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Latest Market News

AM/NS India gets Indian Steel Corp acquisition approval

  • Spanish Market: Metals
  • 18/04/23

Steel manufacturer ArcelorMittal Nippon Steel (AM/NS) India has received acquisition approval from the National Company Law Tribunal (NCLT) to buy steel processing company Indian Steel Corporation.

Gujarat-based Indian Steel Corporation with a capacity of 600,000 t/yr specialises in cold-rolled, galvanised and colour-coated steel products that cater to the automotive, construction, home appliance and general engineering sectors. It also has a service centre within its premises for its original equipment manufacturer customer base.

"The acquisition of Indian Steel Corporation will enhance our downstream capabilities and broaden product portfolio as we look to capitalise on market opportunities presented by the steel industry, especially in high value-added steel production," said AM/NS India chief executive Dilip Oommen.

AM/NS India will be implementing the NCLT resolution plan in due course, it said.

It also acquired last year the 1.2mn t/yr Uttam Galva plant that specialises in cold-rolled, colour-coated and galvanised steel processing.

AM/NS India's crude steel production fell by 9.6pc from a year earlier to 6.69mn t in 2022, while its sales dropped by 6.4pc to 6.47mn t because of a 15pc export duty imposed by the Indian government.

The firm expects Indian apparent steel consumption growth of 6-8pc in 2023 and plans to boost production to increase capacity to 8.6mn t by the end of 2024.

By Sumita Layek

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06/05/26

India's NMDC raises iron ore prices in May

India's NMDC raises iron ore prices in May

Mumbai, 6 May (Argus) — Indian state-controlled mining company NMDC raised its iron ore prices for the fourth straight month in May, even as domestic steel prices came under pressure from slow demand. NMDC, India's biggest merchant iron ore miner, set the price for 10-40mm Baila 65.5pc lump ore at 5,500 rupees/t ($58/t) and 64pc Baila fines at Rs4,700/t. Both prices were Rs200/t higher on the month and came into effect from today. The prices are on a free-on-rail basis, excluding royalty, goods and services tax (GST), cess, forest permit fees and other taxes. NMDC has increased iron ore prices by about 20pc so far in 2026. This is in line with a surge in finished steel prices, which hit multi-year highs at the start of April on safeguard duties, tighter supply and firmer input costs during the Iran war. But steel prices came under pressure from the second week of April as labour shortages and tighter financing conditions during elections crimped demand. Buyers also scaled back procurement as they anticipated a further price correction. The Argus weekly Indian domestic hot-rolled coil assessment for 2.5-4mm material fell from a near three-year high of Rs59,000/t ex-Mumbai excluding GST, at the start of April to Rs57,250/t on 30 April. NMDC lifted iron ore production by 16pc on the year to 4.64mn t in April, following a record high output of 53.15mn t in the April 2025-March 2026 financial year. Sales were 1pc higher year-on-year at 3.68mn t in April, according to provisional data from the company. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Al market has underestimated effects of Mideast war

