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.
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India-UK FTA cuts tariffs on Indian auto imports
India-UK FTA cuts tariffs on Indian auto imports
Mumbai, 8 May (Argus) — The free trade agreement (FTA) finalised between India and the UK early on 6 May will cut tariffs on cars imported from the UK to 10pc from over 100pc earlier under a quota. The landmark FTA follows several rounds of negotiations between India and the UK that were first launched in January 2022. The import duty cuts are expected to make UK-manufactured cars more affordable for Indian consumers. Cosmetics, whisky and gin exports from the UK will also benefit from tariff reduction, the UK government said. Tariffs will also be eliminated on 99pc of Indian goods imported into the UK. This is likely to boost exports of auto parts and other goods such as textiles, footwear and gems and jewellery to the UK, according to the Indian government. Indian exported $21.2bn worth of auto components in the April 2023-March 2024 fiscal year, 32pc of which went to Europe, government data show. "The FTA will be integral in opening new growth avenues and enhancing export potential for auto component and electric vehicle (EV) materials manufacturers," Indian firm Epsilon Carbon managing director Vikram Handa said. Total trade in goods and services between India and the UK stood at £42.6bn ($56.7bn) in 2024. After the FTA, bilateral trade is expected to increase by £25.5bn each year, according to the UK government. Non-ferrous metals, metal ores and scrap and mechanical power generators were among the top exported goods from the UK to India last year. For India, refined oil, clothing and telecoms and pharmaceutical products accounted for a major share of exports to the UK. Exports of iron and steel products from India to the UK rose by nearly 70pc on the year to £489.2mn in 2024, UK government data show. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
High sulphur prices pressure Indonesian buyers
High sulphur prices pressure Indonesian buyers
Singapore, 7 May (Argus) — Steep increases in sulphur prices, against expectations of lower future nickel demand, and falling nickel prices since last year are pressuring metals producers in Indonesia, and some are considering postponing new projects. Sulphur is used as a raw material in the production of nickel intermediates such as nickel matte and mixed hydroxide precipitate (MHP), through the rotary kiln-electric furnace (RKEF) and high-pressure acid leaching (HPAL) processes, respectively. Producing 1t of MHP or nickel matte requires an estimated 10t and 15t of sulphur, respectively. Global sulphur prices began to rise in mid-2024 on firmer demand from Morocco and Indonesia. Morocco's OCP started up two sulphur burners last year that will consume 967,000 t/yr of sulphur at capacity. In Indonesia, newly commissioned HPAL production lines at QMB New Energy Materials and Halmahera Persada Lygend also added an estimated 830,000 t/yr of sulphur demand. Uncertainty over Kazakh and Russian sulphur export availability because of EU sanctions also created uncertainty over available supply in the region. Tighter supply, compounded by competing Chinese and Indonesian demand after the Lunar New Year holidays, spurred a rally in sulphur prices in the first quarter of the year. Fob Middle East sulphur prices more than tripled to $285.5/t fob as of 1 May from $86/t a year earlier, Argus assessments show. Cfr Indonesia granular sulphur prices rose by $185/t to $297/t cfr over the same period. While sulphur prices have risen significantly over the past year, prices for Indonesian-origin nickel intermediates have been largely rangebound at $12,000-14,000/t of nickel contained since January 2024. The comparatively flat nickel prices and the rising raw material prices mean that producers' margins are narrowing further. Gross profit margins for MHP products were close to $10,000/t in 2023 before falling to around $7,000/t in 2024, according to Argus estimates. Current sulphur prices take up around 40pc of the total production cost of nickel matte, the largest portion out of other raw materials such as caustic soda, according to one metals producer. And the increased adoption of non-nickel containing battery chemistries such as lithium-iron-phosphate and higher demand for plug-in hybrid electric vehicles have led the industry to revise its expectation of future nickel demand from the battery section. The International Nickel Study Group has forecast a nickel market surplus of 198,000t for 2025 , rising from 179,000t in 2024. But new ternary precursor cathode active materials projects will support a rise in nickel usage in the medium term, the group said. As higher raw material prices continue to chip away at producer margins, upcoming projects including QMB New Energy Materials' phase 3 in Morowali, and developments by Guangqing and Blue Sparkling Energy in Weda Bay may have to be postponed, market participants said. The three projects are expected on line this year, adding 844,000 t/yr of sulphur demand at capacity. By Chi Hin Ling, Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US vehicle sales slip in April from 4-year high
US vehicle sales slip in April from 4-year high
Houston, 5 May (Argus) — Domestic sales of light vehicles in April slipped from a four-year high the prior month but still reflected robust purchasing ahead of planned implementation of more US tariffs on the automotive industry. Sales of light vehicles — trucks and cars — dipped to a seasonally adjusted rate of 17.3mn units in April, down from 17.8mn in March, the Bureau of Economic Analysis reported today. Last month's total still was above April 2024's annualized rate of 16mn and was the second-highest monthly reading since April 2021. US consumers maintained steady purchasing last month in a rush to beat 25pc tariffs on imports of vehicle parts that were set to be implemented on 3 May. Those higher duties are expected to raise input costs for domestic automakers, and thus, prices for buyers. US president Donald Trump early last week signed an order that allows vehicle manufacturers to partially recoup tariff-related costs, helping to ease the burden. Still, Trump maintained his goal of forcing US automakers to become wholly reliant on auto parts made in the US. Trump already instituted 25pc tariffs on imports of foreign-made vehicles on 3 April. Tariff-related pressures have dented US consumer sentiment and weighed on domestic manufacturing activity, but certain pockets of the economy have shown resilience such as the services industry and employment. Truck sales last month fell by 1.9pc sequentially to 14.4mn unit rate, while car sales dropped by 8.8pc to a 2.9mn unit rate. Domestic vehicle production fell to a seasonally adjusted annual rate of 10.07mn from an upwardly revised 10.09mn in February, according to US Federal Reserve data. That compares with 11.08mn in March 2024. Auto assemblies are reported with a one-month lag to sales. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Ford expects $1.5bn tariff hit in 2025
Ford expects $1.5bn tariff hit in 2025
Pittsburgh, 5 May (Argus) — Ford expects tariffs to cost the US automaker about $1.5bn in profit this year, causing the firm to withdraw its full-year financial guidance today. Tariffs and the uncertain rollout of potential changes to those tariff caused the Dearborn, Michigan-based company to suspend its 2025 guidance, which was initially projected at $7bn-8.5bn in earnings before interest and taxes. US president Donald Trump has place 25pc import taxes on vehicles, steel and aluminum, placing immense pressure on US automakers, many of whom have operations in Mexico and Canada. Ford is the third major US automaker to rescind its financial guidance in the past week following similar decisions by Stellantis and General Motors . By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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