It is now one year since the London Metal Exchange (LME) launched its Steel HRC fob China (Argus) futures contract. We are pleased to announce that the contract has been the LME's most successful ferrous product launch ever:
  • 670,000t of HRC has been traded - a total value of $313mn
  • Fastest paper market penetration as a proportion of the underlying physical market
  • Provided guaranteed prices to steel mills, trading firms and consumers throughout a turbulent year
Key achievements in the first 12 months of trading:

1 | Weathered turbulent times for China’s prices and costs through:
  • Market aftermath of Brazil’s dam disaster
  • Repeated Mideast Gulf tensions
  • $500bn of US-China trade tariffs
  • Outbreak of coronavirus in China

2 | Second-fastest futures growth in outright volumes
Time taken to book 670,000t. Only iron ore has outpaced fob China HRC’s take-up in outright tonnes traded.



3 | Fastest ferrous penetration as a proportion of the underlying market
Paper trade as a percentage of underlying physical market: Year 1



Download the Argus fob China HRC index infographic as a PDF


The LME's Steel HRC FOB China (Argus) Futures contract is settled against the monthly average of the daily price assessments provided in our Argus Ferrous Markets service, and it provides market participants with a way to price and manage their exposure.

Click here for more information:
▸ LME contract specifications
▸ Argus fob china HRC index

Argus fob China HRC price is accessible via Argus Ferrous Markets - the single, reliable source of global price coverage for iron ore, coking coal, ferrous scrap and steel. 

With a single Argus Ferrous Markets subscription, you get Argus prices and news updates in the morning, midday, end of day, as well as a monthly summary. Download a complimentary issue of Argus Ferrous Markets here