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
Mexico central bank holds rates at 4-year low
Mexico central bank holds rates at 4-year low
Mexico City, 26 June (Argus) — Mexico's central bank (Banxico) on Thursday held its target interest rate at 6.5pc, its lowest level in more than four years, and signaled support for keeping rates unchanged through its outlook horizon as inflation slows. The unanimous decision to hold rates unchanged was the first since Banxico cut rates to 6.5pc on 7 May. The bank reduced the benchmark rate 450 basis points over 18 half- and quarter- point rate cuts made from a cyclical high of 11.25pc in March 2024. "The document confirmed the neutral stance by the central bank," said Mexican bank Banorte, as such, the bank affirmed its "call that the reference rate will remain unchanged at 6.50pc in the remainder of 2026 and throughout 2027." T he central bank made minimal changes to its statement, retaining forward guidance that underscores a neutral policy stance. "Looking ahead, the governing board believes it will be appropriate to maintain the reference rate at its current level," bank governors said. Banxico noted that headline inflation slowed to 3.55pc in mid-June from 4.45pc in April, with both core and non-core inflation easing. Banxico kept its forecast for both headline and core inflation to converge to its 3pc target in the second quarter of 2027. Banxico also toned down its discussion of risks from the US-Iran conflict, saying "recent negotiations suggest a solution is underway." The bank made only minor revisions to its inflation forecasts, lifting its headline estimate for the current quarter to 4.1pc from 4pc and making small upward adjustments to core inflation forecasts for the final three quarters of 2026. The board said inflation risks remain skewed to the upside. Mexican bank Banorte noted "a slight rearrangement" of those risks, highlighting the greater weight given to climate-related impacts, consistent with the formation of El Nino. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India starts AD probe into hot-rolled steel imports
India starts AD probe into hot-rolled steel imports
Mumbai, 26 June (Argus) — India has opened an anti-dumping (AD) investigation into hot-rolled flat steel products originating in or exported from China, Japan and Russia. The investigation was launched following an application by domestic producers JSW Steel, JSW Vijayanagar Metallics and Jindal Steel Odisha, a notification from the Directorate General of Trade Remedies (DGTR) dated 25 June said. The producers claimed that import volumes from the three origins had increased sharply and were undercutting domestic prices. The producers submitted prima facie evidence of dumping, which the DGTR found satisfactory. The agency will now investigate "the existence, degree, and effect of the dumping," the notice said. Indian finished steel imports increased over 2023 and 2024 because of surplus supply and weak domestic demand in other major steel producing countries, particularly China. But imports fell in 2025 after India imposed safeguard duties on a provisional basis from April, followed by a three-year extension in December. Inflows rebounded in April and May 2026 as a sharp rise in domestic steel prices opened arbitrage opportunities and pipe makers booked overseas material for re-export. China and Japan doubled their exports to India during this period. The products under the current AD investigation fall under the HS codes 7208, 7211, 7225 and 7226, the DGTR notification said. The products are alloy or non-alloy steel of thickness up to 25mm and width up to 2100mm. Steel imports under these HS codes stood at 4.7mn t, down 23pc on year, in 2025, with South Korea, China, Japan and Russia accounting for 89pc of the volumes, data from global trade tracker (GTT) show. But in January-April 2026, inflows rose 4pc on year to 1.5mn t, according to GTT data. The domestic producers who filed the application have proposed January-December 2025 as the investigation period, the DGTR said. The agency also plans to investigate injury to the domestic industry over the financial years ended March 2023, 2024 and 2025 as well as the investigation period. India has strengthened trade barriers to limit inflows of cheaper seaborne steel and shield the domestic industry over the last year. Alongside safeguard measures, India also imposed AD duties on Vietnamese hot-rolled flat steel and on Chinese cold-rolled non-oriented steel imports. Earlier this week, India started an investigation into imports of cold-rolled grain-oriented electrical steel from multiple-countries. The impact of the latest AD investigation on Indian coil prices is expected to be limited, though it could stoke some restocking interest. While imports will be increasingly unviable, seasonally weak demand during the monsoons coupled with rising local availability could keep hot-rolled coil (HRC) prices under pressure, market participants said. The Argus weekly Indian domestic HRC assessment for 2.5-4.0mm material stood at 57,600 rupees/t ($610/t) ex-Mumbai, excluding goods and services tax on 19 June. Prices have retreated from a recent peak of Rs59,000/t reached at the start of April because of sluggish demand, though tighter supply owing to mill maintenance activity prevented a steeper decline. But now most mills have finished maintenance work and JSW Steel has restarted its blast furnace in June after a prolonged shutdown for capacity upgradation, raising supply of HRC in the domestic market. Some Indian steel consumers may continue importing under the advance authorization scheme which allows imports without duties or Bureau of Indian Standard (BIS) certifications if the goods are re-exported, a trader said. Chinese HRC was entering India primarily under the re-export policy, because of the absence of BIS certifications required for customs clearance. But a major domestic steel mill, which regularly buys coils from Japan, could be impacted, industry participants said. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK raises HRC quota, EU-to-UK HDG quota cut
