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Latest market news

US ferrous flash: Midwest mill bids June scrap flat

  • Market: Metals
  • 03/06/26

A steelmaker in the Midwest bid most obsolete and prime ferrous scrap grades unchanged from the prior month for June deliveries.

The mill bid steady prices for shred, #1 HMS, 5ft P&S and #1 busheling compared to May.

The bids mirrored early trends in the southeast. Other Midwest mills have not yet formally entered the market, although Argus heard some small-volume trades in the past 24 hours at similar levels.

Argus has not yet published June ferrous scrap prices because trading is still under way.

The emergence of steady bids across the Midwest and southern US underscores firm underlying mill demand for scrap, supported by robust steel output and utilization rates hovering near multi-year highs.

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11/06/26

US wholesale inflation surges to 6.5pc in May

US wholesale inflation surges to 6.5pc in May

Houston, 11 June (Argus) — US wholesale inflation surged to an annual 6.5pc in May, led by an energy price spike unleased by the Mideast Gulf war. Prices paid to US producers (PPI) rose to its highest level since November 2022 from an annual 5.7pc in April and 4.3pc in March, according to the Bureau of Labor Statistics (BLS) . Economists surveyed by Trading Economics forecast a median PPI gain of 6.4pc. Wholesale prices started the year at 3.1pc. So-called core PPI, which strips out more volatile food and energy, rose by a more moderate 4.9pc in May, matching its gain in April. On a monthly basis, May marked a second month of 1.1pc PPI inflation, following 0.7pc in March and 0.5pc in February. Core PPI rose by 0.4pc on the month. "This PPI report shows an intensifying shock to goods prices and an uptick in underlying services prices too," Pantheon Macroeconomics said in a note. "We continue to think that inflation will fall sharply around the turn of the year, as growth in wages and rents continues to slow, and as tariff-related price rises continue to drop." The PPI report comes one day after the BLS reported that the consumer price index (CPI) rose by an annual 4.2pc in May, the highest gain in three years. Futures markets show a 98pc probability the Federal Reserve will hold its target rate unchanged at its 17 June policy meeting, with nearly 70pc odds of at least a quarter-point increase by the end of the year. PPI for goods rose by an annual 10.4pc in May following a gain of 7.4pc in April. PPI for services rose by 4.9pc. Energy PPI rose by 36.6pc in May following a 22.7pc gain in April. Energy for export rose by 72.3pc in May following a 50pc increase in April. PPI for finished consumer energy goods rose by 30pc in May after rising 17.8pc in April. Food PPI rose by 2.6pc in May following a 2.2pc gain in April By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US 'shovel ready' on Brazil rare earths: Panel

10/06/26
News
10/06/26

US 'shovel ready' on Brazil rare earths: Panel

Sao Paulo, 10 June (Argus) — The US wants to work in "warp speed" to secure Brazil's rare earths and other critical minerals, a panelist familiar with White House operations said at a market event in the country's capital Brasilia yesterday. The US is "shovel ready" to deepen its partnership with Brazil, specially regarding rare earth elements, said Eurasia Group managing director for the Americas Christopher Garman, during a critical minerals seminar held by Brazil's mining institute Ibram. The White House had — according to the panelist — identified Brazil and Malaysia as possible partners on rare earths because their reserves are mostly found in ionic clay, which is easier to process than other deposits. The US selected Brazil, Garman said, as shown by actions including the $2.8bn acquisition of Brazilian heavy rare earth producer Serra Verde, which followed $560mn in financing for Serra Verde and for soon-to-be producer Aclara Resources . "Donald Trump will continue to view Brazil pragmatically because of the value of its mineral assets," Garman said. He added that neither the newly reimposed US tariffs on Brazil nor the recent classification of local organised crime groups as terrorists signals a change in Trump's stance towards Brasilia. "They were parallel decisions that were being worked on for a long time." Mauricio Lyrio, a former ambassador and Brazil's current secretary for climate, energy and environment, agreed. "We are seeing geopolitics dictate most decisions related to Brazilian critical minerals," Lyrio said at the same panel, noting that Brazil's mineral assets gain value when conflicts and geopolitical issues arise elsewhere because of its good relations with every UN nation. "Brazil can seal cooperation agreements on every mineral with every country, which is key in this day and age." Both panelists said the quality of Brazil's critical mineral reserves and its technical mining expertise give the country an advantage in negotiations, but time is crucial. Brazil holds the world's second-largest rare earth reserves, but produced less than 1pc of the total global output. "Brazil has a massive opportunity in front of itself, but we need to have a very strong sense of urgency in order to capitalize on it," Lyrio said. "Brazil needs to dictate the terms, not react to other people's will." By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US inflation accelerates to 3-year high in May

