EU HRC markets subdued amid holidays, low buying interest
The European HRC markets remained stable on June 9, amid holidays in Northern Europe and a lingering bearish backdrop.
Although the North of Europe was largely out of the market due to national holidays, sources in the south continued to share negative views toward demand-side fundamentals, noting that the increased level of competition to capture orders was further suppressing prices.
“On both the domestic and import side, price adjustments are happening,” said an Italy-based trader. “Buyers are saying I have enough stock for now, nothing has happened, but prices have gone down.”
A South European service center source reiterated the quieter conditions and increased competition to fill capacities in the market.
“It would still be quiet if they were working in the North, the uncertainty on prices is paramount at the moment, and our customers are just going day by day,” the service center source said. “Mills are slashing prices to pick up quantities and any inquiries. We are all fighting for any order, which means there are no margins.”
Platts assessed domestic HRC in Northwest Europe at Eur600/mt ex-works Ruhr and Southern Europe at Eur585/mt ex-works Italy, both unchanged on the day.
Platts assessed imported HRC in Northwest Europe at Eur520/mt CIF Antwerp, and in Southern Europe at Eur510/mt CIF Italy, both stable day over day.
Marcegaglia invests in Italian operations despite challenging market
Marcegaglia is allocating €364 million ($415m) towards its Italian operations as part of a strategic investment plan backed by the Emilia Romagna region, according to a company source who spoke with Kallanish.
The allocation of capital is expected to enhance operational performance, boost efficiency, foster innovation, and decrease carbon emissions. Approximately €278m has been earmarked for the Ravenna facility situated in Emilia Romagna, while €20m is allocated for research and development initiatives.
The investments aim to maximise production efficiency, while simultaneously improving environmental sustainability. The focus will be on optimising the use of renewable energy sources, circular economy, and enhancing the automation of logistics and goods handling operations.
“Despite a period of great uncertainty, we have nevertheless decided to carry forward a substantial investment plan that mainly concerns three of our most strategic plants: Gazoldo degli Ippoliti, San Giorgio di Nogaro and, indeed, Ravenna”, Emma and Antonio Marcegaglia stated during a meeting with Emilia Romagna region president Michele de Pascale last week.
The Ravenna site, the main beneficiary of the investment, represents the group’s largest production plant and the most important logistics and intermodal hub for all industrial and commercial activities.
Marcegaglia is also enhancing product quality in Ravenna by implementing a smart quality management system. Called Eyeron, the solution, developed by French equipment maker Fives, monitors every stage of the production process, records quality incidents, and gathers production data throughout the workshops.
Natalia Capra France
ResponsibleSteel and LESS Aisbl advocate for balanced decarbonisation policy
Industry organisations ResponsibleSteel and the Low Emission Steel Standard (LESS aisbl) have jointly issued a new policy briefing, The Steel Decarbonisation Scale, calling for a more pragmatic and inclusive strategy for reducing emissions in Europe’s steel sector. The briefing urges EU policymakers to recognise the limitations of scrap availability and to promote decarbonisation efforts across all steel production methods.
Europe’s steel industry is a significant contributor to the region’s carbon footprint, accounting for approximately 6% of the European Union’s total emissions. With the EU committed to cutting net greenhouse gas emissions by 55% by 2030 and reaching net-zero emissions by 2050, the briefing stresses the need for clear, equitable, and effective incentives in decarbonisation efforts.
One of the report’s key messages is that current initiatives—such as the European Steel and Metals Action Plan (ESMAP) and emerging voluntary carbon labelling proposals—could fall short if they rely too heavily on scrap-based production without acknowledging supply constraints. According to the International Energy Agency (IEA), although steel recycling rates are high (around 85%), only 32% of global steel demand can currently be met using scrap due to the long lifecycle of steel products. By 2050, this figure is expected to rise to just 46%.
“Scrap is a valuable but limited resource,” said Dr. Martin Theuringer, Secretary General of LESS aisbl. “A decarbonisation framework that overlooks this risks distorting markets and failing to deliver real emissions reductions. What we need is an approach that drives progress across all types of steel production.”
