Steel
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Overview
Argus provides benchmark pricing and market intelligence across global semi‑finished and finished steel markets- including billet, slab, hot‑rolled coil (HRC), cold‑rolled coil (CRC), hot-dip galvanized (HDG), plate, rebar and more. Leading commodity exchanges such as the London Metal Exchange and Chicago Mercantile Exchange rely on Argus steel benchmarks as the settlement basis for HRC futures in China and Europe, reinforcing Argus’ role as an unbiased and independent provider of global steel price references. Our flagship NW Europe HRC and China HRC benchmarks, in addition to US HRC are widely embedded in physical steel contracts, strengthening price transparency and guiding procurement strategies, helping market participants settle supply contracts. Using indices allows companies to trade material on an index-linked basis, not only via fixed price sales, offering significant advantages when prices are volatile.
Argus delivers global steel coverage with localized insight across major trading regions- including the US, Latin America, Europe, China, Southeast Asia and the Middle East, offering a clear view of steel market drivers, price trends and regional market dynamics through Argus Global Steel. Together with Argus Steelmaking Raw Materials, this provides end-to-end insight across the entire steel supply chain- from upstream inputs through finished steel products. This intelligence is supported by robust trade‑volume datasets and continuous reporting on geopolitics, trade measures and supply demand shifts that influence global steel prices. Our methodology is underpinned by detailed context around the development of the price — including visibility into anonymized transaction volumes, data submissions and observable market trends — giving customers a level of clarity unmatched elsewhere in the market and strengthening confidence in every price assessment.
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Latest steel news
US auto sales slow in July from 2026 high
US auto sales slow in July from 2026 high
Houston, 5 August (Argus) — US automotive sales in July slipped after reaching their highest level this year in June, as consumers tempered purchases but continued to spend in the face of renewed inflationary pressures after the US and Iran resumed hostilities. Sales of light vehicles, which are pickup trucks and cars, fell to a seasonally adjusted annual rate of 16.3mn units in July, down from an upwardly revised 16.6mn in June, the Bureau of Economic Analysis reported on Tuesday. Last month's total represented a 1.8pc decrease from July 2025's annualized rate of 16.6mn. Buyers — primarily affluent ones — continued to spend in July, buoyed by continuous gains in equity markets that have increased household wealth. Still, affordability concerns linger with fuel prices rising again after the ceasefire agreement in the Middle East broke down and markets still expecting the US Federal Reserve to raise its target interest rate this year, which would raise borrowing costs. Average US retail gasoline prices ended the week of 3 August at $4.079/USG, representing an 8pc increase from the week ended 6 July, the latest US Energy Information Administration data shows. The Chicago Mercantile Exchange's FedWatch tool is showing a 53pc probability of a quarter-point rate hike at the Fed's September meeting, as policymakers seek to reel in inflation that remains nearly double their 2pc target. Sales of pickup trucks in July fell by 1.8pc to a 13.6mn annual unit rate on the month, while car sales ticked up by 0.6pc to a 2.7mn unit rate in the same period. US vehicle production in June increased to a seasonally adjusted rate of 10.68mn units, rising from an upwardly revised 10.41mn in May, the latest Fed 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.
