Steel
Overview
The price indices in our Argus Steelmaking Raw Materials and Argus Global Steel services are widely used by companies in physical supply contracts around the world – for iron ore, coking coal, hot-rolled coil (HRC) and ferrous scrap.
Many of them are used as the settlement prices for cash-settled futures contracts launched by exchanges to allow users of the derivatives who also transact in the physical market to minimize basis risk while hedging. These cash-settled monthly futures contracts are settled against the arithmetic mean of all the published Argus prices during each calendar month.
Using indices allows companies to trade material on an index-linked basis, not only via fixed-prices sales. This offers significant advantages when prices are volatile, yet the modern finished steel market remains primarily transacted on a fixed price basis. The addition of futures markets offers opportunities to enhance supply chain resilience further.
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Latest steel news
India's steel sector sounds alarm on gas supply crunch
India's steel sector sounds alarm on gas supply crunch
Mumbai, 12 March (Argus) — India's steel sector has started to feel the effect from gas supply shortages, with industry experts cautioning of bigger disruptions if the US-Israel war with Iran is prolonged. Some steel producers, particularly smaller induction furnace (IF)-based manufacturers, were reducing output and rationing existing gas supplies, market participants told Argus . With 67pc of India's LNG imports sourced from the Middle East, the ongoing crisis has resulted in major supply disruptions. The Indian government has prioritised domestic natural gas supply for the household sector, further tightening availability for industries, including steel. Some secondary steel producers, which use scrap and direct-reduced iron (DRI) as feedstocks, were grappling with hurdles in their daily operations. In Punjab state's Mandi Gobindgarh, manufacturers could meet 50pc of customer requirements while smaller mills in western India's Gujarat state could fulfil about 70pc of demand, a north India steel producer said. A portion of IF-based mills in Mandi Gobindgarh that were using piped natural gas (PNG) had reduced output, the producer added. Others that were largely running on coal were also curtailing use of liquefied petroleum gas (LPG), required for cutting and maintenance purposes and for handling of misrolled or deformed steel products. Secondary steel producers in Maharashtra state's Jalna market said there were no production cuts in the region yet because of gas shortages. But an increase in imported thermal coal prices has affected most secondary mills, while imported scrap has become unviable. Among major integrated producers, ArcelorMittal Nippon Steel (AM/NS) India was at a major risk because it used gas-based DRI at a large scale, market participants said. About 65pc of the company's steelmaking capacity of 9mn t/yr uses the gas-based DRI-electric arc furnace route. A trading firm said it was anticipating a 20pc reduction in steel supply from AM/NS in the near term. A mill source said they had hedged their gas supply but there were risks of potentially bigger gas disruptions if the war persisted for a longer period. Costs of propane, ammonia and even packaging and plastics are on the rise, pushing up expenses for producers, the source noted. Another producer said they were not facing any major hurdles because of gas supply shortages as they were heavily reliant on coal-based production processes. But disruptions to the supply of limestone, which India sources from Ras Al Khaimah in the Middle East, have hit bigger steelmakers. The gas supply shortages have ratcheted up concerns for the downstream steel sector, as the galvanised steel industry is a major propane consumer. Smaller re-rollers have been particularly hit, with several at risk of curtailing or ceasing operations, market sources said. A major integrated mill with downstream production facilities said they had marginally reduced their galvanised output and were using their existing gas supplies carefully. The ongoing crisis has also rippled through to some trade market participants. A Mumbai-based trading firm said it was unable to service many of its pending plate orders because it used a gas-based cutting process and was short on gas supplies. Outlook for steel prices uncertain Prices for finished steel, which have already surged over the past few months, could keep rising because of elevated input costs and gas supply shortages for mills. The Argus weekly Indian domestic hot-rolled coil (HRC) assessment for 2.5mm-4mm material was at 54,300 rupees/t ($587/t) ex-Mumbai, excluding goods and services tax, on 6 March, rising by 17pc from mid-December 2025. But a key risk is that major steel-consuming industries could also face disruptions because of tighter gas supply, forcing them to cut back on their production and reduce steel procurement. There is not as much demand traction as was expected from consumers under current market conditions, indicating they may be in a wait-and-see mode, a steel mill source said. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s BHP iron ore site staff launch strike vote
Australia’s BHP iron ore site staff launch strike vote