05/05/26
05/05/26

Al market has underestimated effects of Mideast war

London, 5 May (Argus) — Analysts are calling it a black swan event that could lead to a multimillion tonne deficit in a market where even a mild shortage of available material was almost unheard of until recently. But a lack of information regarding the extent of production curtailments at aluminium smelters in the region has caused exchange prices and premiums to flatten in recent weeks, and many market participants are likely underestimating the magnitude of the long-term effects on global aluminium supply. The sheer numbers attached to aluminium production in the region ensure this disruption dwarfs the previous major supply shock in the aluminium market, which occurred following Russia's invasion of Ukraine in 2022. Around 6mn t of aluminium is produced by smelters located on the coast of the Mideast Gulf. Around 85pc of this material is exported through the strait of Hormuz, with half of that volume sent to Europe and the US, and up to 40pc dispatched to Asian importers. All of that has now stopped because of the closure of the strait. Only Saudi Arabia's Ma'aden smelter is fully integrated with domestic bauxite and alumina production, which means every other producer in the region must import raw material through the same closed strait to maintain production. While the strait remains closed, smelters are running down alumina stocks and face inevitable curtailments. It is likely that significantly more capacity has already shut than has been announced by the region's producers. Qatar's Qatalum is running at around 60pc capacity after a cut in gas supply following a drone attack on the Ras Laffan LNG export terminal on 2 March, it announced at the end of April. Aluminium Bahrain (Alba) announced the shutdown of three reduction lines totalling about 300,000 t/yr, or 19pc of its total output capacity, on 16 March in response to supply constraints caused by shipping delays through the strait of Hormuz. Alba's facilities then sustained damage from a missile strike on 28 March, while Emirates Global Aluminium was also hit by missiles on the same day, sustaining significant damage that caused production to halt at its 1.6mn t/yr Al Taweelah smelter. All told, around 2.2mn t/yr of capacity has been lost in the region, according to various company announcements, amounting to more than a third of the region's output. But there are indications that the real figure is higher. Companies that use satellite data to track vessels and thermal imagery to assess smelter utilisation rates have noted a wider slowdown in production among Middle East smelters. London-based DBX Commodities estimates that an additional 480,000-950,000t of annual aluminium output has already been curtailed in the region. India-based Tathya Earth agrees with that assessment. DBX's vessel tracking has also confirmed that alumina deliveries to smelters in the Mideast Gulf have dwindled to practically nothing since shipping ceased through the strait of Hormuz. The longer this lasts, the greater the likelihood of further curtailments. The aluminium market has already repriced much of the war disruption, UK broker Sucden Financial said. The London Metal Exchange (LME) price briefly surged toward the top of its recent range as the conflict escalated, but repeatedly failed to hold above $3,650/t, indicating that the market struggled to justify another major step higher without a further supply deterioration. The immediate "shock repricing" has happened and aluminium is now trading at a tighter balance, rather than a pure panic premium, Sucden said. But official LME aluminium prices remain some way below their record high of just below $4,000/t, recorded in 2022 following the invasion of Ukraine. Those highs were reached amid a post-Covid rebound in aluminium demand and were swiftly followed by a sharp price fall as global trade flows adjusted around western restrictions on dealing with Russian material. A much more depressed demand picture today may limit price increases to some extent. But given that the disruption represents a far bigger threat to global supply levels than in 2022, and the nature of aluminium smelters mean that any lost output could take a year or more to recover, even if the US-Iran war is resolved swiftly and the strait of Hormuz fully reopens to commercial shipping, the real effect on global aluminium availability and on prices from production already lost in the region may end up being significantly bigger than what has been acknowledged so far. By Jethro Wookey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US manufacturing grew in April amid war concerns

01/05/26
01/05/26

US manufacturing grew in April amid war concerns

Houston, 1 May (Argus) — US manufacturing activity grew in April for a fourth consecutive month, as order growth outpaced production and the Mideast Gulf war boosted prices. The Institute for Supply Management's (ISM) purchasing managers index (PMI) came in at 52.7 in April, unchanged from March and growing for a fourth month following 10 months of contraction. The new orders index rose to 54.1 in April from 53.5 in March, while the production index eased to 53.4 in April from 55.1 the prior month, reflecting slowing growth. Readings above 50 signal growth while readings below that level signal contraction. The prices index surged to 84.6 in April, the highest reading since April 2022, from 78.3 the prior month and is up 25.6 percentage points in the last three months. The gains were driven by increases in steel and aluminum prices, tariffs, and "now increases in petroleum-based products as a result of Middle East conflict," ISM said. The new export orders index fell to 47.9 in April from 49.9 the prior month, showing deepening contraction. The imports index eased to 50.3 in April from 52.6, showing slowing growth. "Demand for manufactured goods is trending higher versus last year; however geopolitical uncertainty and rising oil and diesel prices continue to weigh on demand," a transportation equipment manufacturer wrote in a response to the ISM's monthly survey of purchasing managers and supply executives from 18 manufacturing industries. A machinery executive cited "general uncertainty" over the impact of the war but awareness that the impacts of fuel increases "are coming." Others cited the effects of "US tariffs." The employment index fell to 46.4 in April, showing deepening contraction, from 48.7 the prior month. "In this second month of the Iran war ..., 31 percent of the comments were positive and 69 percent negative," ISM said. "Among comments, the war was mentioned in 47 percent and tariffs in 18 percent." The supplier delivery index rose to 60.6 in April from 58.9, showing slower deliveries for a fifth month, while the inventory index rose to 49, showing slowing contraction, from 47.1 the prior month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Nyrstar’s Australian lead, zinc smelters assess future

