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.
Latest steel news
EU HRC imports rise in May
EU HRC imports rise in May
London, 17 July (Argus) — European hot-rolled coil (HRC) imports rose on the year in May, but fell from the preceding month when quarterly quotas had just reset. Imports rose by 50pc on the year, and fell by 36pc on month, to 600,000t. Turkey remained the largest supplier, shipping 230,000t. Turkish shipments rose by 140pc on the year and edged up by 5pc on the month, supported by its large country-specific quotas for HRC, which helped maintain strong export flows in May. Sales from South Korea and Taiwan were limited, with Taiwan recording no shipments and South Korea supplying only about 3,000t, as both had exhausted their quotas in April. Indonesian shipments remained strong, as it is exempt from quotas. Volumes more than doubled on the year and tripled on the month to 116,500t. There has been talk of Indonesia coming into the scope of the safeguard, but mill sources suggest this is unlikely before next year as any review could see countries currently under the measure becoming exempt. Cold-rolled coil (CRC) and hot-dip galvanised (HDG) imports also declined in May, largely because of quota constraints. Combined volumes dropped by 26pc on the month to 127,500t. CRC shipments from Turkey fell sharply, down by 93pc on the year and month. India was the main CRC supplier with 31,000t, despite this being 25pc lower than in May last year. HDG imports saw a steeper drop, falling by 73pc on the month to 212,000t, underpinned by the absence of Vietnamese and Chinese suppliers. A similar trend was seen in longs. Rebar imports dropped by 65pc on the month to 69,200t, as Egypt and Turkey were out of the market after exhausting their quotas early in the second quarter. Wire rod imports fell by 50pc on the month to 144,000t. The UK increased its shipments by 27pc compared with April to 43,000t, making it the largest wire rod supplier in May. On the export side, EU HRC shipments declined by 11.5pc on the month to 196,804t, as sales to Turkey and the US weakened. The UK accounted for 92,400t of the total, marking a 62pc increase on the year. The Netherlands has been selling more into the UK since Tata Steel closed its Port Talbot blast furnaces, and continued to service some higher-spec grades from its sister plant in IJmuiden. EU rebar exports dropped by 27pc on the year but rose by 32pc on the month to 51,000t, supported by 15,400t in sales to the US, which had recorded no imports from EU in April. Wire rod exports also declined on the year and fell by 7pc on the month, with weaker sales to key destinations including Switzerland, the UK and US. By Elif Eyuboglu EU steel imports t May-25 ±% May 24 ±% Apr 25 HRC 601,258 49.3% -35.9% CRC 127,527 -47.0% -26.0% HDG 212,082 -57.2% -73.0% Plate 210,232 1.5% 24.5% Rebar 69,266 -45.7% -64.5% Wire rod 143,877 -5.6% -50.5% Slab 650,733 7.3% 47.3% Billet 179,713 38.3% -10.0% — GTT EU steel exports t May-25 ±% May 24 ±% Apr 25 HRC 196,804 -7.2% -11.5% CRC 82,126 -39.0% -11.4% HDG 251,449 -10.6% 9.3% Plate 128,946 -25.2% 4.7% Rebar 50,845 -27.0% 31.9% Wire rod 89,635 -26.6% -7.1% Slab 11,562 -18.3% -72.4% Billet 13,682 -45.6% -31.5% — GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Japan boosts iron ore imports in June
Japan boosts iron ore imports in June
Osaka, 17 July (Argus) — Japan imported 8.3mn t of iron ore in June, up by 5.1pc against a year earlier, according to preliminary data released by the country's finance ministry on 17 July. June imports rose by 18pc from a month earlier. The country increased imports on the back of higher crude steel production, which rebounded to 6.8mn t in May, up by 3.5pc on the month but still lower by 4.7pc on the year. Japan's steel mills are bearish about the short-term outlook of crude steel output because of weak demand in both domestic and export markets. Production is forecast to drop by 2.3pc on the year to 20.1mn t in July-September, according to the trade and industry ministry Meti. Japan's iron ore import prices averaged at $102.08/t in June, down by around 16pc on the year. The yen-denominated price was ¥14,701/t ($99/t), lower by 23pc over the same period. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Canada tightens steel import trade measures
Canada tightens steel import trade measures