10/06/26
News
10/06/26

US inflation accelerates to 3-year high in May

Houston, 10 June (Argus) — US inflation quickened to an annual 4.2pc in May, a three-year high, led by gains in energy prompted by the Mideast Gulf war. The consumer price index (CPI) rose from 3.8pc in April, according to the Bureau of Labor Statistics (BLS). Analysts surveyed by Trading Economics expected a median gain of 4.2pc. "May could mark the peak for headline CPI, although inflation will be slow to decline, keeping the Fed on prolonged hold for most of this year," Oxford Economics said in a note, citing recent declines in gasoline prices. So-called core inflation, which strips out volatile food and energy, rose by 2.9pc in May following a gain of 2.8pc the prior month, the BLS said. The energy index rose by 23.5pc in May from a year prior, following a gain of 17.9pc in April. Immediately after the report, Fed funds futures markets gave 98.2pc odds Fed policymakers will hold the target rate unchanged next week at its next policy meeting, and a nearly 69pc probability the Fed will hike its target rate by at least a quarter point by the end of the year. The gasoline index rose by 40.5pc in May from the year prior, compared with 28.4pc in April, the BLS said. Fuel oil rose by 58.9pc in May compared with a 54.3pc gain the prior month. Utility gas service rose by 3pc in May, unchanged from the prior month. Electricity rose by 5.9pc in May, slowing from 6.1pc in April. Food increased by 3.1pc in May, slowing from 3.2pc in April. Fruits and vegetables rose by 6.1pc and meats, poultry and fish and eggs rose by 1.8pc in May. New vehicles increased by 0.2pc in May, unchanged from the prior month. Costs of used cars and vehicles fell by 2pc in May, following a 2.7pc decline in April. Shelter rose by 3.4pc in May, slowing from a 3.3pc gain the prior month. Transportation services rose by 4.1pc compared with a 4.3pc gain the prior month. Airline fares rose by 26.7pc in May following a 20.7pc gain in April. Seasonally adjusted, CPI rose by a monthly 0.5pc in May, slowing from a 0.6pc gain in April and a 0.9pc gain in March. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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US auto sales hover near 2026 high in May

08/06/26
News
08/06/26

US auto sales hover near 2026 high in May

Houston, 8 June (Argus) — US automotive sales ticked higher in May, reflecting a persistent resilience in consumer spending as the US/Israel-Iran war continued to keep fuel costs elevated and foster inflationary concerns. Sales of light vehicles — pickup trucks and cars — edged higher to a seasonally adjusted annual rate of 16.1mn units in May from an upwardly revised 16mn in April, the Bureau of Economic Analysis reported. Last month's total was above May 2025's annualized rate of 15.6mn, which reflected the end of pre-tariff buying after sweeping US import duties took effect and was the second-highest total for 2026 after March's 16.2mn. Automotive sales continued to recover in May from a slow start to the year following winter storms in January and February, with gains in equity markets during the month and consumers' stronger tax refunds providing further support. Still, new-vehicle affordability remains a concern, with high fuel costs and other inflationary pressures tied to the war in the Middle East weighing on consumer sentiment. Average US retail gasoline prices last were assessed at $4.305/USG for the week ended 1 June, the latest data from the US Energy Information Administration shows, which represented an increase of $1.178/USG on the year. Sales of pickup trucks rose by 0.8pc to a 13.4mn annual unit rate in May, while car sales fell by 1.4pc to a nearly 2.7mn unit rate in the same period. US vehicle production in April reached its highest level since August 2025, rising to a seasonally adjusted rate of 10.45mn units from an upwardly revised 10.04mn in March, the latest Federal Reserve data shows. Auto assemblies are reported with a one-month lag to sales. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Recent deep-sea and short-sea cfr Turkey scrap deals

05/06/26
News
05/06/26

Recent deep-sea and short-sea cfr Turkey scrap deals

London, 5 June (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 1-Jun 30,000 406 (80:20) June Iskenderun USA HMS 1/2 80:20, shred, bonus Y 29-May 40,000 397 (80:20) June Marmara Cont.Europe HMS 1/2 80:20, shred, bonus Y 28-May 40,000 414 (90:10) June Izmir USA HMS 1/2 80:20, shred, bonus Y 28-May 40,000 409 (80:20) June Samsun Scandinavia/Baltics HMS 1/2 80:20, shred, bonus Y 18-May 37,000 406 (80:20) June Turkey Cont.Europe HMS 1/2 80:20, shred, bonus N 14-May 40,000 408.50 (80:20) June Turkey UK HMS 1/2 80:20, shred, bonus N 14-May 37,000 405 (80:20) June Marmara Baltics HMS 1/2 80:20, shred, bonus Y Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 2-Jun 3,000 378 (80:20) June Marmara Romania HMS 1/2 80:20 Y Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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