Steel
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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
India’s Oct-Dec EU HRC quota to exhaust quickly
India’s Oct-Dec EU HRC quota to exhaust quickly
Mumbai, 23 July (Argus) — India's October-December EU quota for hot-rolled coil (HRC) could be filled rapidly as major mills ramp up sales to the bloc following new import measures from 1 July, market participants said. At least 100,000t of Indian HRC is expected to be cleared through customs once the new quotas open in October. Market participants estimate EU importers have booked 125,000-200,000t of Indian HRC over the past few weeks, most of which is for shipment in July and August. More deals are under negotiation. India's tariff-free HRC allocation was cut by 34pc to 149,319 t/quarter from 1 July under the new import regime, of which 68pc has already been utilised, leaving about 47,000t available for use in the current quarter as of 17 July. The shared free-trade agreement (FTA) quota pool — available on a first come, first served basis — is expected to be largely utilised by Turkey in the current quarter but could become accessible to India in the next quarter. Indian mills have been targeting faster shipments in a bid to clear some volumes in the current quarter. But suppliers are now looking to fill up the October-December allocations and may even slightly overshoot the quota, an Indian steel mill source said. Recent bookings have been concluded at $630-650/t cfr EU. India could then access the FTA quota pool, although this remains uncertain as it would likely face competition from Turkey, which has also been shipping sizeable volumes to the EU and benefits from shorter lead times. For Indian mills, the EU presents a timely opportunity to export surplus volumes during the seasonally weak monsoon period, when domestic demand typically softens, market participants said. "Domestic prices in India are under pressure due to low demand," a trader said. "Vietnam is not attractive anymore [and] Middle East prices have also started sliding down. So the only option is to aggressively book orders into the EU." The Argus weekly Indian domestic HRC assessment for 2.5-4mm material stood at 57,350 rupees/t ($594/t) ex-Mumbai on 17 July, having come off a multi-year high of Rs59,000/t reached in early April. The surge in Indian shipments to the EU is "just a tactical rush and not a sustainable trend", a steel user said. Market participants said this export window may close soon as EU buyers become wary of October-December quotas being depleted and as trading activity slows ahead of holidays in Italy. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
HRC at premium to plate in Italy on quotas, slab supply
HRC at premium to plate in Italy on quotas, slab supply
London, 21 July (Argus) — Hot-rolled coil (HRC) prices in Italy have risen to a premium to hot-rolled plate (HRP) for the first time in more than four years, after the products reacted differently to the introduction of a stricter EU quota regime on 1 July. The new quota system has proven more disruptive for HRC than for HRP, which has allowed coil producers to push for price hikes. Meanwhile, falling slab prices coupled with subdued demand for plate have weighed on plate prices. Argus' daily Italian HRC index was assessed at €708.50/t ex-works on Monday, trading at an €8.50/t premium to the fortnightly Italian plate assessment for S235 grades. The Italian HRC index was up by €39/t on the month on Monday, while the plate index on 17 July tumbled by €25/t from a month earlier. The reduction in free quota allocations under the EU's new import regime from 1 July was sharper for plate, at 46pc to 1.2mn t/yr, but the distribution of the quotas was more favourable than for HRC. Coil quota volumes fell by 33pc to 5.2mn t/yr, but the fragmented distribution of the volumes means that usable quotas are actually lower because of small allocations for certain suppliers, and additional trade measures. These concerns have already been flagged by Italian steel association Assofermet, which said the EU's new steel safeguard is projected to result in a 60-70pc drop in usable steel import quotas. Various HRC cargoes were rerouted from Europe to north Africa and other destinations last week as trading firms sought to avoid the new 50pc tariffs on out-of-quota volumes. HRC prices rose in reaction to the tightening of imports, but falling slab prices removed some of the cost pressure from plate re-rollers, giving them room to reduce their offers to try and secure orders. Some market participants linked falling slab prices directly to the new EU safeguard measures, stating that non-EU suppliers would turn to the production of semi-finished products because slab sales to the EU remain exempt from trade measures, except from Russia. Seasonal factors and previous restocking waves that saw plate-making slab offers rise above $600/t cfr Italy have also contributed to the pressure on slab prices over the summer. Demand for domestic product has reacted to quota allocations and expected supply crunches, with HRC bookings accelerating. In contrast, high stocks at plate buyers have kept them on the sidelines, in the expectation that prices could fall further. By Carlo Da Cas Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Houthi navigation ban could disrupt Saudi steel imports
