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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.
Latest steel raw materials news
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UK reviews steel safeguard developing country status
UK reviews steel safeguard developing country status
London, 28 February (Argus) — UK government body the Trade Remedies Authority (TRA) is reviewing the developing country exceptions in its safeguard, it said today. The review will likely mean Vietnamese hot-rolled coil comes into the scope of the safeguard. Vietnam had a 10pc share of the UK's third-country steel imports from outside of the EU last year, at just over 42,000t. Any developing country with more than a 3pc share of the UK's non-EU imports will come into the safeguard's scope. Egypt will likely come into the safeguard as well, as it held a more than 6pc share of the UK's third-country imports last year. Market participants have until 14 March to comment on the proposed changes, with the TRA planning to make its statement of intended final recommendations on 28 March. It will make its final recommendation on 30 June. This timeline suggests any changes will come into force from 1 July. UK steelmakers are lobbying for tighter import restrictions in light of fresh 25pc import tariffs in the US and the EU's steel safeguard review. The EU review will "meaningfully" reduce the bloc's imports, several sell-side sources suggest. The idea of blanket tariffs in the UK have been muted by some market participants, but many question whether the UK would take such an approach. It is unlikely that the review of the UK's developing country exceptions will be the only measure the country takes, with other potential restrictions likely in the pipeline. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Bearish Indian steel market awaits safeguard duty
Bearish Indian steel market awaits safeguard duty
Mumbai, 28 February (Argus) — Mounting global pressures, including impending US tariffs and risks of more imports from Asia-Pacific countries, have fuelled expectations of safeguard duties to shield Indian steel producers hit by falling prices. The near-term outlook for Indian hot-rolled coil (HRC) prices, which fell by 15pc in 2024, remains bearish in the absence of strong demand from consumers and significant government spending. A drop in exports and rising domestic steelmaking capacities have also weighed on prices, squeezing producers' margins. External pressures have escalated recently as several countries put up trade barriers, leaving top steel suppliers such as China with limited options for overseas sales. US president Donald Trump's move to impose 25pc tariffs on all steel imports from 12 March is the latest in a series of protectionist measures undertaken by western countries to protect their domestic industries. Steel market participants anticipate an indirect impact of these tariffs on India, as Asian producers that supplied to the US market will now increasingly turn their attention to the country. India is considered a bright spot for long-term steel demand, given its infrastructure boom and economic growth potential. Ratings agency Icra estimates about 4mn t/yr of steel supplied to the US by Asian countries such as Japan and South Korea, which until now had preferential market access, could be partly diverted to high-growth markets such as India. Indian steelmakers are leveraging this situation to push harder for safeguard duties to limit HRC imports, particularly from countries with which India has a free-trade agreement (FTA), market participants said. Under the FTA, no basic customs duty is imposed on imports from countries such as Japan and South Korea, unlike China, which incurs a 7.5pc import duty. Japan and South Korea combined accounted for roughly half of India's finished steel imports of 8.4mn t in April-January, according to ministry data. Total finished steel imports rose by 21pc on the year in the past 10 months. Cheaper imports were one of the reasons for 2024's steel price drop, with Argus -assessed ex-Mumbai HRC prices falling to 47,250 rupees/t ($541/t) at the end of December, excluding goods and services tax, from Rs55,500/t at the start of the year. Inflows slowed towards the end of the year as weak steel market sentiment and the ongoing safeguard investigation kept traders risk-averse. But in February, some consumers booked two vessels of Japanese-origin HRC for as low as $480-490/t cfr India for March shipment. Sluggish domestic steel demand in Japan and the blocked Nippon Steel-US Steel merger has raised the possibility that Japan will sharpen its focus on India, a steel market analyst said. Vietnamese steelmakers Formosa Ha Tinh and Hoa Phat have also received their licence required to export HRC to India, raising concerns for domestic producers. Safeguards a 'temporary' measure Indian mills have asked for a 25pc safeguard duty on flat steel imports, but market participants expect the duty, if imposed, is likely to be about 15pc. Once the duty is imposed, steel mills will increase prices imminently by as much as Rs3,000/t, sources said, but the resulting price increase in the trade market is