Metals
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The global metals markets are evolving rapidly, shaped by shifting supply chains, rising demand for critical minerals, geopolitical uncertainty, and increasing price volatility across ferrous, non‑ferrous and emerging technology metals. Argus provides independent metals pricing, trusted benchmarks and actionable market intelligence that give mining companies, metal producers, traders, manufacturers and recyclers the clarity and confidence they need to navigate increasing cost exposure, manage risks and make data-driven decisions.
Covering the steel supply chain, base metals, critical metals including rare earths, scrap, ferroalloys, raw materials and energy‑transition metals, Argus delivers accurate, reliable price assessments that reflect real market activity. Companies worldwide reference Argus metals benchmarks in physical and financial contracts to ensure fair, consistent and market‑aligned pricing, a crucial advantage in regions where regulatory environments, trade flows and cost structures vary dramatically.
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Argus offers comprehensive coverage across all major metals markets, providing independent pricing and market intelligence for steel, steel raw materials, base metals, alloys, scrap, pipe and tube, battery materials, rare earths and specialty and minor metals. Our pricing and market intelligence provide a clear, structured view of metals markets worldwide, helping you monitor key trends and respond to shifting market dynamics with confidence.
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Latest metals news
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BEV sales outpace PHEVs across Europe in April
BEV sales outpace PHEVs across Europe in April
London, 27 May (Argus) — Battery electric vehicle (BEV) sales strengthened across Europe's main markets in April, pulling further ahead of plug-in hybrids (PHEVs) and widening the gap with overall car demand growth. Germany and France remained central to that shift, both lifting their BEV share to 26 pc, up from below 20pc a year earlier, while PHEV shares were broadly flat. Denmark reached 82pc BEV share, far above any other major market, underlining how strongly tax rules can skew uptake (see graph) . Elsewhere, the move is clearer in direction than in scale. Italy almost doubled its BEV share to 9pc, but still leans heavily on PHEVs and hybrids, while Belgium and the Netherlands both pushed BEVs into the high 30pc range. In each case, BEVs gained share faster than PHEVs, which either stagnated or declined, notably in Belgium and Denmark, where PHEV shares halved or more. That divergence reflects a broader pattern this year, whereby BEV numbers are scaling where policy and fleet rules favour them, while PHEVs move in line with tax changes and compliance needs rather than steady demand. The unevenness across countries echoes the stop-start dynamic already visible across global EV markets, where demand remains tied closely to incentives . Total sales and combustion engines show a weaker trend. Overall registrations were flat to modestly higher across most markets, while petrol and diesel vehicles continued to fall, but without matching the pace of BEV gains. German carmaker Volkswagen Group held the largest share with modest growth (see graph) , while Stellantis expanded faster on the month. That aligns with Stellantis' push into lower-cost EVs through its partnership with Chinese start-up Leapmotor , which is moving into scaled production and European distribution. Chinese carmakers continue to post the fastest gains in Europe. BYD more than doubled April volumes, while SAIC and Chery also expanded rapidly in the low-cost segments. Some legacy firms are falling back as a result. US carmaker Ford and Japan's Nissan both reported declining sales, while others such as French carmaker Renault Group and South Korea's Hyundai Motor Group also slipped on the month. Performance now rests on who can build and sell enough low-cost models, not just who offers BEVs, with firms lacking scale or competitive pricing losing market share despite electrifying their line-ups. By Chris Welch Europe new car sales by powertrain, with yoy growth pc Europe new car sales by carmaker, Apr-26 Europe new car sales by country, Apr-26 pc Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU SiMn prices unlikely to move on filled quotas
EU SiMn prices unlikely to move on filled quotas
London, 26 May (Argus) — The EU's tariff-free quotas (TRQs) for silico-manganese imported from India and material imported from "other countries" was exhausted on the first day of the third safeguard period last week, but tighter availability of the alloy in the near term is unlikely to drive sharp price increases as end-user demand remains low. The quota period renewed for the third time on 18 May. Importers of silico-manganese from India, one of the largest external suppliers to the EU, immediately submitted 41,993t for clearance, exceeding the allotted quota of 31,959t by 10,034t. The Indian material was fully allocated as of 22 May, but only 76pc of the material submitted for clearance has been allocated within the quota. The rest has been cleared as out-of-quota material. The EU instituted safeguard measures on silico-manganese, ferro-manganese, ferro-silicon, and silico-magnesium on 18 November to protect