To address this, the organisations propose the adoption of a “steel decarbonisation scale,” which complements traditional carbon accounting by factoring in the ratio of scrap to primary iron used in steelmaking. Already recognised in international policy discussions, including by the G7, this approach is designed to:
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Avoid unsustainable competition over limited scrap supplies
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Encourage emissions reductions across both primary and secondary steel production routes
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Align with World Trade Organization (WTO) principles and support technology-neutral solutions
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Strengthen the competitiveness of European industry while advancing global climate goals
“A European steel label could become a powerful tool for promoting real progress in decarbonisation,” said Annie Heaton, CEO of ResponsibleSteel. “But to be effective, it must reflect the reality that recycled scrap alone cannot meet future demand. By incorporating scrap content into the assessment of carbon intensity, the steel decarbonisation scale can help guide investment where it’s most needed.”
ResponsibleSteel and LESS are encouraging the European Commission to incorporate the proposed scale into the design of voluntary labelling schemes, market incentives, and industrial policy frameworks to ensure future measures are equitable, effective, and climate-aligned.
UK investigates South Korean plate imports after complaint
The UK’s Trade Remedies Authority (TRA) has launched an anti-dumping investigation into imports of hot-rolled steel plate from South Korea, based on a complaint lodged by Spartan UK, Kallanish notes.
According to the TRA’s initial analysis, imports of hot-rolled steel plate from South Korea increased from around 14,000 tonnes in 2021 to more than 40,000t in 2024.
The period of investigation covers 1 April 2024 to 31 March 2025.
The goods subject to investigation are hot-rolled steel plates with a width of 600 mm or more, not in coils, and not clad, plated, or coated. These products are not further worked than hot-rolled and have a thickness exceeding 4.75 mm.
The scope also includes products that are perforated, not further worked than surface-treated, or simply cut into shapes other than rectangular. Tool steel is excluded.
Alternative names for the same product include hot-rolled plates, quarto plates, and reversing mill plates.
These goods fall under the following commodity codes: 72085120, 72085210, 72089020, 72254040, 72085191, 72085291, 72089080, 72254060, 72085198, 72085299, and 72109030.
At any stage during the investigation, if the TRA determines there are sufficient grounds, it may issue a provisional affirmative determination, requiring importers of the goods in question to provide a guarantee covering the estimated anti-dumping amount.
Spartan UK produces steel plates with thicknesses ranging from 8-150 mm, a maximum width of 2,100 mm, and lengths up to 22 metres.
The most commonly used grades in the market are EN 10025-2 S275 and S355.
Elina Virchenko Bulgaria
Sluggish demand drags on European HRC prices; buyers keep to sidelines
In Northern Europe, HRC with July lead times was heard offered at €620-650 ($709-743) per tonne ex-works or delivered from integrated mills.
A re-roller in the region was heard offering coil at €600 per tonne ex-works.
Italy-origin coil was offered to Germany at €630 per tonne delivered, with bids for such material reported at €610 per tonne delivered.
Buyers’ estimations of tradable prices were heard at €590-620 per tonne ex-works on Friday.
Earlier this week, industry sources reported that one major supplier in the region concluded a transaction at approximately €600 per tonne delivered Germany, equating to around €585-590 per tonne ex-works. But another source indicated that the deal was finalized at €595 per tonne delivered.
Throughout the first week of June, trading was muted.
Sluggish end-user demand, lack of buyer confidence and competitive import offers put pressure on domestic prices in Europe, while the approaching holiday season left little hope for a short-term price rebound, sources said.
Fastmarkets’ calculation of the daily steel HRC index, domestic, exw Northern Europe was €606.38 per tonne on Friday, down by €1.12 per tonne from €607.50 per tonne on Thursday June 5.
The index slipped by €21.12 per tonne since Monday June 2.
The Northern European index was also down by €22.37 per tonne week on week and by €48.60 per tonne month on month.
Meanwhile, in Central Europe, buyers estimated the market at €600-630 per tonne ex-works during the assessment week.
Offers from integrated mills were heard at 630-640 per tonne ex-works.
One mill in the region was heard to have limited spot availability until August after contracting major volumes to Germany.
A deal was also heard at €600 per tonne ex-works in the region, but it was not widely confirmed by industry sources.
As a result, Fastmarkets’ weekly price assessment for steel hot-rolled coil domestic, exw Central Europe was €600-630 per tonne on June 4, down from €630-640 per tonne in the previous week.
