Steel raw materials
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Argus’ comprehensive coverage of the global ferrous markets provide independent price assessments, news and market analysis for iron ore, coking coal, ferrous scrap, pig iron and steel.
Our global team of experts in China, Singapore, the UK and US deliver over 300 domestic and seaborne price assessments along with detailed market commentary on a daily basis to ensure our clients have complete mine to mill price coverage.
The ferrous portfolio includes established Argus price indices for 62pc and 65pc iron ore fines, Turkish ferrous scrap imports, and our fob Australia and cfr China premium hard coking coal indices.
Latest steel raw materials news
Browse the latest market moving news on the steel raw materials industry
Hyundai eyes new southern US steel mill
Hyundai eyes new southern US steel mill
Houston, 15 January (Argus) — South Korean steelmaker Hyundai Steel has confirmed it may build a new steel mill in the southern US. A company spokesperson said in an email Hyundai Steel is reviewing whether it will invest in an electric arc furnace (EAF) steel mill, but that the project has not been confirmed yet. Hyundai Steel has 24mn metric tonnes (t) (26.5mn short tons) of steel production, all in South Korea. That production is split 50-50 between blast furnace and EAF steelmaking processes, according to the company's website. The blast furnaces serve the automotive, construction, and shipbuilding industries with steel sheet, plate, and welded pipe, while the EAFs produce rebar, H-sections, and other products for construction and shipbuilding. If the mill is built it would be Hyundai Steel's first outside of South Korea. There are eight EAF and re-rolling flat-rolled steel mills in the southern US operated by different steelmakers that have a combined 23.8mn t (26.25mn st)/yr of production capacity. The spokesperson did not clarify what products the mill would produce or what industries it would supply. Hyundai Steel's parent company, Hyundai Motor Group, operates a nearly 400,000 vehicle/year automotive plant in Alabama. Hyundai Motor Group's subsidiary Kia has its own 350,000 vehicle/year auto plant in Georgia. President-elect Donald Trump has threatened to impose blanket tariffs on US imports after he assumes office on 20 January. Hyundai announced more than $10bn of investments in the US in May 2022, including a $5.5bn new electric vehicle (EV) and battery manufacturing plant in Georgia that will have a production capacity of 300,000 vehicles. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Risks leave EU buyers with limited HRC options
Risks leave EU buyers with limited HRC options
London, 15 January (Argus) — Impending tighter EU import trade measures, coupled with an unfavourable exchange rate, have stymied buyers' options for hot-rolled coil (HRC) to mostly just domestic and Turkish material. As a result, import volumes between February and June are likely to fall, with very limited trade occurring over the previous quarter. Import trade at the start of January is continuing at a very slow pace, and quota data show January arrivals were already considerably lower than in previous quarters. Exports from Asian suppliers to the EU over the last months of 2024 appear to have dropped, according to available Global Trade Tracker data. In November around 250,000t of HRC was exported from South Korea, Taiwan, Indonesia, China, Australia and Japan to the EU. Most of that will be likely to arrive and clear in the current quarter, as Indonesia and China are exempt from the safeguards, Australia has ample quota availability and South Korea's allocation is regulated. Under 50,000t of what was exported in November, most of which was from Taiwan, is likely to be clearing in April, as it is possible that it did not make it in time to go through customs in January duty-free. November data for large historical suppliers India, Vietnam and Ukraine are not yet available, but volumes from the former two have dropped because of the ongoing anti-dumping investigation. The probe has further stopped the flow from Egypt and Japan. "I don't think EU will buy material from India until 25 March as future duties are not clear," a producer said. "We will all be very cautious — if someone is taking the risk without knowing the anti-dumping rate for the origins under investigation, it is quite a crazy decision," a buyer said. Exports to the bloc from many suppliers are unlikely to resume until there is more clarity on the dumping investigation and the safeguard review. Mills under scrutiny have expressed expectations of duties at 8-10pc, but some traders and buyers say tariffs could be similar to those on China, especially for Vietnam. Import data show that in April last year 1.4mn t of HRC was imported into the EU. Of that amount, Argus estimates over 1mn t could be affected by upcoming trade measures, and around 300,000t worth of supply — from Turkey, Ukraine, South Korea and Serbia — would today be deemed less risky by buyers. While it is likely that those countries could ramp up their exports over the first half of this year, and in fact have already started doing so, there are limits to how much each can supply — be it because of country-based quotas, existing duties, or in Ukraine's case limited production. The safeguard review is likely to see duty-free quota volumes reduce too. In October those four countries supplied around 500,000t to the EU. In January so far, quota data show only 50,000t cleared from Turkey, South Korea and Serbia. Currently, the weaker euro against the US dollar is making imports, even