European ferro-alloy producers from more affordable third-country imports. The safeguard measures comprise country-dependent TRQs combined with an out-of-quota variable duty applied to material imported in excess of the quota. The variable duty will be the difference between the established price threshold for the product in question and the net free-at-EU frontier price, which is equivalent to the cif price. The safeguard allocation is shared among importers rather than operated on a purely first-come, first-served basis, which means that many or most importers with Indian material currently awaiting clearance will be forced to pay the minimum import price for a portion of their imports. The minimum import price for silico-manganese is €1,392/t. That cif-equivalent price is €287/t above the Argus silico-manganese assessment of €1,080-1,130/t ddp Europe works on 21 May. One trader attempted to clear several thousand tonnes of silico-manganese on the first day. He will have to pay a 600pc increase on 25pc of his material, the trader said, netting out to an extra €120/t across his total imports. Silico-manganese prices increased by €30/t on 21 May on upward pressure from importers seeking to pass duty costs onto the consumer. In the short term, some suppliers have increased their prices by €50/t, and are now holding onto material and watching what will happen. "This doesn't mean that the customers will accept higher prices immediately, because there will always be someone sitting on cheaper units or unsold material, particularly for smaller quantities," the trader said. But demand from end users has been tepid in 2026. Because the possibility of safeguards was known well in advance of implementation, most end users concluded contracts for this year or imported significant quantities of material ahead of the implementation of safeguards. Larger end users are not in the spot market currently because they are covered by their contracts. And availability is not fully constrained as importers have started to seek alternative sources of quota-free supply to traditional mainstays such as India. The quota for "other countries", which comprises developing countries that do not have country-specific quotas, has been exhausted in both the second and third quota periods. The second period quota of 18,337t was exhausted on 19 March, well before the completion of the quarter. For the present quarter, the quota of 18,956t was exhausted on 21 May. Norway, where production is limited to a few large producers, filled its allotted quotas quickly in the second quota period that started on 18 February. The Norwegian quota of 35,859t for that period was exhausted on 9 April, with over a month left before the quota renewal. For the third period, the Norwegian quota was 37,068t as of 22 May. A balance of 26,603t remained, with 116t awaiting allocation. The Zambian quota of 7,882t for the current period had a remaining balance of 4,288t with 1,277t awaiting allocation as of 22 May. This was an increase in imports from the second period, which closed with a remaining balance of 4,288t. Some market participants do not expect to see a significant impact from quota exhaustion on pricing until end users' stocks are fully drawn down. Combined with reduced consumption in the summer period as mills decrease or pause production for annual maintenance, the main impact of the safeguards is unlikely to be felt until the autumn. FeSi, FeMn less impacted by quota The ferro-silicon and ferro-manganese quotas for the current quota period and for previous quotas had not been filled as of 22 May. The comparatively high interest in moving silico-manganese compared with high-carbon ferro-manganese can in part be attributed to hesitation on the part of importers to add the additional bureaucratic burden of the Carbon Border Adjustment Mechanism (CBAM) to their operations. Silico-manganese is not subject to CBAM. "I think many traders got a bit cautious on ferro-manganese because of CBAM, and honestly that's what I did as well. I focused on silico-manganese because I didn't have to worry about CBAM," a second trader said. Although silico-manganese prices are roughly at parity with high-carbon ferro-manganese, ferro-manganese prices are also being supported by CBAM. In terms of liquidity and demand, silico-manganese is currently exceeding high-carbon ferro-manganese. By Maeve Flaherty Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Demand for India Mn alloy export falters, surplus rises
Demand for India Mn alloy export falters, surplus rises
Mumbai, 25 May (Argus) — India's manganese alloys sector is under significant pressure from falling export demand, mounting domestic overcapacity and narrowing margins, chairman of the Indian Ferro Alloy Producers' Association (IFAPA) Manish Sarda told Argus . Prices are unlikely to rebound until geopolitical tensions in the Middle East subside, he added. Prices of silico-manganese and ferro-manganese have fallen sharply and may decline further, until geopolitical tensions in the Middle East subside. And producers that are facing capital constraints may sell below production costs to maintain operations, Sarda said last week. Argus assessed 60pc silico-manganese at $795-810/t fob India on 21 May compared with $910-930/t fob levels in mid-April. Similarly, 65pc silico-manganese prices fell to $880-910/t fob levels on 21 May from $1,000-1,020/t