Argus Germany
As the largest economy and the largest energy consumer in Europe, Germany is central to the energy and commodity markets we cover. Our German team, based in Hamburg, provide detailed, insightful local commentary on these specialist markets every day with a range of dedicated services. Argus’ global expertise supports and enhances the solutions we offer German market participants, while our unique insight into the region proves invaluable to those trading with the country.
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With an experienced team based in Hamburg, Argus is uniquely positioned to provide the most local expertise and insights into the German markets and their unique needs, alongside global context and insight from the rest of the world
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US tariffs to slash Brazil's steel exports, output
US tariffs to slash Brazil's steel exports, output
Sao Paulo, 19 March (Argus) — Brazil's steel exports and production could fall by 11pc and 2pc, respectively, in 2025 because of recently imposed 25pc US tariffs on all imported steel, according to national economic research institute Ipea. The decline in steel output resulting from the US import tariff is estimated at 700,000 metric tonnes (t)/yr, leading to an export loss of 1.6mn t, according to Ipea. Brazil was the US' top semi-finished steel supplier in 2024, shipping 3.4mn t of slabs there, which accounted for nearly 80pc of its total slab exports last year , according to customs data. The US tariffs will have a negligible impact on Brazil's overall exports and GDP, according to Ipea's study. The Chinese threat But Brazilian steelmakers are more concerned about Chinese imports than US tariffs. Chinese steel dumping causes greater harm to the industry and the economy than US tariffs, according to Brazilian steelmaker CSN's executive director Luis Fernando Barbosa Martinez. Brazil levied a 25pc import tariff on 11 steel products in June 2024 following the domestic steelmakers' push for safeguard measures. The move proved ineffective as imports hit record highs in 2024, nearly 70pc of which shipped from China . The government's import methodology, criticized for setting quotas by adding 30pc to the average steel imports from 2020-2022 for 11 products, is set to expire in two months. Importers and steelmakers are on opposite sides of the issue, with the former advocating against and the latter asking for more safeguards. Political implications Political dynamics are expected to influence steel prices just as much as the balance between supply and demand. President Luiz Inacio Lula da Silva — whose popularity has hit its lowest point across his three terms, just one year ahead of the 2026 elections — and vice-president Geraldo Alckmin — who also serves as trade minister — have been meeting with key stakeholders, including automakers, steelmakers and household appliance manufacturers, for the past two weeks. Automaker Stellantis recently announced R30bn ($530mn) in investments, while steelmakers pledged R100bn ($17bn) last year, aligned with the imposition of tariff quotas. Both sectors highlight their potential to create jobs. Steel industry chamber Instituto Aço Brasil warned of job losses and idled furnaces unless further measures are taken to weaken Chinese imports' flow. The steel industry supports 72,700 direct and 49,000 indirect jobs, according to the latest data from Instituto Aço Brasil. And the automotive sector currently accounts for 108,000 jobs, national association of motor vehicle manufacturers Anfavea said. Importers argued that additional tariffs may drive inflation and higher interest rates, as well as slash demand and harm the economy as a whole. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US' China ship fees would boost costs, not shipbuilding
US' China ship fees would boost costs, not shipbuilding
New York, 19 March (Argus) — The US Trade Representative's (USTR) proposal to fine Chinese-built ships calling on US ports would cripple trade flows and increase costs for US consumers rather than promote domestic shipbuilding efforts, according to comments from shipping industry participants. Comments filed earlier this month from US industries that rely on shipborne cargo were critical of the USTR plan to fine owners of Chinese-built vessels between $500,000 and $1.5mn per port call, saying it would disrupt trade flows and increase US consumer costs . In more recent filings, the American Association of Port Authorities (AAPA), shipbrokers and major shipping associations, among others, echoed those concerns, calling on the USTR to reconsider its proposal ahead of a public hearing the USTR will host on 24 March. The AAPA commended USTR's goal of revitalizing the US' domestic maritime industry, but warned that the proposed fine on Chinese-built ships would not have a positive impact on US shipbuilding efforts. "The fees will do little to grow the American shipbuilding industry, which needs major infusions of capital, workforce talent and innovation to begin competing with shipbuilders abroad," the AAPA said. Existing shipyards in the US are working at or near capacity, so higher demand will not enable them to produce additional ships with the "same number of resources", according to AAPA. The proposed fines would disrupt the efficient and cost-effective flow of essential goods to the American cities and industries, shipbroker Lightship said in its comments to the USTR proposal. "If the US were to tax Chinese vessels, then Japanese vessels and shipyards would be the directly benefited party, not the eventual US shipyards," the shipbroker said. A $1mn fee on Chinese vessels calling on US ports