (t) of steel during each of the three periods. Steelmakers' association Instituto Aco Brasil requested that Gecex raise import tariffs to 35pc, which is the country's highest rate at the World Trade Organization (WTO). The group also proposed to eliminate the current quota system so the higher duty would apply to all imports. Gecex ultimately rejected the proposals, citing concerns that the measure could increase costs for downstream manufacturing sectors that consume steel products. The Brazilian quota regime was introduced in 2024 to curb rising steel imports and will now remain in effect for a third consecutive year. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Explore the latest market insight and analysis from our global metals experts.
Explore our metals products
Explore pricing, analytics and tools that support procurement, risk management and strategic planning across metals markets.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.