fob on mid-April. India's domestic 60-pc silico-manganese prices dropped by 14,000 rupee/t ($146.92/t) from mid-April to Rs75,000-76,000/t ex-works on 21 May. Assessments for 70pc and 75pc ferro-manganese were at Rs78,000-79,000/t and Rs84,500-85,500/t, respectively, on 21 May, down by Rs7,000/t and Rs11,000/t from April. "I wouldn't be surprised if prices drop another Rs1,000/t beyond this," Sarda said, noting that liquidity constraints are forcing producers to prioritise cash flow over profitability. But producers with captive power retain a cost advantage and some margin buffer. Prices briefly increased in early April, when war-related stockpiling supported prices. But prices reversed quickly. Higher freight costs, tighter vessel availability, weaker export demand and a rise in domestic capacity forced some producers to cut prices aggressively to retain export volumes, despite a depreciation of the rupee, which would typically support exports otherwise. Silico-manganese hit harder Weak export demand puts greater pressure on the Indian silico-manganese sector given that silico-manganese is widely produced in India and that India is the largest seaborne trader. Only a small number of Indian companies produce ferro-manganese for the specialised steel market. Higher freight and fuel costs have further reduced export competitiveness. The Middle East, previously a key export market, has experienced plant closures and a collapse in demand because of capital shortages and conflict, causing a sharper price fall of silico-manganese. Some Indian plants have reduced or stopped operations because of financial stress. Price recovery depends on stability and reconstruction in the Middle East. "Until we see a complete stoppage of war and reconstruction happening in the Middle East we cannot see exports coming up for Indian producers," Sarda said. Overcapacity driving the downturn India has installed ferro-alloy capacity of about 5.5mn t/yr, while domestic demand is no more than 1.5mn t/yr. The country exports around 1.4mn t/yr, making it the world's largest exporter of silico-manganese and one of the largest exporters of ferro-manganese. EU safeguard quotas are already limiting Indian shipments to Europe, and the Carbon Border Adjustment Mechanism (CBAM) will add further costs. Indian producers will eventually need to adapt and reduce their carbon cost exposure, but the near-term effect on competitiveness is negative. "Any cost that comes onto the producer on the basis of CBAM is not going to make the product competitive," Sarda said. Sarda is optimistic that the entry of state-run mining firm OMC to the manganese ore market could help reduce Indian alloys sector's dependence on imported ore. OMC will need time to scale up but could offer logistical advantages for producers based in India's eastern and southern regions sourcing ore from the state of Odisha. State-owned mining firm MOIL is the largest manganese ore producer in India, with output of about 1.5mn t/yr. India is the second-largest buyer of manganese ore behind China, importing nearly 7mn t/yr. Access to globally competitive power tariffs remains essential for the ferro-alloy industry, as electricity is the largest cost component. The removal of import duties on manganese ore is also a key requirement, since these duties add unnecessary costs given India's reliance on imports. Policy discussions on both issues are ongoing, but progress has been slow, Sarda said. Looking forward, Sarda expects a cautiously stable third quarter, with downside risks and continued export pressure resulting from uncertainties in the Middle East. Sarda is also the managing director of Sarda Metals and Energy. Sarda Metals and Energy currently operates three furnaces at its Vizag plant — two 36 mega volt ampere (MVA) furnace and one 40 MVA furnace. It has received approvals for adding three more furnaces. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Korea’s Ecopro signs Li hydroxide automaker supply deal
Korea’s Ecopro signs Li hydroxide automaker supply deal
Singapore, 25 May (Argus) — Major South Korean lithium-ion battery cathode active material and lithium hydroxide manufacturer EcoPro's lithium arm Ecopro Innovation has signed its first direct lithium hydroxide supply contract with an automaker. Ecopro Innovation will supply 12,000t of lithium hydroxide over a four-year period to an undisclosed "global automaker", said the company on 22 May. Its production base in Hungary's Debrecen likely played a part in it winning the contract, the firm added, citing its ability to comply with the EU's Critical Raw Materials Act . The act came into force in May 2024 to ensure the bloc's access to "secure, diversified, affordable and sustainable" supply of critical raw materials, and it pushes for at least 10pc of critical materials sourced domestically and 40pc transformed locally by 2030. Ecopro completed the construction of its Hungarian plant late last year. The plant is capable of producing 54,000 t/yr of cathode materials and 8,000 t/yr of lithium hydroxide. The firm has plans to double the site's cathode materials production capacity to 108,000 t/yr. The firm in April said full-scale cathode material production at the site is expected to begin in April-June, and it is aiming to secure European customers. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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