London, 16 July (Argus) — The Canadian government today said it will tighten import measures on steel to protect its domestic market and prevent trade diversion. As part of the measures, quotas for non-free trade agreement (FTA) partners will be slashed to 50pc of the 2024 volumes. Countries with an FTA will now face a quota equal to 100pc of their import volumes last year. Imports above allocated quotas will be subject to a 50pc tariff. A 25pc additional tariff will be placed on imports from all countries, except the US, containing Chinese melted and poured steel. There will be no changes to trade measures with the US. "These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel, creating more resilient supply chains, and unlocking new private capital in Canadian production," the government said. The government also said it will implement new procurement rules for federal infrastructure projects to promote domestically produced material. A number of other countries, including the UK, are looking to promote domestic steel consumption in government-funded projects. By Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK HDG buyers duplicate import orders amid quota issues
UK HDG buyers duplicate import orders amid quota issues
London, 16 July (Argus) — UK hot-dip galvanised importers are increasing imported order volumes in some instances because of the government's imposition of a 15pc cap on the other countries' quota. The UK business secretary, Jonathan Reynolds, imposed the cap on 24 June, days before the quota reset on 1 July, stranding supply from South Korea and Vietnam . HMRC has now suspended clearances into the quotas for Vietnam and South Korea — the main users of the other countries' quota — until 1 August, meaning steel cannot be accessed even where buyers are willing to pay a duty. This is contributing to storage issues at major ports, particularly Liverpool. One service centre said major construction companies are worried about delays to some projects because of availability issues on particular gauges and coatings. Because of the potential disruption, some buyers have booked material elsewhere, in particular from Turkish rerollers, to avoid supply issues. The government's action, designed to protect the domestic producer Tata Steel, has "increased the amount of imports, as we are having to go elsewhere aside from South Korea and Vietnam", one service centre said. Tata does not produce all the necessary sizes and specifications for domestic buyers, sources suggest. There is typically abundant EU quota for HDG, but European mills, like Tata, struggle to compete with Asian sellers because of their higher energy costs. Simone Jordan, the director of the International Steel Trade Association (ISTA), called on the secretary of state to "address this catastrophic situation and reconsider his determination". Import volumes not rising There has been no real increase in third-country hot-dip galvanised coil imports into the UK since the US imposition of Section 232 in 2018. The country imported 468,500t of HDG last year, compared with just over 485,000t in 2018; there was a large jump in 2021, to over 732,000t, as buyers scrambled to source material following the Covid-19 pandemic, when demand increased much more sharply than European supply. The most notable change in imports is the increased share of South Korea, which has risen from around 15pc of non-EU imports in 2018 to over 43pc today. Much of that growth started last year, when a leading producer in the country started to divert automotive material into the general industrial market in the UK. Vietnamese volumes have also ratcheted up in recent years, partly because it was exempt from the safeguard on HDG for a period, before it came into scope. Vietnam is the largest importer of Chinese hot-rolled coil, whose low-priced exports have reshaped global trade flows in the last year. Turkey, which is now exempt from the UK safeguard on HDG, is also a large buyer of Chinese HRC; indeed, the country's rerollers can avoid dumping duties on Chinese material, provided it is re-exported. Vietnam and South Korea shipped over 281,000t of HDG to the UK last year, accounting for over 60pc of third country volumes, and account for almost three-quarters of third country imports over January-May this year. India has been the cheapest supplier of HDG into the UK on average this year, according to customs data. The average landed Indian price has been £587/t cfr, followed by Taiwan at £607/t and Vietnam at £618/t. Vietnam is the cheapest import source on average, at £472/t, closely followed by India at £475/t. Tata Steel is the largest buyer of Indian coil in the UK at present. By Colin Richardson UK HDG imports Tonnes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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