Steel raw materials
Complete mine-to-mill steel raw materials coverage featuring daily pricing, forecasts, news and expert analysis.
Overview
Argus provides comprehensive and independent coverage of global steelmaking raw materials markets, delivering trusted price assessments, market intelligence and analysis across iron ore, coking coal, pig iron and other critical inputs used in blast‑furnace and electric‑arc‑furnace production, supporting cost visibility and stronger insight across the steel production process.
Argus provides steelmakers, miners and traders with robust visibility into raw material cost formation across the steel production lifecycle. Daily assessments and analysis capture supply fundamentals, international trade flows, mill buying patterns as reflected in physical transactions, tenders and spot market activity, and the key pricing drivers influencing iron ore, metallurgical coal and ferrous feedstocks. This is supported by a broad set of proprietary datasets, including iron ore shipment tracking, mine project intelligence, and Asia‑Pacific coking coal and PCI deal coverage, enabling clearer insight into upstream supply conditions that shape steelmaking costs and margins.
As part of the Argus Steelmaking Raw Materials service, all benchmark prices and supplementary datasets are integrated to give clients a cohesive, end‑to‑end view of raw material markets. The service includes a suite of established benchmark indices relied upon by miners, steel mills, traders and financial participants. Key assessments include the ICX 62% Fe and ICX 61% Fe iron ore indices, the Argus Asia‑Pacific Coking Coal benchmark and the US Coking Coal price assessments—core reference points used for physical contracting, indexation and risk management across global metallurgical coal and iron ore markets. These benchmarks are complemented by Argus pricing for international ferrous scrap (available in Argus Scrap Markets), pig iron, green steel production cost calculations, and the Argus Steelmaking Raw Materials Outlook helping support strategic sourcing, hedging strategies and cost‑modeling across the global ferrous industry.
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North Japan earthquake spares energy facilities
North Japan earthquake spares energy facilities
Tokyo, 27 April (Argus) — Domestic energy-related facilities did not take any damage after a magnitude 6.2 earthquake struck southern Tokachi in Hokkaido, Japan, at around 05:23 local time (20:23 GMT) on 27 April, industry sources told Argus . There is no risk of a tsunami, the Japan Meteorological Agency said. Japanese prime Minister Sanae Takaichi said at a House of Councillors budget committee meeting on the morning of 27 April that she did not receive any reports of casualties or damage so far following the earthquake. The earthquake did not affect power generation facilities, including the Tomari nuclear power plant, a representative of Hokkaido Electric Power Network, the regional power grid operator, told Argus, adding that there were no power outages. Japanese refiner Idemitsu Kosan operates a 140,000 b/d refinery on the southern coast of Hokkaido. But the refinery was not affected by the earthquake and remains operational, Idemitsu said. There has not been any damage at Nippoon Steel's Muroran steelworks in Muroran, Hokkaido, a representative of the company said. A magnitude 7.7 earthquake also struck northeastern Japan on 20 April, but the Japan Meteorological Agency said there is no direct link between that quake and the latest one. By Fumito Nagase, Motoko Hasegawa, and Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK move to delink gas and power ‘overdue’
UK move to delink gas and power ‘overdue’
London, 24 April (Argus) — The UK's decision to raise the electricity windfall tax and push legacy renewable generators onto fixed-price contracts is "overdue" and could boost demand for batteries, industry figures told Argus this week. The government on Tuesday announced plans to offer voluntary long-term fixed-price contracts to low-carbon generators not already on contracts for difference. The plans cover about 30pc of Britain's power supply, while lifting the Electricity Generator Levy to 55pc on revenues above £82/MWh from July. The measures aim to reduce the extent to which global gas price swings feed into household and business electricity bills, rather than directly lowering wholesale prices. Ministers say fixed pricing should shelter consumers when gas prices spike, even if wholesale electricity prices still move. For battery supply chains, that shift matters less for near-term wholesale trading spreads than for demand. More stable electricity prices make electrification easier to plan, finance and justify. Gas has already slipped to setting the UK wholesale electricity price 60pc of the time, down from around 90pc at the start of the decade, the government said. Ministers expect that share to fall further as more generation moves off wholesale-linked pricing. That is particularly important for electric vehicles (EVs) and fleets, said Peter McDonald, director at London-based charging firm Ohme. The policy is designed to dampen the impact of gas-driven volatility on final bills, rather than guarantee cheaper power, he said — a distinction that still matters for consumers weighing monthly costs. "For many consumers sitting on the fence, the monthly cost comparison is the deciding factor," McDonald said. "This could be a meaningful nudge." Andy Palmer, vice-chair of Slovakian battery maker InoBat and former chief executive of British carmaker Aston Martin, said attempts to de-link electricity pricing from international gas markets were "overdue". Britain has spent years telling industry that renewables are the cheapest source of power, while still setting prices using the most expensive generator in the system, Palmer said. Fixing that contradiction is "the single biggest thing government can do" to restore manufacturing competitiveness. Demand signal more important than spreads Lower, more predictable electricity prices could "make the economic case for EV fleets, electric buses and depot-scale storage materially stronger", Palmer added, spurring demand for battery systems. That demand-side pull matters if the UK wants to anchor more of the battery value chain at home, rather than rely on imported cells and packs. The reforms are unlikely to undermine the economics of battery energy storage, even if they trim wholesale price volatility at the margin. In the UK, wholesale arbitrage remains the main revenue source for battery operators, while balancing services are increasingly saturated and longer-duration support schemes do not begin until later in the decade. Large amounts of flexibility are still needed as renewable output grows and increasingly exceeds gas-fired generation, Palmer said, so well-located and optimised storage assets should continue to find revenue. "The risk is execution." Set strike prices too high and consumers overpay; set them too low and investors step back, raising the cost of future projects, Palmer said. It is a tension the government has observed before. Last summer's decision to scrap regional power pricing showed how wary ministers remain of reforms that might unsettle investment signals, even if they promise lower bills. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India becomes net steel exporter but outlook uncertain