likely to be temporary, especially if domestic demand conditions remain weak. Lower supply from mills has currently kept a floor on HRC prices, which were last assessed at Rs48,000/t ex-Mumbai today. "Safeguard duties will buy time for steel mills over the next few months to hike prices and sales realisations," a north India-based distributor said. "While mills are confident about safeguards being imposed, the government will have to be cautious as it is also focusing on controlling inflation and supporting small businesses." India's HRC export activity has been weak, with mills not making many formal export offers in recent days. This might be the case because they wish to sell at higher prices domestically once safeguards are imposed rather than sell at lower levels in the export market now, market participants said. "Mills' wait-and-watch approach on exports is one of the reasons why I feel safeguards might be coming," a Mumbai-based trading firm said. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
GFG seeks partner in Australian coking coal mine
GFG seeks partner in Australian coking coal mine
Sydney, 28 February (Argus) — British-owned metals firm GFG Alliance is seeking a partner willing to invest in its Australian Tahmoor coking coal mine, reversing plans to sell the site and pay down debts at its Whyalla steelworks in South Australia (SA). GFG will continue to support and develop the 3mn t/yr Tahmoor mine after the capital raise, the company said on 27 February. GFG paused operations at the mine on 7 February for a month, announcing plans to restart operations at the mine in early March. The company has not revealed any change to its Tahmoor restart timeline. The Tahmoor mine had been providing financial aid to GFG's 1.2mn t/yr Whyalla steelworks until SA's state government took control of the steel plant on 19 February, placing it into administration. GFG closed Whyalla throughout much of 2024, over blast furnace issues. The plant, which the company ran through a subsidiary, owes creditors millions of dollars. Australia's federal government has partnered with the SA government to prop up the site through a A$2.4bn ($1.49bn) support package, including a wage guarantee to staff at the steelworks. Both governments are committed to eventually reopening the plant. Argus ' metallurgical coal premium hard low-vol fob Australia price has been declining over the last quarter, falling from $200.30/t on 27 November to $187.90/t on 27 February, when Argus last assessed it. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia's Cobalt Blue to pause mine until prices rise
Australia's Cobalt Blue to pause mine until prices rise
Sydney, 28 February (Argus) — Australian metals firm Cobalt Blue is unlikely to further progress its Broken Hill cobalt project in New South Wales until mineral prices rise, the firm told Argus this week. Cobalt Blue in early 2024 paused work on Broken Hill's final feasibility study because of financing challenges, and launched a strategic review of the project looking at the viability of "a condensed, higher-margin project." That review is still ongoing, but it is unlikely to advance the project until cobalt market conditions improve, the company's ReMine Plus manager Helen Degeling told Argus on the sidelines of the Critical Minerals and Energy Investment Conference, which was held in Brisbane over 24-25 February. Cobalt Blue has been mining and processing ore at a demonstration plant at Broken Hill since 2022. But traditional lenders are unlikely to fund the project's next phase — a ramp up to commercial production — at current cobalt prices, Degeling said. Cobalt Blue was using a cobalt price assumption of approximately $27/kg while working on its Broken Hill definitive feasibility study. Argus ' cobalt powder min 99.8pc ex-works China price was last assessed at $22.30/kg on 20 February, down from a high of $102.40/kg on 30 March 2022. Cobalt Blue's analysts expect cobalt prices to stabilise over the coming years, as demand rises and global supply growth slows. But until that happens, the company will focus on developing its Kwinana cobalt sulphate refinery in Western Australia, and the Mount Isa sulphuric acid project in Queensland. Cobalt Blue's Kwinana refinery will start producing 3,000 t/yr of cobalt sulphate and 500 t/yr of nickel metal from the second half of 2027, using third-party mixed hydroxide precipitate (MHP). The company plans to start building the plant in late 2025. Cobalt Blue's Mount Isa sulphuric acid project is at an earlier development stage than the WA refinery. The company's engineering teams have developed novel techniques to extract sulphuric acid from mineral tailings, and are currently testing potential feedstocks for the plant. Mount Isa's final capacity will depend on feedstock procurement and regional demand trends, the company said. Cobalt Blue is not the only critical mineral firm pivoting towards processing projects. Some ACMEIC attendees indicated that financing challenges are also driving vanadium developers to consider prioritising refining work. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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