

Steel
Overview
The price indices in our Argus Ferrous Markets and Argus Global Steel services are widely used by companies in physical supply contracts around the world – for iron ore, coking coal, hot-rolled coil (HRC) and ferrous scrap.
Many of them are used as the settlement prices for cash-settled futures contracts launched by exchanges to allow users of the derivatives who also transact in the physical market to minimize basis risk while hedging. These cash-settled monthly futures contracts are settled against the arithmetic mean of all the published Argus prices during each calendar month.
Using indices allows companies to trade material on an index-linked basis, not only via fixed-prices sales. This offers significant advantages when prices are volatile, yet the modern finished steel market remains primarily transacted on a fixed price basis. The addition of futures markets offers opportunities to enhance supply chain resilience further.
Latest steel news
EU steel action plan to introduce melt and pour clause
EU steel action plan to introduce melt and pour clause
London, 17 March (Argus) — The European Commission will introduce a "melted and poured" rule as part of its steel and metals action plan, to underpin the effectiveness of its trade defence measures. The rule will mean the origin of goods is determined by the location at which the metal is originally melted, regardless of where it was further processed. This will prevent minimal transformation to evade dumping and other duties and provide greater clarity over the origin of the product, a draft of the plan suggests. The move will clearly have big ramifications for steel, where material produced in countries with duties, such as China, is further processed — for example, from hot-rolled into hot-dip galvanised — before being sent to the EU without paying duties. The commission said it will "remain vigilant, as overcapacities generated under non-market conditions may also have the effect of driving unrelated market-based producers in other third countries to export quantities to the EU that are displaced from their domestic or other traditional non-European markets". And the rule will have major implications for the EU's imports of cold-rolled and hot-dip galvanised, among other products, with one trading firm saying it would be a "game changer". European steel association Eurofer requested a melt and pour on Chinese steel as part of its request for a functional review of the steel safeguard. The commission also will "proactively" open duty investigations based on a "threat of injury" without waiting for material injury to occur. The carbon border adjustment mechanism will be extended to certain downstream products to prevent a shift to downstream goods that then avoid paying the carbon taxes required on upstream products, such as steel. European service centres and distributors have been requesting this move to protect themselves and their customers, which could face greater import penetration without an extension of the measures. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US rejects Australia's critical mineral deal
US rejects Australia's critical mineral deal
Sydney, 17 March (Argus) — The US last week rejected a deal with Australia offering access to its critical mineral sector in exchange for a metal tariff exemption, in the lead-up to the former implementing a 25pc tax on steel and aluminium imports. The proposal was not a financial deal, but involved "continued and improved [American] investment in getting access to [Australia's] critical minerals," Australian trade minister Don Farrell said in an interview on 16 March. The US government rejected the deal and refused to grant tariff exemptions for Australia on 12 March, following high-level discussions between officials from the two countries. Farrell has indicated that Australia's government is continuing to seek steel and aluminium tariff exemptions for its metal producers. He spoke to US commerce secretary Howard Lutnick on 14 March, and is scheduled to speak to US trade representative Jamieson Greer about the issue on 17 March. Australian aluminium producers will likely be hurt by the tariffs. US buyers purchased 93,000t of Australian aluminium in 2024, accounting for 10pc of the country's total aluminium exports. Australia's critical minerals proposal comes as US and Ukrainian officials continue to negotiate a deal over access to Ukraine's rare earth reserves. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU finds no dumping on India HRC
EU finds no dumping on India HRC
London, 14 March (Argus) — A pre-disclosure to the EU's anti-dumping investigation found no dumping on hot-rolled coil (HRC) imports from India, while imposing provisional duties on Egypt, Japan and Vietnam in a range of 6.9-33pc from 7 April. Japan's Nippon Steel faces one of the highest import duties, at 33pc, while benchmark mill Tokyo Steel has the lowest, at 6.9pc. Fellow Japanese steelmakers Daido Steel and JFE Steel will be taxed at 32pc. All other Japanese producers will have a provisional duty of 33pc. Material from Vietnam will be subject to a 12.1pc duty, while Egyptian exporters face a 15.6pc tax. No provisional duties are proposed for imports from Vietnam's Hoa Phat, according to a leaked document from the European Commission. Egypt, Japan and Vietnam sold 2.2mn t of HRC into the EU last year, accounting for around 25pc of total imports. Egypt sold 694,000t, Japan 860,000t and Vietnam 727,000t. Indian imports will be unconstrained, as