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.
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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.
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Latest metals news
Browse the latest market moving news on the global metals industry.
US steel contract talks favor sellers for 2027
US steel contract talks favor sellers for 2027
Pittsburgh, 13 October (Argus) — US flat-rolled steel mills are using the exceedingly constrained supply environment the industry faces as leverage to shape 2027 contract negotiations on more favorable terms. Mills are looking to optimize contract portfolios for next year by reducing discounts on index-linked deals, capturing full product extras and reducing exposure to customers that struggle to meet obligations or do so inconsistently. During a recent webinar hosted by Argus , attendee responses to survey questions highlighted the more restrictive, higher-priced environment heading into 2027. The survey found that 56pc of respondents anticipated having less contractual volume next year than in 2026. The bulk of respondents, 85pc, said they expect discounts on index-linked deals to be 4pc or lower, with a little over half of them looking for discounts of 3-4pc and a third of respondents expecting 1-2pc. Among the limited number of respondents expecting index-linked contract discounts above 4pc, most capped their expectations at 5pc. This represents a noticeable reduction in discounts associated with index-linked deals compared with historical levels. Mills have historically offered discounts ranging from 6-10pc and, in some cases, even higher. The discount level is often partially contingent on the monthly tonnage and product mix of the contract. However, the discount level on a dollar-per-short ton (st) basis has continued to widen over the past 12 months as the US market has witnessed steel prices rise to the third-highest level in Argus' history. Tariffs blocking out previously competitive imports and robust domestic demand, mostly from data centers and the energy market, have driven the sustained price appreciation. The high-price environment is not expected to waver, according to survey respondents. The survey also found that more than 85pc of respondents expected US hot-rolled coil (HRC) prices would be at or above $1,200/st by January 2027. Within this segment, more than half of respondents, 53pc, expected prices to be $1,201-$1,300/st, while 32pc believed prices would be above $1,300/st at the start of next year. The survey results were collected at the beginning of October, when the US Argus Steel Index HRC price was $1,261.75/st. Price indications from buyers in the following days put prices above that level and encroaching on $1,300/st in some cases. Still, market participants anticipate that the supply situation could begin to loosen in late first-quarter or second-quarter 2027 and are eyeing this period for a potential price correction that could bring more balance to the supply-and-demand landscape. By Aaron May 2027 US flat steel contract expectations Expected index-linked contract discount Share of respondents 1-2pc discount against contract 33pc 3-4pc dicsount against contract 52pc 4-5pc discount against contract 9pc Over 5pc discount against contract 6pc Expected HRC price by January 2027 Below $1,100/st 6pc $1,100-$1,200/st 9pc $1,201-$1,300/st 53pc Above $1,300/st 32pc Data compiled from webinar survey participants Argus US Flat-Rolled Contract Negotiations Webinar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Western Gd shortage hits MRI-contrast producers
Western Gd shortage hits MRI-contrast producers
London, 12 October (Argus) — Export controls on gadolinium have lifted global prices and squeezed gadolinium oxide supply for gadolinium-based contrast agents (GBCAs) used in magnetic resonance imaging (MRI). Atlantic gadolinium prices have risen sharply since the start of 2026, driven by extremely tight supply and strong demand from end markets including defence and medicine. Argus assessed 99.99-99.999pc gadolinium oxide prices at $2,500-3,000/kg cif Europe on 8 October, up by 708pc from $250-430/kg on 1 January. Gadolinium stocks in the west have fallen sharply since export controls on gadolinium and six other heavy rare earths were introduced on 4 April 2025. Some gadolinium has continued to flow to the west for non-military purposes under export licences. Export licences have been granted to many medical companies for a variety of controlled materials. But even licensed gadolinium exports have fallen in recent months, Argus has heard, which has pressured medical companies seeking secure GBCA supplies. The supply squeeze has placed the four main western GBCA producers — Bayer, Guerbet, Bracco and GE HealthCare — in an unprecedented position. Gadolinium crucial for diagnostic medicine GBCAs have been essential to diagnostic imaging since the first agent was approved in 1988. During an MRI, a patient is injected with a GBCA to provide contrast that makes small abnormalities visible. Contrast-enhanced MRIs are essential for cancer treatment, vascular imaging and cardiac MRIs. Contrast is not necessary for some diagnostic MRIs, but there is no widely available alternative for certain conditions such as brain cancer. More than 60mn doses of gadolinium contrast agents were administered worldwide in 2024, and more than 900mn have been delivered globally since 1988. Historically, the medical industry has been able to obtain rare earths material with comparative ease, even immediately after the introduction of export controls last year. But the tightening squeeze on exports is now starting to impact pharmaceutical groups. "Our company is actively monitoring the situation and implementing mitigation measures to minimise the impact on customers as much as possible," a Bayer representative told Argus . Bayer said supplies of Gadavist (gadobutrol), the company's main contrast offering, remain unaffected. When asked whether Bayer expects to meet demand for Gadavist over the next 12 months