India becomes net steel exporter but outlook uncertain
Mumbai, 23 April (Argus) — India transitioned to a net exporter of finished steel in the April 2025-March 2026 fiscal year after two consecutive years as a net importer. But trade barriers in Europe and geopolitical tensions complicate the export outlook this year. Finished steel exports rose by 36pc year on year to 6.6mn t in 2025-26, exceeding imports by 78,000t, according to provisional data from the steel ministry's joint plant committee (JPC). The increase was driven by robust demand from Europe in the second half of 2025, as buyers stockpiled ahead of key trade policy changes in 2026. Italy was India's largest export market, with shipments up by 51pc year on year to 1.07mn t in the fiscal year. Italy, Belgium and Spain together accounted for 34pc of India's total finished steel exports during the period. Indian finished steel shipments to Vietnam also surged, supported by anti-dumping measures and an anti-circumvention probe into Chinese hot-rolled coil (HRC). Exports to Vietnam rose from about 11,000t in the previous fiscal year to 772,300t, making the southeast Asian country India's second-largest export market in the fiscal year ended March 2026. But Indian steel exports face fresh headwinds this year, particularly in Europe, where the carbon border adjustment mechanism (CBAM) and impending safeguard quota revisions have made buyers more cautious. Some export opportunities have surfaced, but these are overshadowed by risks. EU quota, Iran war limit exports Indian flat steel volumes to Europe are expected to decline from July, as quotas will likely be halved and out-of-quota duties doubled to 50pc, market participants said. India quickly exhausted its January-March and April-June HRC quotas after a surge in shipments to Europe over December-January. Importing Indian HRC has become much riskier because of lower quota availability and higher duties from the next quarter. If India's HRC quota is breached again, the pro-rated duty is likely to rise from 8-9pc at present to 15-20pc from July, an international steel trader said. Combined with CBAM charges and other costs, this will make Indian material less attractive to buyers unless EU local prices rise sharply, the trader added. The Argus daily Italian HRC index rose by 10pc from end-December to €694.25/t ($812/t) ex-works on 22 April. Indian HRC offers were last heard at $705–710/t cfr EU for May and June shipments. The Iran war forced Indian mills to suspend offers to the Gulf Co-operation Council (GCC) region and postpone shipments for earlier bookings. The strait of Hormuz has remained effectively closed since the conflict began at the end of February, blocking India's access to markets such as the UAE and Saudi Arabia. A sharp increase in ocean freight rates and vessel shortages resulting from the war have also led some major Indian mills to scale back exports and focus on the domestic market. Opportunities tempered by uncertainty There are early signs of emerging opportunities in an otherwise challenging export environment. Indian cold-rolled coil (CRC) exports could increase after the European Commission said it would not impose provisional duties on imports under investigation. Sourcing CRC locally is currently difficult in Europe, an EU-based trader said. Other market sources said that European demand for Indian CRC may rise in the short term, but quota reductions will ultimately impede sales from July. Market participants also expect a surge in demand from the Middle East due to post-war reconstruction activity. But with no clear resolution in sight to the conflict, it is difficult to assess when the GCC market will reopen for Indian exports. Vietnam also offers an opportunity for Indian mills to offload surplus volumes, particularly from June, when plants resume full production after maintenance and domestic demand eases during the monsoon. Imported coil prices in Vietnam reached an over two-year high this week, making the market more attractive for Indian sellers than earlier in the year. By Amruta Khandekar Indian finished steel exports 000t Destination country FY2025-26 FY2024-25 Italy 1,068.8 707.8 Vietnam 772.3 10.6 Belgium 720.8 544.1 UAE 486.0 488.8 Spain 482.9 416.4 Others 3,070.8 2,689.9 Total 6,601.5 4,857.5 Source: JPC Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Recent deep-sea and short-sea cfr Turkey scrap deals
Recent deep-sea and short-sea cfr Turkey scrap deals
London, 22 April (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 7-Apr 3,000 380 (80:20) April Samsun Bulgaria HMS 1/2 80:20 Y 7-Apr 3,000 380 (80:20) April Marmara Romania HMS 1/2 80:20 Y 6-Apr 3,000 382 (80:20) April Marmara Romania HMS 1/2 80:20 Y Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 21-Apr 40,000 404 (80:20) May Samsun Scandinavia HMS 1/2 80:20, bonus Y 21-Apr 40,000 401 (80:20) May Izmir Cont.Europe HMS 1/2 80:20, bonus Y 20-Apr 40,000 400 (80:20) May Iskenderun UK HMS 1/2 80:20, bonus Y 16-Apr 40,000 403 (80:20) June Izmir USA HMS 1/2 80:20, shred Y 15-Apr 40,000 401.5 (80:20) May Iskenderun USA HMS 1/2 80:20, shred Y 15-Apr 40,000 395 (80:20) May Iskenderun Cont.Europe HMS 1/2 80:20, bonus N 15-Apr 40,000 397 (80:20) May Iskenderun UK HMS 1/2 80:20, bonus N 13-Apr 40,000 397.5 (80:20) May Marmara Baltic HMS 1/2 80:20, bonus Y 10-Apr 40,000 402 (85:15) May Marmara Cont.Europe HMS 1/2 80:20, bonus Y 8-Apr 25,000 395.5 (80:20) May Izmir UK HMS 1/2 80:20 Y Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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