would be an effective $20/t surcharge on the 50,000t-sized cargoes common in the Supramax dry bulker segment that delivers critical cargoes to the US, Lightship said, such as the rock salt that de-ices roads along the US east coast. "The salt producer and seller will subsequently raise the price per ton of salt to offset these higher freight costs," Lightship said. Fees on Chinese vessels would split the global freight market into US-focused and US-avoidant shipping segments, according to major international shipping agency BIMCO, while the additional costs would be "passed on to the US consumer". "The totality of the world fleet would not change, but the overall cost of maritime trade would increase due to less competition in the now segregated US market," BIMCO said. "In this regard, it is worth keeping in mind that the US import/export is about 12pc of global seaborne trade, so the consequences of reorganizing maritime trade will have a much bigger impact on US import/export than on trade in the rest of the world." The threat of the proposals being instituted under US president Donald Trump's administration contributed to a nearly 20pc increase in freight rates last week for dry bulk vessels loading out of the US . The rise was notable for early signs of a bifurcation developing in US exports, as vessel operators without Chinese vessels in their fleet submitted higher $/d offers for US-loading cargoes compared to operators utilizing Chinese vessels in their fleet. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Modified fertilizer tariffs in effect indefinitely: TFI
Modified fertilizer tariffs in effect indefinitely: TFI
Houston, 19 March (Argus) — US fertilizer industry association The Fertilizer Institute (TFI) today told its members that there is no end date for modified tariffs on Canadian and Mexican fertilizers. The exclusions and modified tariff rates will be in effect indefinitely unless President Donald Trump decides otherwise, since no expiration date was outlined in the executive order, TFI said in an alert to is members. TFI referenced speculation throughout the fertilizer industry regarding the executive order being set to expire at the beginning of April, but specified that there has not been authorized verification from the Trump administration about the end date. The industry group advised to beware of the lack of timeline, and remain conscious of the possibility of no "guarantees" in a tariff change in the near future. Canadian and Mexican imports of fertilizer and other products deemed compliant with the United States-Mexico-Canada Agreement (USMCA) were excluded from the 25pc tariff implemented on 4 March under an executive order from the Trump administration. In comparison, potash deemed to lack USMCA preference status will face a reduced 10pc tariff, likely driven by the significant amount of Canadian potash imported into the US annually. Market sentiment has mirrored the uncertainty of the tariffs, with potash prices rising progressively over the past two months. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Fed keeps rate flat, eyes 2 cuts in '25: Update
US Fed keeps rate flat, eyes 2 cuts in '25: Update
Adds Powell comments, economic projections. Houston, 19 March (Argus) — Federal Reserve policymakers held their target interest rate unchanged today in their second meeting of 2025, and signaled two quarter-point cuts are still likely this year. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc. This mirrored the decision made at the last FOMC meeting at the end of January, which followed rate cuts of 100 basis points over the last three meetings of 2024, which were the first cuts since 2020. "Our current policy stance is well positioned to deal with the risks and uncertainties we are looking at," Fed chair Jerome Powell told journalists after the meeting. "The economy seems to be healthy." Powell acknowledged some of the negative market sentiment in recent weeks, which he said "... probably has to do with turmoil at the beginning of an administration." "We kind of know there are going to be tariffs and they tend to bring growth down and they tend to bring inflation up," he said, but long-term inflation expectations are "well anchored." In December the Fed said it expected 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. Policymakers and Fed officials Wednesday lowered their estimate for GDP growth this year to 1.7pc from a prior estimate of 2.1pc in the December economic projections. They see inflation rising to 2.7pc for 2025 from the prior estimate of 2.5pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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About Argus and O.M.R.
In July 2020, O.M.R. Oil Market Report was integrated into Argus Media's German subsidiary, Argus Media Germany, and now operates under the Argus Media name.
Both Argus Media, established in 1970, and O.M.R. Oil Market Report, established in 1985, were founded as family businesses. Now, they combine their long history and extensive experience in market reporting.
Our team of experts are in daily exchange with market participants in Germany and around the world, providing you with trusted prices, latest news and useful analyses on the German and northwest European markets.
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- Telephone: +49 (0) 40 8090 3717
- E-Mail: germanfuels@argusmedia.com
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Argus Biofuels Europe Conference & Exhibition
Argus Biofuels Europe Conference & Exhibition
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Argus Road Fuels Europe Conference
Argus Clean Ammonia Europe Conference
Argus Clean Ammonia Europe Conference