if current feedstock supply conditions persist, the representative declined to comment further. A second GBCA producer confirmed that it is exploring alternative sources of gadolinium outside China. Pharmaceutical companies enter western spot market With Chinese supply no longer sufficient to meet demand, several major GBCA producers have entered the western spot market for gadolinium oxide, multiple sellers told Argus . But gadolinium oxide supply outside China is insufficient to meet pharmaceutical demand. The ex-China gadolinium spot market is relatively illiquid because of tight supply. Many traders see only upside after the dramatic price surge since April 2025 and are unwilling to release material at current prices. The medical industry must compete with deep-pocketed defence buyers for the limited amount of gadolinium currently available in the west. Gadolinium is also used in military and nuclear applications. "The shortage is not medical-specific. Larger trading companies are asking for it, and we see a shortage all around," a trader told Argus . Medical companies have long been aware of gadolinium supply vulnerabilities and are pursuing alternatives. GE HealthCare, for example, is in the clinical trial phase of research into a manganese-based alternative to GBCAs. GE HealthCare identified supply security as one of the benefits of a manganese contrast agent. "As a rare-earth element, gadolinium supply is largely dependent on mining and processing infrastructure in China. Manganese, however, is abundantly available from multiple countries, including South Africa, Australia and Gabon, reducing the risk of supply challenges impacting patient care," the company said in an April statement announcing the start of the clinical trial. Advances that reduce the amount of gadolinium needed per dose are already offering some potential relief. On 15 June, the US Food and Drug Administration (FDA) approved Bayer's Ambelvist (gadoquatrane), a contrast agent that Bayer described as the lowest-dose macrocyclic GBCA in the US. In the near term, there is no indication that export controls on gadolinium will be loosened. But the western spot market cannot supply enough gadolinium to meet medical demand. If gadolinium exports to the western medical sector do not rise, GBCA costs may skyrocket and patients may face a shortage of a critical, life-saving diagnostic tool. By Maeve Flaherty Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's scrap export tender rises in October
Japan's scrap export tender rises in October
Shanghai, 9 October (Argus) — Japanese scrap dealer cooperative Kanto Tetsugen's export tender price rose sharply in October, supported by strong buying interest from Bangladesh. A total of 20,000t of H2 scrap was awarded at ¥52,077/t ($329.15/t) free alongside ship (fas) today, up by ¥3,964/t from September. The result was equivalent to ¥53,077/t fob, significantly exceeding initial market expectations. Most market participants had expected the tender to settle at around ¥50,000/t fas, given that domestic scrap prices in the Kanto region stood at ¥49,000/t. Although Tokyo Steel had raised domestic collection prices three times since 19 September, overseas buyers had increased bids only gradually because of a slow recovery in finished steel sales. The October tender cargo is expected to be shipped to Bangladesh, as in previous months, at an estimated price of around $405/t cfr. "The trader that won the tender might be betting on lower freight rates at the time of shipment; otherwise, the cfr price would not be sufficient given current freight costs," a Japanese trader said. Buyers in other markets indicated that the tender price was too high for them to follow. They preferred to wait for more competitive offers from other scrap suppliers or to consider billet instead. The Argus daily assessment for H2 scrap fob Japan was ¥50,300/t on 8 October. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico’s inflation quickens to 3.45pc in Sept.
Mexico’s inflation quickens to 3.45pc in Sept.
Mexico City, 8 October (Argus) — Mexico's annual inflation accelerated to 3.45pc in September, the highest level since May, driven by upward pressure in the non-core index led by rising fruit and vegetable prices. The consumer price index (CPI) accelerated from an annual 3.26pc in August, according to statistics agency Inegi. While moving further above the central bank's 3pc inflation target, CPI has kept within the central bank's 2pc-4pc inflation tolerance range since May. September inflation came slightly below analyst forecasts, with Mexican banks Banorte and Banamex projecting 3.46pc and 3.5pc, respectively. Responding to the result, both banks revised their full-year 2026 estimates for the headline to 3.9pc from 4.0pc Core inflation eased further to 3.75pc in September from 3.88pc a month earlier. Within that, consumer goods slowed to 3.21pc from 3.41pc in August, and services inflation fell to 4.27pc from 4.33pc the previous month. September's faster headline rate was mainly fueled by the more volatile non-core index of prices, which accelerated to an annual 2.45pc from 1.13pc in August, largely because fresh fruit and vegetable prices expanded by an annual 8.78pc in September from 4.1pc in August. Energy inflation drove the non-core as well, accelerating sharply to 1.48pc from 0.81pc, despite government caps on LPG, regular gasoline and diesel retail prices to mitigate volatility stemming from the ongoing US conflict with Iran. Premium gasoline prices , which are not capped, maintained 11pc annual inflation in September. Price growth also accelerated for transportation, climbing to 3.51pc from 3.43pc in August, and for housing and utilities at 3.33pc in September from 3.06pc the previous month. In contrast, inflation for restaurants and hotels slowed to 6.19pc from 6.27pc in August. From the previous month, consumer prices rose 0.42pc, accelerating from a 0.20pc increase in August, Inegi reported. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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