Steel
Setting a new standard of market transparency through trusted pricing, steel-related data, news and analysis on global flat and long products.
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
Recent deep-sea and short-sea cfr Turkey scrap deals
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.
US adds 172,000 jobs in May, jobless rate flat
US adds 172,000 jobs in May, jobless rate flat
Houston, 5 June (Argus) — The US added 172,000 nonfarm jobs in May, partly driven by local government and hospitality hiring, while job growth for the prior two months was revised sharply higher, suggesting surprising strength for the labor market as Gulf war impacts begin to push up inflation. Job gains in April were revised up by 64,000 to 179,000 and March employment was revised higher by 29,000 to 214,000, for combined gains of 93,000 more than previously reported, according to the Bureau of Labor Statistics (BLS). Economists surveyed by Trading Economics had expected median gains of 85,000 in May. "Payrolls have surprised the consensus to the upside for three straight months, a relatively rare occurrence," Pantheon Macroeconomics said in a note. "That pace is unlikely to be sustained." The jobless rate held steady at 4.3pc. Following the release of the report, Fed funds futures were tracking about 66pc odds the Federal Reserve will hike its target rate by at least a quarter point by the end of the year, up from about 50pc on Thursday. The Federal Reserve said in its latest Beige Book report on economic conditions that in May most regions reported "... a low-hire, low-fire environment, with workers increasingly reluctant to change jobs because of economic uncertainty. Hiring remained selective and primarily focused on critical roles or attrition replacement." Average hourly earnings rose by an annual 3.4pc in May, down from 3.6pc in April. Employment in mining, oil and gas extraction rose by 5,000 in May and is up by 10,000 since February. Manufacturing added 7,000 jobs but is down by 46,000 from a year earlier, while construction added 17,000. The information technology sector shed 2,000 jobs. Employment in local government rose by 55,000. Federal government added 1,000 jobs. Health care added 35,000, about in line with the monthly gain over the prior 12 months. Social assistance gained 12,000, also near trend. Leisure and hospitality added 70,000 jobs, about four times the trend, with restaurants and drinking places adding 48,000. Transportation and warehousing were up by 1,000 and are off by 92,000 since reaching a peak in February 2025. Air transport lost 9,000, largely reflecting the shutdown of Spirit Airlines. Financial activities declined by 22,000 and is down by 107,000 from a recent peak of May 2025. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fire hits Tata Steel UK’s Port Talbot pickling line
Fire hits Tata Steel UK’s Port Talbot pickling line
London, 4 June (Argus) — A fire at Tata Steel UK's Port Talbot mill on the evening of 3 June was restricted to the pickling line, a company representative has told Argus . Market participants say it could affect galvanising, oiling and painting processes, as well as hot-dipped galvanised (HDG) output. "All personnel were accounted for and evacuated from the area safely. At this time, the emergency services remain on site and are working with local teams to completely extinguish the fire. The incident is not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening," Tata Steel UK said. "The hot mill was unaffected and will restart [as soon as possible]," a company representative told Argus . He added that Tata Steel UK has "a reasonable inventory", but that it is "too early to say" whether customer deliveries will be delayed. It is also unclear whether downstream galvanising or other coated products supplied from Tata's UK network will be affected, or whether any pickled/oiled, hot-rolled or galvanised substrate output will be disrupted, he said. Repair of the pickling line may take some time, and these works could hit HDG output, some participants said. But the company might try to restart its Llanwern unit, about 46 miles away. "Converting slab into hot-rolled coil is still possible, but converting hot-rolled coil into pickled product is not, at least until the Llanwern line is... restarted," a market participant said. "Tata has some feedstock stock at Llanwern, so galvanising can continue for now... It may take about two weeks to restart this unit." The fire occurred amid tense discussions over UK steel safeguard quotas, which take effect on 1 July. On 2 June , the UK introduced a transitional exemption mechanism that could soften the impact of import quotas. Under this arrangement, relevant goods under contract before 14 March will be exempt from the 50pc out-of-quota duty that will apply until 30 September. The exemption was granted following the efforts of a working group led by the International Steel Trade Association and comprising the British Constructional Steelwork Association, British Independent Reinforcement Fabricators Association, British Stainless Steel Association, Confederation of British Metalforming, Metal Packaging Manufacturers Association and National Steel Association, a trader said. "[The Port Talbot fire] will have an effect on the market. It shows the high risk of relying on single source of steel." In October 2024, Tata Steel ceased ironmaking at Port Talbot and paused steelmaking pending construction of a 3.2mn t/yr electric arc furnace that is due to be commissioned in late 2027-early 2028. During that period, the business will import slab and hot-rolled coil to support manufacturing and distribution in Wales, England and Northern Ireland, as well as Norway, Sweden, France, Germany and the UAE. Tata Steel UK deliveries totalled 520,000t in January-March. Deliveries for the fiscal year to 31 March 2026 hit 2.2mn t, down from 2.51mn t a year earlier because of "subdued market dynamics", according to Tata. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazilian BPI could face up to 37.5pc US tariffs
Brazilian BPI could face up to 37.5pc US tariffs
Sao Paulo, 4 June (Argus) — The US could impose tariffs totalling 37.5pc on Brazilian basic pig iron (BPI) by mid-July, as the product does not appear on current exemption lists under two separate Section 301 of the Trade Act of 1974 actions targeting Brazil. The US Trade Representative (USTR) proposed a 25pc tariff on a range of Brazilian products starting on 15 July, following a determination that Brazil has unreasonably burdened US commerce through its trade policies. The country could also face an additional 12.5pc duty under a separate Section 301 probe related to forced labor concerns . BPI does not appear on the lists of exemptions published by the USTR's office on 1 and 2 June. The steel feedstock is integral to US EAF steel mills and could still be excluded from the measures following public hearings scheduled for 6 and 7 July. The USTR requires requests to appear at the hearings to be submitted by 22 June. US steelmakers are expected to be heard during the process to explain how the tariffs could increase costs in their supply chain as they have become increasingly reliant on Brazil as a BPI source following the 2022 outbreak of the Russia-Ukraine conflict. Brazil accounted for 63.5pc, or 4.14mn metric tonnes (t), of total BPI imports between January 2025 and March 2026. Although Indian cargoes have increased recently, overall capacity elsewhere remains insufficient to offset Brazilian supply. Demand for pig iron has been supported by elevated US steel production, with mills operating above the widely considered healthy utilization rate of 80pc in recent weeks, according to the American Iron and Steel Institute. Output has increased since the separate 50pc Section 232 steel tariffs curbed imports, prompting mills to raise prices and widen margins. The USTR annex of exempted products published on 1 June includes a related ferrous category under HTS code 7201.50.60 (spiegeleisen), but not the far more widely traded non-alloyed pig iron under code 7201.10.00. Brazil has not exported the former product to the US in significant volumes, but instead, the country shipped all of its 260,000t of BPI in the latter category in April, according to customs data. Any additional tariffs would likely increase production costs for the EAF-heavy US steelmakers. The Argus pig iron Nola cfr assessment currently stands at $510–520/t. If the US imposes a 37.5pc tariff, costs could rise by roughly $190/t based on current prices. The USTR did not respond to an Argus inquiry on why BPI was not included in the exemption lists or whether the administration plans to exempt the material under either of the two trade actions. In 2025, BPI was exempted from US tariffs imposed on Brazilian products under the National Emergencies Act. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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