Meanwhile, in Italy, Fastmarkets’ daily steel HRC index, domestic, exw Italy was calculated at €590 per tonne on Friday, stable day on day.
The Italian index was down by €8.75 per tonne week on week and by €25 per tonne month on month.
The Italian market has also been quiet.
Offers from domestic suppliers were in the range of €590-610 per tonne delivered (€580-600 per tonne ex-works). An integrated supplier was offering at the higher end of the range.
Buyers estimated tradable prices at €580-590 per tonne ex-works, hinting at further downward potential due to limited demand.
Some re-rollers were still offering June lead times, while integrated mills offered July delivery, underscoring the difficulty that suppliers are facing in filling order books.
Imports have added further downward pressure.
Indonesian HRC was heard offered at €490-500 per tonne CFR to Italy by midweek, down from €520 per tonne CFR at the end of May.
Indian material was offered around €535-540 per tonne CFR, while Turkish coil was available at €530-545 per tonne CFR duty paid.
Despite attractive prices, buyers showed limited interest in imported material, with some reportedly testing the quality of recent arrivals before committing to new bookings.
Safeguards-related risks were also cooling buying interest for overseas coil, Fastmarkets heard.
Market participants expressed broader concerns about the structural demand weakness in Europe, citing poor fundamentals in downstream sectors, such as automotive and construction. The looming introduction of US tariffs and the upcoming implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM) also added to the prevailing uncertainty.
“There’s no light at the end of the tunnel,” one German buyer said.
With a seasonal summer slowdown approaching and no significant demand recovery in sight, most market participants expect the downtrend to persist into the coming weeks, keeping both domestic and import prices under sustained pressure.
European Long Steel Round-up
Rebar prices held stable in Northwest Europe in the week to 6 June, as the market continues to be characterised by need-based trading in the context of depressed end-use sectors.
The latest Northwest European rebar prices were reported at around €630-640/t delivered by McCloskey’s sources, confirmed to be stable on week. This is in contrast to flat steel prices, which have been pressured by poor demand and the import market. Rebar prices in Spain and Italy were said to be pulling in different directions, up around €10/t on week in Spain at €620/t delivered, with Italian prices seeing an equivalent decrease.
European steel association Eurofer’s latest steel market outlook paints a grim picture for the rest of 2025, with prior expectations of a steel market recovery now delayed to 2026.
Total steel imports into the European Union have increased to a relatively high historical market share of 27% by the end of 2024, although rates did decrease by 9% in the first months of 2025. This decrease is heavily weighted toward the flat steel segment – accounting for around three quarters of total imports – due to anticipations of regulatory restrictions to import accessibility at the start of 2025. Imports of long steel actually increased 7% over the same time period.
That said, current import rebar offers to Northwest Europe are not attractive enough to incentivise purchasing sufficient volumes, said one distributor, with offers at close to parity to domestic price levels. Distributors are also unwilling to take unnecessary risks amid poor conditions in the construction industry.
While other end-use sectors have been surprisingly robust against the same factors depressing the upstream steel markets – high energy costs and supply chain disruptions – before reversing the trend in 2025, construction has been an outlier. According to Eurofer’s Steel Weighted Industrial Production index (SWIP), the construction sector has suffered a continued recession since the latter half of 2022, highly sensitive to interest rate fluctuations due to higher lead times and upfront financing costs.
As a result, positive impacts from stimulus packages for the construction industry tend to operate on a time lag, according to Eurofer’s report and historical trends. The sector is predicted to see a minor degree of recovery from next month, expected to grow around 1% in both 2025 and 2026.
Eurofer’s Construction Confidence sentiment index, reflecting industry responses up to April this year, remains on a negative trend, sustained since 2022.
Benjamin Steven
Thyssenkrupp starts trial production at new continuous slab caster
Germany-based steelmaker thyssenkrupp has announced that it has reached a significant milestone at its Bruckhausen site in Duisburg, with the successful start of trial operation and casting of the first slabs on the new continuous casting line 4 (SGA 4), marking the largest single investment project in recent decades.