Markets ever more sensitive to disruption: Glencore
Markets ever more sensitive to disruption: Glencore
London, 5 August (Argus) — Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today. Reporting its results for the January-June period, Glencore said the volatility was such that it waived its $200mn value-at-risk (VaR) limit for a period between March and May. Glencore uses VaR to provide an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. It said the measure hit a high of $456mn during the first half, when it averaged $165mn. The measure averaged $72m in the comparable period in 2025. Glencore expects market volatility to remain "above historical norms" for some of the second half of this year, "albeit at lower levels than experienced during the first half." Glencore today said adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at its Marketing business, which encompasses its trading operations, rose to $3.64bn in January-June, from $1.7bn a year earlier. The increase was driven mainly by oil and gas trading operations, it said. The company's Industrial business, which includes its extensive mining operations and its small crude production concern, made an adjusted Ebitda of $6.5bn, up by 72pc on the year. Glencore's overall profit in the first half of the year was $4.4bn, compared with a loss of $655mn a year earlier. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s BHP faces iron ore port strike in August
Australia’s BHP faces iron ore port strike in August
Sydney, 5 August (Argus) — Unionised workers at Australian mining firm BHP's Port Hedland iron ore export operations will strike on 8-9 August after the company and employees failed to reach a breakthrough at the last enterprise bargaining meeting on 4 August. The meeting was productive but failed to resolve substantive issues, the combined port unions — the Electrical Trades Union, Australian Workers Union and Australian Manufacturing Workers' Union — said on 4 August. BHP has committed to tabling an updated enterprise agreement (EA) proposal at the next bargaining meeting scheduled for 18 August, a spokesperson for the firm said today. Significant progress was made at the 4 August meeting, which was mediated by Australia's workplace ombudsman the Fair Work Commission, BHP added. Industrial action will start with a 24-hour ban on ship-loading from 05:30 AWST on 8 August (21:30 GMT, 7 August), followed by a 24-hour work stoppage from 05:30 AWST on 9 August (21:30 GMT, 8 August). About 150 workers plan to join the action over the weekend. The Chamber of Minerals and Energy (CME) WA estimates that a 24-hour stoppage at Port Hedland would cost BHP A$120mn ($83mn) in export revenue. BHP has been negotiating a new EA with its Port Hedland maritime workforce since October 2025, which will cover around 450 employees, excluding contractors. Up to 236 of these workers are eligible to strike, Fair Work Commission (FWC) records show. Port Hedland has a total workforce of around 1,200 workers. Port Hedland workers last held industrial action on 16 July , but this did not prevent a loaded vessel from leaving the port early on 17 July, BHP said, despite about 63 workers participating in the strike. Port Hedland is the world's largest bulk iron ore export port and a key export hub in BHP's WA iron ore supply chain. BHP produced 256.9mn t of iron ore from its WA operations in the July 2025-June 2026 fiscal year. All of BHP's WA iron ore is exported through Port Hedland. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indian steel's CBAM hit softer than expected: Sandbag
Indian steel's CBAM hit softer than expected: Sandbag
Mumbai, 4 August (Argus) — The EU's carbon border adjustment mechanism (CBAM) could have a smaller effect on Indian steel exports than estimated, national average emissions suggest, as suppliers can redirect lower-carbon output to the bloc to reduce their exposure, climate think tank Sandbag said today. Instead of using country-wide average emissions, the think tank assessed CBAM's effect by considering factors such as product categories, production pathways and existing capacities. Overall, Indian exports are expected to incur CBAM fees of €762mn ($877mn) in 2034 using national average emissions values, with iron and steel making up the bulk of the exposure, Sandbag said. Together, flat and long steel, as well as some other iron products, account for about €735mn of those charges, according to Sandbag data. But expected CBAM charges for overall exports fall to €407mn under Sandbag's methodology, which assumes suppliers increasingly channel output from lower emission steel production routes to the EU, while directing more carbon-intensive production to the domestic market. This "expected" scenario represents a "partial reallocation of existing low-emission capacity", rather than a shift in steelmaking technology. India exported about 4mn t of CBAM-covered steel products to the EU in 2025, with flat steel accounting for the largest share at 2.6mn t, followed by long products at about 830,000t, according to Sandbag estimates. Sandbag's analysis assumes export volumes remain at the same levels in coming years and a carbon price of €80/t CO2. The think-tank assumes EU-bound flat steel exports will increasingly be supplied by ArcelorMittal Nippon Steel's Hazira plant, which has about 8.6mn t/yr finished steel capacity and relies heavily on gas-based direct reduced iron-electric arc furnace (DRI-EAF) steelmaking. The gas-based DRI-EAF route has an emissions intensity of 1.4-1.6t CO2/tcs, compared with the blast furnace-basic oxygen furnace (BF-BOF) method, which emits 2.2-2.6t CO2/tcs and accounts for more than 45pc of India's steel production, according to ministry data. A large portion of long steel exports would remain competitive if the output is from Tata Steel's 750,000 t/yr scrap-based EAF in Ludhiana, while pig iron exports could be substituted by gas-based DRI exports, given rising demand in the EU, Sandbag said. Sandbag also considers "net costs", which account for higher steel prices in Europe as free emission allowances are phased out, allowing exporters to recover part of their CBAM costs by raising prices. The loss on Indian hot-rolled flat steel exports under the 7208 HS code falls from €97/t under a national average emissions approach to about €5/t when exports are sourced from lower-emission Indian plants, the report said. Sandbag has also mapped out an "ambitious" scenario, in which new low-carbon steelmaking capacity is added and the use of scrap in steel production increases. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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