Sydney, 12 March (Argus) — Electrical workers supporting BHP's iron ore operations in Western Australia have launched a strike ballot following a year of negotiations over an inaugural workplace agreement. Voting on the ballot — which covers 60 BHP staffers — closes on 25 March, the Electrical Trades Union (ETU) said in a statement on 12 March. Workers will vote on authorising a range of actions, including on-call and overtime bans, 15-minute to 48-hour work stoppages, meeting bans and more, the ETU added. The ETU will be able to launch work stoppages and other forms of industrial action if the ballot is successful. Workers will not take actions that threaten the safety of workers or the community, the union said. BHP has strong contingency plans in place to ensure that safe and reliable operations can continue in the event of union disruptions at its sites, a company spokesperson told Argus on 12 March. The company's focus remains on reaching an outcome that maintains pay and conditions while supporting safe, productive, and sustainable operations, the spokesperson added. BHP's electrical workers are currently employed on individual contracts. ETU workers at the company are seeking a workplace agreement that protects existing conditions and provides additional transparency around pay and job classifications, among other things, the union said. The ETU's ballot launch comes just under a year after the majority of workers at Rio Tinto's 25mn t/yr Paraburdoo iron ore complex backed collective bargaining. The number of Australian workers involved in industrial disputes rose to 112,500 in 2025 from 89,100 in 2024 and 46,000 in 2023, recently released data from the Australian Bureau of Statistics show. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US headline inflation holds steady at 2.4pc in Feb
US headline inflation holds steady at 2.4pc in Feb
Houston, 11 March (Argus) — US headline inflation held unchanged at 2.4pc in February, the lowest level since early last year, before the US-Iran conflict sent energy prices surging to levels that are likely to prompt Federal Reserve policymakers to delay any potential cuts in borrowing costs. The consumer price index (CPI) held unchanged following a similar 2.4pc annual gain in January. It was the lowest monthly reading since April last year. October of last year was not reported due to the partial federal government shutdown. So-called core inflation, which strips out food and energy, rose at an annual 2.5pc pace, also unchanged from January. "Inflation remains too firm for now for the Federal Open Market Committee to consider providing more support to the labor market, but the picture will look very different later this year," Pantheon Macroeconomic's chief US economist Samuel Tombs said in a note. "Looking ahead, the average retail gasoline price looks set to soar to $3.80, from $3.05 in February, if the WTI oil price stabilizes at $85. That implies a 20pc jump in CPI gasoline prices in March." The US Energy Information Administration (EIA) predicted Tuesday that the US light sweet crude benchmark will average nearly $85/bl in the second quarter of this year because of the fighting in the Middle East. Crude prices have surged from about $65/bl in late-February to nearly $120/bl on 9 March as the US-Israel war with Iran has choked off flows through the strait of Hormuz. Prices on Tuesday eased to near $83/bl, after US president Donald Trump said the war was practically over. Services less energy services, considered a core measure of services, held unchanged at 2.9pc in February from the prior month. Gasoline falls by 5.6pc The energy index rose by a 0.5pc annual pace in February after falling by a 0.1pc annual pace in January. Gasoline declined by an annual 5.6pc after falling by 7.5pc a month earlier. The fuel oil index rose by 6.2pc after falling by 4.2pc in the 12 months ended in January. Energy services rose by 6.3pc in February following a 7.2pc gain in January. Piped natural gas was up by 10.9pc after a 9.8pc gain the prior month. Electricity rose by 4.8pc after a 6.3pc gain the prior month. Shelter rose by 3pc from a year earlier in February, matching the prior month's gain. Medical care services rose by 4.1pc in February, accelerating from 3.9pc the prior month. Transportation services rose at a 2.2pc annual rate, accelerating from 1.3pc pace in January. New vehicles rose at a 0.5pc annual rate, quickening from a 0.4pc annual rate during the prior month. Used vehicles fell by 3.2pc in February, following a 2pc decline a month earlier. Seasonally adjusted, CPI accelerated by 0.3pc in February from the prior month's 0.2pc gain, the US Bureau of Labor Statistics said. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico inflation quickens to 4pcin Feb
Mexico inflation quickens to 4pcin Feb
Mexico City, 10 March (Argus) — Mexico's inflation accelerated to an annual 4.02pc in February, as resurgent fruit and vegetable prices helped push the consumer price index (CPI) above 4pc for the first time since June 2025. The result, reported by statistics agency Inegi on 9 March, marks a second consecutive month of an accelerating consumer price index (CPI) after reaching 3.79pc in January and 3.69pc in December. February's gain outpaced Mexican bank Banorte's 3.96pc consensus forecast of economists' provided by the bank. Prices for processed foods and drinks rose by 6.2pc and costs for fruits and vegetables rose by 9.88pc. Services costs rose by 4.45pc, while consumer goods inflation slowed to 4.55pc in February. Core inflation, which excludes volatile food and energy prices, slowed slightly to 4.5pc in February, after reaching 4.52pc in January, the highest reading for core since March 2024. The energy index contracted by an annual 1.77pc in February after a 1.16pc contraction in January on falling gasoline and LPG prices; however, upward pressure tied to the conflict in the Mideast Gulf is expected to accelerate energy price inflation. Headline inflation exceeded the central bank's target variability range for inflation of between 2pc to 4pc for the first time in eight months, raising doubts over a quarter-point rate cut at the central bank's 26 March meeting, which would take the target interest rate to 6.75pc. Banorte said the main risk to any rate cut would be that "they opt for more caution due to the conflict in the Middle East." Non-core inflation accelerated to 2.44pc in February from 1.39pc in January, driven primarily by agriculture, including livestock, fisheries, and forestry, along with fruits and vegetables, which rose by 4.5pc on an annual basis. The Mexican government continues to have margin for price pressures in buffers built into its gasoline tax to mitigate some of the impact from the conflict, Banorte added. On a monthly basis, the CPI rose by 0.5pc in February — the strongest monthly uptick since October 2024, following 0.38pc inflation in January and 0.28pc in December. 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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