Steel
Overview
The price indices in our Argus Ferrous Markets 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
SSAB to supply decarbonised steel to Rheinmetall
SSAB to supply decarbonised steel to Rheinmetall
London, 22 January (Argus) — Swedish steelmaker SSAB has signed a preliminary agreement with German defence manufacturer Rheinmetall to supply decarbonised steel. The deal makes Rheinmetall the first defence producer to use decarbonised steel in its manufacturing. The timing of the first shipments has not been set, but implementation planning is under way, SSAB told Argus . "We can already deliver SSAB Zero, so it is now a question of us planning for the implementation," SSAB head of sustainability Thomas Hornfeldt said. "The agreement entered with Rheinmetall is a strategic agreement and thus longer term," he added. Rheinmetall will initially receive SSAB Zero steel, which is a scrap-based steel produced using fossil fuel-free electricity, SSAB said. Deliveries will ramp up over time and later include material based on SSAB's HYBRIT process, which uses hydrogen-reduced sponge iron. SSAB received a €128mn ($139mn) grant from the European Commission in 2024 to support its transition from coal-based steel production at its Lulea site to what the commission described as a nearly zero-emission system. The company plans to install an electric arc furnace (EAF) using hydrogen-based direct reduced iron. In 2025, SSAB postponed the transformation by a year because of delays in securing sufficient electricity supply, but said in April that it will still proceed with installing the EAF to replace the site's sole blast furnace. The unit had been expected to start up in 2028 and reach full capacity in 2029. Another Swedish low-carbon steelmaker, Stegra, is also progressing commercial agreements , having pre-sold just over half of its planned 2.5mn t/yr output ahead of first deliveries in 2027. The company has signed multi-year deals with customers including German firm Thyssenkrupp Materials Processing Europe, Italy's Marcegaglia and several German manufacturers. By Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India's steel expansion to drive coking coal demand
India's steel expansion to drive coking coal demand
Mumbai, 22 January (Argus) — As India's steel production capacity increases, demand for coking coal is expected to remain strong, reinforcing the country's position as the world's fastest-growing importer of seaborne coking coal. India is the world's second largest crude steel producer with output over January-November 2025 totalling 150.1mn t, the latest data from Worldsteel Association show. Major Indian steel producers have registered steady or even record output in the third quarter of the April 2025- March 2026 fiscal year, driven by firm domestic steel demand. India aims to double its steel production to 300mn t/yr by 2030, and reach 500 mn t/yr by 2047, reinforcing its position as a major seaborne coking coal buyer. Alongside its ambitious expansion initiatives, India has extended safeguard duties on specific flat-steel products for three years to protect the domestic industry from lower-priced imports. These protective measures are designed to preserve India's steelmaking capacity, reducing dependence on imported semi-finished products for further processing. Met coal prices, imports up As steel production increases in India, both the demand for and prices of steel feedstocks such as metallurgical coal have also steadily climbed. On pricing, recent outages and force majeure declarations in Australia because of heavy rain pushed the Australian premium low-volatile (PLV) hard coking coal price to a 17-month high of $240.55/t fob on 21 January. Reflecting firm demand, metallurgical coal imports into India rose sharply in 2025 with volumes rising by 32pc on the year to 73.53mn t, data from shipbroker Interocean show. For December, imports climbed by 97pc on the year to 7.32mn t. This trend is continuing in 2026, with Indian steelmakers seeking a total of around 75,000–100,000t of metallurgical coal via tenders as of 21 January. Australia remained India's top supplier, with December shipments rising by nearly 40pc on the year to 3.29mn t. Inflows from the US, Mozambique and Russia have also gone up. Higher steel margins and restocking needs encouraged mills to secure volumes despite the elevated prices, market participants said. India's coking coal imports are projected to stay strong, with inflows of about 81.6mn t in 2026 and 86.5mn t in 2027, according to a report by Argus consulting services. The anti-dumping policy on low-ash metallurgical coke from major suppliers is expected to have a slightly positive effect on imports for six months, it added. Coal demand rides on policy tailwind Steel prices in India have been on an uptrend as the market rebounds on the back of improving macroeconomic conditions and robust demand. Traders and mills are also citing the recent introduction of safeguard measures as a key driver, as these protections are expected to boost domestic steel consumption. The combined effect of firmer demand expectations and policy support has helped lift sentiment, with Indian buyers showing greater willingness to restock at higher levels, a trader said. Steelmakers could also be nudged towards higher domestic coke production as coke imports could be curtailed with the implementation of anti-dumping duties , spurring demand for premium hard coking coal imports for blending, particularly Australian material, Argus consulting services said. India to stay a key buyer Looking ahead, India is expected to remain a key driver of coking coal demand, as ongoing steel production growth supports import needs. "India has the biggest role to play given the fact that it is going to be the largest sea borne customer in all the years to come unless China starts buying [more meaningfully]," an India-based trader said. Import requirements are likely to rise substantially — potentially by 100% — as capacity expansions in the steel sector are rolled out, he added. India is set to add more blast furnaces over the coming years as steelmakers push ahead with capacity expansion and each new blast furnace will raise metallurgical coal demand, another trader said. By Romil Sethi and Lisa Cheng India metallurgical coal imports ('000 t) Origin Dec'25 Dec'24 ± % Jan-Dec'25 Jan-Dec'24 ± % Coking coal Australia 3,292 2,355 40 35,403 30,825 15 US 1,218 433 181 9,675 9,118 6 Mozambique 712 172 314 5,524 3,856 43 Indonesia 333 55 506 3,459 2,109 64 Russia 1,159 453 155 12,411 6,725 85 Others 573 82 598 5,438 869 526 Total 7,323 3,714 97 73,533 55,917 32 Met coke Indonesia 94 452 -79 961 2,521 -62 China 0 13 -100 308 825 -63 Poland 0 0 n/a 486 613 -21 Colombia 33 17 93 353 241 46 Total 171 586 -71 2,762 5,052 -45 PCI Australia 284 668 -57 2,392 5,780 -59 Russia 640 1,255 -49 7,206 11,651 -38 Total 924 2,042 -55 10,814 17,558 -38 Source: Interocean *Note: Total includes additional small values excluded from individual breakdown, so component numbers may not sum to total India steel expansion to drive coking coal demand [$/t] Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australian premium coking coal price hits 17-month high