they are subject to a 0pc duty. It shipped 1.2mn t into its own quota last year. India was the most affected HRC supplier by the safeguard review, with imports from the country falling by 23pc to 225,000 t/quarter. The provisional rates mean Vietnamese HRC will remain easily workable into the EU, and the duties will have little impact on the volume of supply from the country — apart from the limitations already imposed by the safeguard review, which limits imports from other countries to around 111,000 t/quarter. Egypt would be "cooked", a trader said, with its import volumes likely to decline substantially, if the provisional duties become definitive. Prices in the EU are less likely to increase if these duty rates are imposed, and because the safeguard review results earlier in the week were less stringent than expected, a buyer said. The low duties on Vietnamese material — below most market expectations — will be welcomed by large re-rollers that account for a high share of the country's exports to the EU. Definitive measures are expected by 7 October. By Lora Stoyanova and Colin Richardson EU HRC provisional anti-dumping duties % Mill Provisional duty Japan Nippon Steel 33.0 Tokyo Steel 6.9 Daido Steel 32.0 JFE Steel 32.0 All others 33.0 Egypt Ezz Steel 15.6 All others 15.6 Vietnam Formosa Ha Tinh 12.1 All others* 12.1 India All mills 0† * No duties on Hoa Phat Dung Quat †no dumping found - EC Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Steelmaker Gerdau to buy Kloeckner's Brazil assets
Steelmaker Gerdau to buy Kloeckner's Brazil assets
Sao Paulo, 13 March (Argus) — Brazilian steelmaker Gerdau closed a deal to acquire German metals service centre Kloeckner's operations in Parana, Brazil, for an undisclosed value. Gerdau, historically a long steel producer, has been investing in flat steel assets. The company this week inaugurated its expanded hot-rolling mill, boosting hot-rolled coil (HRC) capacity by 30pc to 1.1mn t/yr. The company has submitted a request to Brazil's antitrust watchdog Cade seeking approval for the acquisition, before completing the transaction. Kloeckner has operated in Brazil since 2011, following its acquisition of 70pc of Frefer Metal Plus assets. Last October, the German company announced that it will exit the Brazilian metals market, aligning with its strategy to concentrate investments in European and North American markets. Besides Parana, Kloeckner has plants in Sao Paulo and Rio Grande do Sul. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Metal movers: Will the EU steel safeguards changes hit imports?
WhitePaper - 11/02/25Steel: What is the cost of going green?
Social and political pressures have put green steel at the forefront of the agenda in the European sector, with heavy investment going into new projects and offtake deals being inked with green premiums. But what exactly is green steel, and what is its value?
Podcast - 28/11/24Metal Movers: Latin American steel - Output challenges and what comes next?
Explore our steel products
FOB China HRC
The rise of the Chinese steel market has moved in lock-step with the development of the country’s economy. Crude steel output soared since the start of the millennium and that spurred raging raw material demand, which upended the coking coal and iron ore markets.
By 2012, China had established itself as a source of steel without peer, and while export volumes have moderated since then, China still exerts the dominant influence over Asia’s steel pricing.
In March 2019, the London Metal Exchange (LME) launched a new FOB China HRC futures contract to help market participants to manage their price risk. The contract is settled against the monthly average of the daily price assessments published in our Argus Ferrous Markets and Argus Global Steel services, and it has rapidly established itself as the most successful finished steel futures launch to-date.
European HRC
Current European steel capacity is most densely concentrated in an area encompassing parts of France, Germany and Benelux. While capacity has rationalized, the European industry has proven resilient throughout decades of change and faces the problems of raw material and finished goods price volatility as well as globalized price competition.
Steel prices remain regional by nature and, like Asia, Europe is only beginning to experiment with steel price indexation. To support market participants with their price risk management, CME Group launched a North European HRC futures contract in March 2020. The LME has announced plans to launch their own N. Europe HRC futures contract in late 2020.
Argus has been selected as the provider of choice by both exchanges, and both futures contracts will be settled against the monthly average of the daily Argus price assessments provided in our Argus Ferrous Markets service.
CFR Taiwan Ferrous Scrap
The US East Coast and Europe look to Turkey to set bulk scrap price direction. Conversely, the US West Coast & Japanese supply looks to Taiwan to set container scrap price direction, which sets wider Asian scrap pricing.
Container markets parcel sizes are more liquid and frequently-traded markets, and the LME has launched a new Steel Scrap CFR Taiwan futures contract in July 2021 to support market participants hedge their risk.
Argus has been selected as the provider of choice by both exchanges, and both futures contracts will be settled against the monthly average of the daily Argus price assessments provided in our Argus Ferrous Markets and Argus Global Steel service.