from the above countries, unfavourable, so purchasing is scant. Demand remains a big question. "Buyers are sceptical about demand recovery and inventories are often on the high side leaving buyers some time before returning to the market," a trader said. Despite continued slow demand at the start of the year, reduced import supply will reduce availability in the bloc, which could ultimately boost prices. The Argus northwest EU and Italian HRC indexes have already started moving up since around mid-December, up by €25.75/t and €11.75/t, respectively, as of 14 January. "At the moment EU supply, as well as from Turkey, is more than adequate. For this reason I really doubt that buyers will take many risks. That situation is badly affecting imports but for sure is helping EU producers to defend current prices in a stagnant market in terms of apparent demand," a buyer said. "I would expect lack of material, as no-one is willing to take the risk of a cif purchase from those [higher] risk countries and, and Turkey and the EU may not be enough," a third trader said. By Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
N.EU HRC forward curve flattens
N.EU HRC forward curve flattens
London, 15 January (Argus) — The north European hot-rolled coil (HRC) forward curve has flattened considerably of late, lessening the strong contango of recent months. March traded at €620/t today on the CME Group's north European contract, and June at a slight premium of €623/t. On screen, April also traded at €623/t. Some derivatives participants expressed surprise at the narrow range, as they thought the curve would be firmer on the back of impending import constraints: the European Commission is currently conducting a functional review of its steel safeguard, which was requested by Eurofer and member states. Mills' firmer spot stance is seemingly generating some small restocking at present. Several service centres have reported brisker activity in the past few days, and traders suggest enquiries are also increasing, although it is hard to make imports work at present. The market leader is still offering officially at €630/t base, and has made sales close to €600/t, and higher in some regions. Most other offers are €600/t and above, although one producer is still offering close to €580/t, according to buyers. The curve is still at a fairly strong contango compared with spot prices, with Argus ' underlying northwest EU HRC index averaging €564.50/t so far this month — the index was at €573/t on Tuesday, up by €14.70/t since the start of the month. Over the same period mill margins have widened slightly more, with raw material costs also decelerating. The HRC index was at a €78.89/t premium to Argus ' daily blast furnace-basic oxygen furnace opex cost marker on Tuesday, up from €60.65/t on 2 January. Other participants question the strength of underlying demand, and suggest this is driving the flat curve. Data from the IFO Institute show overall German manufacturing inventory rose to its highest level in over a decade in December, while new orders contracted at the fastest rate since the depths of the Covid-19 pandemic in June 2020. The German economy contracted last year amid high energy costs and difficulties competing in export markets. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Cliffs still seeks US Steel, pledges no closures
Cliffs still seeks US Steel, pledges no closures
Houston, 13 January (Argus) — Cleveland-Cliffs chief executive Lourenco Goncalves said today that he remains open to buying US Steel, promising to keep all of the acquired assets open. Goncalves said Ohio-based Cliffs still wants to buy Pennsylvania-based US Steel and would invest in the company's assets. "Of course, we are going to keep [US Steel mills] open," Goncalves told reporters on Monday. "We are going to make them bigger, we are going to make them better, we are going to produce more." His comments come 10 days after President Joe Biden blocked Japan-based Nippon Steel's agreement to buy US Steel for $15bn, citing national security concerns. Nippon had committed to invest $1.3bn in US Steel's mills and to not cut any of US Steel's production for 10 years without government approval. Cliffs tried to buy US Steel for $54/share with half paid in cash and half in company stock before US Steel agreed to go with Nippon's $55/share all-cash offer. Goncalves promise to not close any acquired assets comes as the US steel market remains oversupplied , according to market sources. Goncalves said he cannot make a bid for US Steel until the company and Nippon cancel their merger agreement. He also dismissed antitrust concerns over Cliffs owning all US iron ore mines and all US blast furnace capacity. A combined company would have Cliffs running the mining side of the business and US Steel running the steelmaking operations, he said. A US Steel-Cliffs merger would have 32.1mn short tons (st)/yr of flat rolled raw steel capacity, in addition to plate making and seamless tube production. Goncalves did not say how he would finance such a purchase. Cliffs had $3.8bn in liquidity as of 30 September, including $39mn of cash, according to a third-quarter presentation. US Steel had $4.05bn in liquidity in the same period, of which $1.77bn was cash. Nippon is trying to buy US Steel. Both companies have sued Biden and others in the government over the denial, and filed a separate lawsuit against Cliffs, Goncalves and United Steelworkers (USW) International president David McCall, who endorsed a takeover by Cliffs. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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