UK raises HRC quota, EU-to-UK HDG quota cut
London, 25 June (Argus) — The UK government on Thursday published the long-awaited update to its steel safeguard quotas, setting the overall quota volume at 3.218mn t — 21pc higher than provisional volumes published in March. The cut compared with the previous safeguard regime has been softened to 51pc, from 60pc in an earlier proposal. The biggest changes are to flat products, while some quotas, such as for rebar, are unchanged from their provisional volumes. The overall quota for hot-rolled coil (HRC) has been lifted sharply, while the quota for importing hot-dipped galvanised (HDG) from the EU has been reduced significantly. In contrast, quotas for South Korean and Vietnamese HDG are unchanged. "We recognise that this will create changes to trade flows including with some of our closest trading partners... Where quotas are filled, imports above these levels will face a 50pc tariff. The measure will apply only to products that can be made in the UK," trade minister Chris Bryant said. The EU HRC quota (category 1) has been revised up to 375,000 t/yr from the provisional 68,226 t/yr for the quota year beginning on 1 July. The Indian quota has been raised to 33,456 t/yr from 12,405 t/yr, while the South Korean quota has increased to 8,785 t/yr from 3,258 t/yr. The UK government has worked closely with the EU to reflect the two sides' integrated supply chains, Bryant said. "We have... agreed an approach that reflects the UK and EU's highly interconnected supply chains. This will provide stability for UK-EU steel trade from 1 July, while we continue to work together to strengthen UK-EU steel trade longer term," he said. Market participants questioned whether the South Korean HRC allocation would be commercially viable, given it allows shipments of only around 2,196 t/quarter. Compared with the expiring safeguard year, a key change on HRC is that Turkey and Taiwan have lost their country-specific quotas, with those volumes folded into the residual allocation. But the residual HRC quota has been raised sharply to 49,763 t/yr from the provisional 18,452 t/yr. But the overall HRC quota remains much tighter than under the current safeguard year, which market participants expect could support UK HRC prices. Prices for UK HRC were assessed last week at £715/t ddp Midlands. In HDG (category 4), the EU quota was reduced from the provisional 634,773 t/yr to 510,273 t/yr. But annual quotas for India, South Korea and Vietnam were left unchanged at 125,796t, 100,753t and 174,367t, respectively. Some market participants said the scale of Vietnamese HDG volumes allowed into the UK could weigh on prices. Indian-owned Tata Steel UK said the final quota levels do not reflect UK market conditions and still leave key segments — including metallic coated steel, packaging steel and hollow sections — exposed to import pressure. The company warned that this could undermine the competitiveness, sustainability, growth and investment outlook of the UK steel sector, and called on the government to revisit the framework while continuing to work with domestic producers. The government has also removed some product codes "where new information confirmed there was no UK production" and added others "where there is evidence of production", Bryant said. In category 12A (alloy merchant bars and light sections), code 72283070 has been added. In category 12B (non-alloy merchant bars and light sections), code 72149950 has been added. In category 14 (stainless bars and light sections), codes 72221910 and 72221990 have been removed. In category 26 (other welded tubes), codes 73061100 and 73062100 have been removed. In category 28 (non-alloy wire), codes 72173049 and 72173090 have been added, while codes 72172010, 72172030, 72172050, 72172090, 72179020, 72179050 and 72179090 have been removed. Beyond HRC and HDG, the biggest revisions to the UK's provisional annual quotas are as follows: category 6 (tin mill products): +58,000t to 69,795t (+491.7pc) category 12B (non-alloy merchant bars and light sections): +64,102t to 70,812t (+955.3pc) category 17 (angles, shapes and sections of iron or non-alloy steel): +147,572t to 270,762t (+119.8pc) category 28 (non-alloy wire): -20,491t to 59,734t (-25.5pc) By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Stegra closes €1.4bn funding for low-carbon steel plant
Stegra closes €1.4bn funding for low-carbon steel plant
New Delhi, 24 June (Argus) — Sweden's Stegra has closed a €1.4bn ($1.6bn) financing round to fund construction of its low-carbon steel plant in Boden, Sweden, it said today. This completes a funding package that was announced in principle in April. The funding was led by a consortium headed by Wallenberg Investments and included Singapore's Temasek, Sweden's Bolero and SEB-Stiftelsen, as well as IMAS. Existing shareholders private equity firm Altor, hydrogen-focused investment manager Hy24 and climate investment platform Just Climate also took part. A group of its second-lien lenders, led by AIP Management, joined the round as equity investors, Stegra said. The company has also received approval from its lenders to maintain access to debt facilities put in place under its 2024 financing package. The additional capital strengthens Stegra's financial position as it continues construction of its steel plant in Boden, Sweden, it said. But the project timeline is "under review", Stegra said. The firm previously said that it was targeting to start operations in 2027. The plant is set to produce 2.5mn t/yr of low-carbon steel in its first phase, potentially doubling that output later on. The first phase will use over 700MW of electrolysis capacity, provided by German technology firm Thyssenkrupp Nucera. By Anmol Choubey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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