01/05/26
01/05/26

Nyrstar’s Australian lead, zinc smelters assess future

Sydney, 1 May (Argus) — Metals firm Nyrstar may close or curtail output at two smelters in the south of Australia if a second phase of transitional funding is not agreed with Canberra and state governments. The 160,000 t/yr lead smelter at Port Pirie in South Australia state and the 280,000 t/yr Hobart zinc smelter in Tasmania received A$135mn ($97mn) in interim rescue funding in August last year , but a concrete solution is yet to be found, Nyrstar said on 1 May. The comments from Nyrstar, which is owned by commodity trading firm Trafigura, came after the first round of assistance expired yesterday. Workers have been told that, without a second phase of the funding plan having been agreed, Nyrstar is now exploring all options for the uneconomic facilities — which are partway through two-year feasibility studies to diversify output — by processing critical minerals such as bismuth and tellurium. Argus understands that no decision has yet been made on closures or cutting output, as happened at Hobart last year when market conditions for zinc deteriorated. Capital expenditure and operational costs are likely to be in line for any cuts as part of the review. The first shipment of antimony, a venture agreed under last year's first-phase agreement, was exported from the Port Pirie pilot plant in February, which Nyrstar said could produce 2,000 t/yr by the end of this year . Australia aims to maintain current industrial capability under its Future Made in Australia policy , which the Labor government says will leverage renewable energy to export low-carbon goods including metals. A series of deals have been cut with processors in recent months including aluminium and copper manufacturers facing closure due to low commodity prices and higher energy costs. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico’s economy stagnates in 1Q

30/04/26
30/04/26

Mexico’s economy stagnates in 1Q

Mexico City, 30 April (Argus) — Mexico's economy expanded a minimal 0.1pc in the first quarter of 2026, as solid expansion in the services sector was offset by contraction in the industrial and agriculture sectors. Annual growth in gross domestic product (GDP) in the first quarter was well below the upwardly revised 1.8pc growth recorded for the fourth quarter,statistics agency Inegi reported. It followed 0.1pc contractions in the second and third quarters of 2025, the first quarterly contractions since the first quarter of 2021. Industrial sector output, which includes manufacturing, construction and mining, contracted 1.3pc after posting 0.4pc expansion in the fourth quarter of 2025. The services sector expanded 0.7pc, after marking 2.2pc growth in the previous quarter. The primary sector, which includes agriculture, fishing, mining and hydrocarbon extraction, contracted 0.1pc in the first quarter, following revised 7.2pc growth in the fourth quarter of 2025. The annualized first-quarter result was below the 0.3pc growth estimated by Mexican banks Banamex and Banorte. Banorte is forecasting the economy will accelerate in the second quarter, on World Cup matches scheduled in Mexico for June and July and a resumption of federal spending on key infrastructure projects. The bank will also closely track trade talks in the runup to the USMCA free trade agreement renewal set for July with a positive outcome seen as likely, but the bank's views reflect comments from economy minister Marcelo Ebrard and US trade representative Jamieson Greer last week that zero tariffs are unlikely to remain part of the treaty. "We believe negotiations will conclude with some technical adjustments within a 12–18 month timeframe," said Banorte. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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