Australian premium coking coal price hits 17-month high
Singapore, 21 January (Argus) — The first-tier Australian seaborne premium hard coking coal price jumped to a 17-month high in January on the back of persistent supply restraints from Australia and steady demand from India. Argus ' month-to-date assessment for Australian premium low-volatile (PLV) hard coking coal rose to $227.38/t fob Australia in January 2026, up by $15.25/t from the full-month average in December 2025. This marks the highest level since July 2024, when the Argus monthly PLV HCC price was $236.53/t. The boost in prices is mostly supply-driven, because ongoing heavy rains and flooding have continued to disrupt mining operations across key producing regions, notably Queensland. Several Australian producers declared force majeure on the back of adverse weather and operational issues. AMCI, Stanmore and GM3 declared force majeure on shipments last week, while Glencore and Coronado are also facing weather and safety-related production constraints. Vessel congestion at Australian coal ports also intensified significantly. Queues increased to 108 vessels on 20 January, a trader said. The buildup comes on the back of heavy rains and flooding that disrupted port and mining activities, especially in Queensland. The expanding backlog has left several cargoes scheduled for December 2025-loading still waiting to dock, market sources said. The spot market could continue to remain under pressure in the coming weeks until supply normalises, some market participants said. The cyclone season in Australia normally lasts until February, and supply should stabilise by March, a trader said. Demand from key buyer India stands at around one Panamax vessel, at the time of writing. Steel prices in India have been on an uptrend as the market rebounds on the back of improving macroeconomic conditions and stronger demand. The recent introduction of safeguard measures are also a key driver, traders and mills said, because these protections are expected to boost domestic steel consumption by limiting imports and supporting local producers. The combined effect of stronger demand expectations and policy support has helped boost market sentiment, and buyers are showing greater willingness to restock at higher levels, a trader said. But Chinese buyers remain largely absent from the seaborne Australian premium hard coking coal market. Australian PLV cargoes are not workable in China at current elevated levels, several market participants said. End-users have continued to rely on portside inventories, domestic supply and Mongolian imports to meet their needs for raw materials. Chinese steelmakers have shown limited willingness to purchase seaborne premium cargoes given the rally in fob Australia prices, several traders said, citing both cost concerns and diverse alternatives. By Lisa Cheng and Romil Sethi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Greenland tariff spat could hurt US steelmakers
Greenland tariff spat could hurt US steelmakers
Pittsburgh, 20 January (Argus) — Rising trade tensions between the US and Europe over control of Greenland could raise raw material costs for US electric arc furnace (EAF) steelmakers importing prime scrap. President Donald Trump threatened on 17 January to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, the Netherlands, Norway and Sweden from 1 February, because of their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. The tariffs will rise to 25pc from 1 June if a deal for US ownership of Greenland is not reached, Trump said on his social media platform. Greenland is a self-governing island under Denmark's control. The Netherlands, Poland, Sweden and the UK are major suppliers of prime scrap to the US. US imports from those nations have been subject to tariffs since April 2025, at rates of 10pc from the UK and 15pc from the EU. EAF steelmakers typically rely on European prime scrap imports to relieve pressure on domestic supply and #1 busheling pricing. US steelmakers have paid higher raw material costs due to import tariffs over the last year as stricter import controls have significantly supported the domestic steel market and offset the added import fees. Prime scrap imports from the Netherlands, Poland, Sweden and the UK rose by 61pc in 2025 to 403,000 metric tonnes (t) between January and October 2025, compared with the same period of 2024, despite the April tariffs. But mills shifted the import ratio to favor shipments from the UK because of its lower tariff rate. UK prime scrap shipments accounted for 68pc of all European shipments between April and October, compared with only 10pc in the same period of the prior year. This sourcing shift could signal that US mills will adopt a similar pattern if tariff rates rise by an additional 10pc in February and to 25pc in June. Canada and Mexico have been the largest sources of prime scrap imports to the US, at around 34pc between January-October 2025. Any shift to North American consumption could support scrap suppliers with large prime scrap inventories that have been overhanging the US market over the last year. EU leaders will meet on 22 January to agree on the bloc's response to Trump's threat to annex Greenland and to impose the additional tariffs. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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