Houthi navigation ban could disrupt Saudi steel imports
London, 20 July (Argus) — Yemen's Houthi rebel group said on 20 July that it was imposing a ban on maritime navigation linked to Saudi Arabia, framing the move as a response to what it described as the kingdom's ongoing blockade of Yemen and military aggression against the country. The move could threaten not only crude exports from Saudi Arabia's Red Sea terminal of Yanbu, but also steel shipments into the kingdom. The immediate exposure appears higher for vessels sailing to Saudi Red Sea ports from Asia through the Bab el-Mandeb strait, while cargoes reaching ports such as Jeddah or King Abdullah Port from the Mediterranean via the Suez Canal would avoid the Bab el-Mandeb area and may face a lower operational risk, unless the Houthis seek to target Saudi port calls more broadly. "I guess the situation will get worse and will definitely affect shipping charges, because vessels would have to turn around the whole of Africa, especially given the impact on the strait of Hormuz," a trader said. "Let's see what happens in the next few days. Only the Europe gate will remain open." The Houthi group said in a statement that the measure would take effect immediately under a "siege for siege" formula. It also warned of further escalation should Saudi Arabia take additional military steps, while calling for continued mobilisation across Yemen. Saudi Arabia imported around 3.1mn t of steel products in the first quarter of 2026, down from 3.8mn t a year earlier, according to Global Trade Tracker (GTT). China was the largest supplier of steel products to Saudi Arabia in the first quarter, shipping around 1.2mn t, GTT data show. This included 667,000t of hot-rolled coil, 21,000t of cold-rolled coil, 140,000t of hot-dipped galvanised steel, 132,000t of semi-finished products including slabs and billets, as well as other steel products. Any disruption to Red Sea shipping could therefore complicate inbound flows of flat steel, semi-finished products and other steel cargoes. At least two steel cargoes from China are currently en route to Saudi Arabia's Red Sea coast and have not yet crossed Bab el-Mandeb. The 55,561dwt Better Victory is carrying steel from Tangshan to King Abdullah Port, while the 56,860dwt Dato Success is sailing from Caofeidian to the same port, according to analytics firm Kpler. Neither vessel has shown signs of turning around. Several tanker owners had already been preparing for a possible escalation, as the Houthis have used "siege for siege" rhetoric for some time. The very large crude carrier (VLCC) VL Pioneer made a U-turn in the Red Sea on 17 July and is now ballasting eastward instead of heading to Yanbu, according to Kpler data. The VLCC Farhah , which loaded at Yanbu on 10 July, made a U-turn at Bab el-Mandeb on 17 July and returned to the Saudi port, Kpler data show. But a number of vessels are still transiting the Red Sea. The Houthi move could also put upward pressure on additional war risk premiums for ships transiting Bab el-Mandeb. Premiums were still relatively low in mid-June, at around 0.20-0.30pc of hull and machinery value for a seven-day period, with a 50pc no-claim bonus, according to market participants. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Port Hedland strike fails to halt Fe exports: BHP
Port Hedland strike fails to halt Fe exports: BHP
Sydney, 17 July (Argus) — Worker strikes at Australian miner BHP's Port Hedland iron ore operations in the Pilbara region of Western Australia (WA) did not prevent a loaded vessel from leaving port early on 17 July, despite earlier union threats to pause shipping. About 63 of 200 eligible workers opted to strike between 14:00 to 22:00 AWST (06:00 to 14:00 GMT) on 16 July, a BHP spokesperson said on 17 July. More than 1,000 workers were on site that day. Every electrician at BHP's port operations participated in the strike, Electrical Trades Union (ETU) WA secretary Adam Woodage said on 17 July. Other unions involved at the port, including the Western Mine Workers Alliance (WMWA), and the Australian Manufacturing Workers' Union (AMWU), may not have taken part. BHP has been negotiating a new enterprise agreement (EA) with its Port Hedland maritime workforce since October 2025, which will cover around 450 employees, excluding contractors. The unions last met with BHP on 14 July to discuss wages and working conditions but failed to reach an agreement. Their next enterprise bargaining meeting is scheduled for 21 July, the combined port unions said on 14 July. Port Hedland is the world's largest bulk iron ore export port and a key export hub in BHP's WA iron ore supply chain. BHP produced 291.2mn t of iron ore on a 100pc basis from its WA operations in the fiscal year from July 2025-June 2026, according to its latest full-year operational review released on 16 July. All of BHP's WA iron ore is exported through Port Hedland. By Emma Partis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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