Labor is under pressure to exempt a major 10-year deal between Queensland’s Senex and BlueScope from last year’s controversial gas price cap rules and provide security for jobs and production of steel destined for construction, defence and renewable energy.

Senex agreed on Tuesday to supply BlueScope’s Port Kembla plant with 20 petajoules of gas from 2026, but the deal is dependent on Labor waiving its so-called “reasonable pricing” code of conduct rules, which were finalised this month.