“The new SGA 4 will form part of one of the most modern production networks in the European steel industry. It is a central building block in our strategy to ensure there is a bright future for efficient and sustainable steel production at the Duisburg location. Equipped with high-tech automation and casting technology, the line enables high-precision, flexible and efficient slab production with significantly improved shape accuracy and surface quality. Advantages that will help our customers in their competitive environment,” said Dennis Grimm, thyssenkrupp Steel’s CEO.
The company pointed out that successful production of the first slabs is an important step on the way to taking the new plant complex fully into operation, which will be taking place step by step over the next few weeks. These include the new fully automated slab storage yard and the completely modernized hot strip mill 4 with a new preliminary line and two new walking beam furnaces.
According to thyssenkrupp, the SGA 4 replaces the previous casting rolling line and, together with the new hot strip mill 4, forms an integrated plant network. The aim is to further expand production of high-quality steel grades with the highest standards of strength, dimensional accuracy, and surface quality – particularly for applications in electric mobility, lightweight construction.
France’s steel trade declines in Q1 2025
According to data released by the French Ministry of Economy, Finance and Industry, both imports and exports of basic steel products and ferroalloys in France declined in value during the first quarter of 2025 compared to the same period in 2024.
From January to March 2025, France imported basic steel products and ferroalloys worth €2.36 billion, representing a year-on-year decrease of 11.1 percent. Within this total, imports of steel pipes and tubes amounted to €510.1 million, down 6.8 percent compared to the same period last year. Imports of cold rolled steel bars fell by 3.11 percent to €131.14 million, while cold rolled steel strip imports declined by 8.3 percent to €174.2 million. Cold drawn wire imports decreased by 3.5 percent to €127.2 million, and metal structures and parts saw a 5 percent drop, reaching €676.9 million.
On the export side, France shipped out basic steel products and ferroalloys worth €2.42 billion in the first quarter, marking a 5.1 percent decline year on year. Steel pipe and tube exports amounted to €318.4 million, down 6.44 percent. Cold rolled steel bar exports dropped by 5.4 percent to €112.1 million, while exports of cold rolled steel strip saw a sharp decline of 30.4 percent, totaling €152.3 million. Cold drawn wire exports were down 10.4 percent to €77 million, and exports of metal structures and parts slightly decreased by 0.12 percent to €222 million.
The overall decline in both import and export values reflects ongoing pressure on the French steel sector, driven by softer demand, market volatility, and cost-related challenges across Europe and globally.
Tata Steel to commence construction of EAF at Port Talbot in July
India’s Tata Steel Limited is planning to begin construction of its low-carbon electric arc furnace (EAF) at its Port Talbot mill in UK in July 2025 and operations scheduled to start in 2027, the company said in its annual report for the fiscal 2024-25, on Monday, June 9.
“Using recycled scrap, the new Port Talbot steelmaking facility will reduce the on-site carbon emissions by up to 90 percent,” the company said.
The EAF is scheduled to become fully operational by 2027, with an annual production capacity of 3.2 million mt of low-emission steel.
The EAF-based steelmaking project is projected to cut more than 50 million mt of carbon dioxide emissions over the next ten years.
The company said that the structural transition is being carried out alongside a major focus on cost rationalisation. The company aims to reduce its fixed costs from £762 million in 2025 and to £540 million in the following year.
Polish domestic long steel market stable amid seasonal slowdown
“No sufficient activity has been observed in the market this week,” one seller source told Fastmarkets, adding that the market remained stable.
Last week, Polish mills were heard offering rebar at 2,550 zloty ($674) per tonne CPT, compared with 2,580-2,600 zloty per tonne CPT in mid-May.
Most market participants estimated the tradable market price for rebar at 2,550-2,560 zloty per tonne CPT.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Poland was 2,550-2,560 zloty per tonne on Friday, unchanged week on week.
Wire rod
Prices for Polish domestic low-carbon drawing-quality wire rod were also stable in the week to Friday, sources told Fastmarkets.
Most market participants indicated the tradable market price for wire rod at 2,700-2,800 zloty per tonne CPT last week, compared with 2,750-2,850 zloty per tonne CPT in mid-May.
Fastmarkets’ price assessment for steel wire rod (drawing quality), domestic, delivered Poland was 2,700-2,800 zloty per tonne on Friday, also unchanged week on week.
