Rebar prices continue to fall in Italy amid lack of support
In the northern region of the country, offers varied within the range of €530-550 ($628-651) per tonne ex-works in the reported week versus €540-580 per tonne ex-works last week.
In the southern region, prices slid to €570-580 per tonne ex-works in the week to September 17 compared with €610-620 per tonne in the week ended September 10.
“The demand situation leaves much to be desired – customers’ sentiment is that the downtrend will continue, so they only buy hand to mouth,” one trader said.
“The scrap price is decreasing, so I think the rebar trend will not invert soon – maybe we will go on this way [for the next several] weeks,” they added.
Fastmarkets’ monthly assessment for steel scrap E40 shredded, delivered to mill Italy was €315 per tonne on September 1 versus €315-335 per tonne on August 6.
“We are booking weekly as we see the market is unstable and prices may drop further in the coming weeks,” one processor said.
Fastmarkets’ weekly price assessment for domestic steel reinforcing bar (rebar), ex-works Italy, was €530-580 per tonne on Wednesday September 17, compared with €550-620 per tonne on September 10.
The price tendency in the Northern European market has not been clear in the reported week, with some market participants expecting the situation in Italy to influence the wider region.
“So far, I have not got price improvement from local suppliers, but I’ve got a feeling it is just a matter of time until they reduce offers,” a buyer from Austria said.
Offers from German and Austrian mills were heard at €630 per tonne delivered.
Another market source said that France is facing economic, political and social problems, so the current state of the steel market and its future expectations are presently subpar.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, delivered Northern Europe narrowed to €630 per tonne on September 17 from €625-640 per tonne on September 10.
In Spain, meanwhile, rebar prices remained unchanged owing to stable demand.
Fastmarkets’ price assessment for steel reinforcing bar (rebar) domestic, delivered Spain was €640-645 per tonne on September 17, unchanged week on week.
A sell side source hinted that such conditions provide hope that some prices will rise in the near term.
EU launches AD probe on cold-rolled steel imports from five countries
The European Commission has initiated an antidumping investigation into imports of cold-rolled flat steel products from India, Japan, Taiwan, Turkey and Vietnam, in response to allegations that below-cost pricing is harming the EU’s domestic steel industry.
In a statement released Sept. 18, the EC announced that it had launched the investigation in response to a complaint filed Aug. 4 by Eurofer, the European Steel Association.
The investigation targets cold-rolled flat steel products — an important industrial input used in automotive, appliance and construction applications — that Eurofer alleges are being sold in Europe at prices below fair market value.
Specific products subject to investigation include flat-rolled products of iron or non-alloy steel, cold-rolled and not further processed, but excludes electrical steel, black plates under 0.35 mm thickness, silicon-electrical steel, and high-speed steel products. The products fall under multiple CN classification codes including 7209 15 00, 7209 16 90, and 7209 17 90.
The commission added that dumping allegations are based on comparisons between domestic prices in the five countries and their export prices to the EU at ex-works level.
Under EU trade defense regulations, dumping occurs when products are exported at prices below those charged in the home market or below production costs.
The statement advised that interested parties have 10 days from the notice publication to submit information regarding the product scope definition.
Antidumping investigations typically take 12-15 months to complete. If dumping and injury are confirmed, the EU can impose definitive duties ranging from several percentage points to over 50% of import values, depending on dumping margins calculated for individual exporters.
The investigation reflects ongoing tensions in the global steel trade, where overcapacity concerns and competitive pressures have led to numerous trade defense actions worldwide.
Negative sentiment
European steelmakers have faced challenges from lower-cost imports while dealing with high energy costs and environmental regulations that increase production expenses compared to some international competitors.
Domestic spot demand for cold-rolled coil has been largely lackluster through 2025, with many sources citing limited buying interest since the outset of summer — attributing it to poor sentiment in both the automotive and construction industries across Europe.
Likewise, interest in imported CRC into North and South Europe has also remained poor, with outlooks worsened by CBAM’s introduction in 2026, and the current safeguard system.
As of Sept 18, the quarterly import quota for CRC reflects a slightly reduced appetite, with only South Korea-origin material reaching a critical level, with only approx. 3.5% of its quota remaining. The next most popular country of origin fell into the ‘other’ designation, which still has 47.74% net remaining, while India still has over 52% left on its balance, or 87,241mt.
Platts assessed domestic CRC in Northern Europe at Eur660/mt ($781/mt) EXW Ruhr, stable day over day. In Southern Europe, CRC was assessed at Eur650/mt EXW Italy, stable week over week.
Platts assessed imported CRC at Eur600/mt CIF South Europe and at Eur610/mt CIF Antwerp, both unchanged.
European HRC market quiets as buyers await clarity on CBAM, safeguards
European hot-rolled coil markets remained subdued Sept. 18, with sentiment shaped by weak demand and persistent uncertainty around upcoming regulatory changes.
Market participants described trading as “very slow,” with most buyers refraining from restocking until clearer guidance emerges on CBAM benchmarks and safeguard measures. “Mills are struggling to close deals because there’s simply too much uncertainty,” one source said, adding that the muted environment was unlikely to improve before October.
Domestic tradable values were indicated around Eur550-560/metric ton ex-works Italy and Eur565-570/mt EXW Ruhr, while mill offers reached Eur570 EXW Italy and up to Eur620/mt delivered Germany. Buyers, however, said such offers were largely unworkable given the availability of cheaper imports.
Import activity provided some direction, with Turkish and Indian offers heard at Eur520-530/mt CIF Italy and Antwerp, while Indonesian material was indicated at Eur485-490/mt CIF depending on volumes. Sources warned, however, that delivery risks for Southeast Asian shipments were deterring bookings.
Meanwhile, traders flagged that the price gap between European and imported cold-rolled coil could widen if investigations or new measures restrict inflows.
“It’s not good for end users, but buyers always find a way to source,” one distributor said.
The European Commission has initiated an antidumping investigation into imports of cold-rolled flat steel products from India, Japan, Taiwan, Turkey and Vietnam, in response to allegations that below-cost pricing is harming the EU’s domestic steel industry.
Platts assessed Southern European HRC at Eur555/mt EXW Italy, up Eur5 day over day, and Northern European HRC at Eur570/mt EXW Ruhr, stable day over day.
Platts assessed imported HRC at Eur480/mt CIF South Europe and Eur480/mt CIF Antwerp, both down Eur5 day over day.
Sweden’s SSAB breaks ground for Luleå green steel mill
Swedish specialty steel producer SSAB has announced that it has officially begun construction of its new green steel mill in Luleå, marking a historic milestone in Sweden’s transition to fossil-free steel production. With an investment of €4.5 billion, the project is expected to be operational by the end of 2029, delivering a seven percent reduction in Sweden’s total carbon dioxide emissions.
Ebba Busch, Sweden’s minister for energy, business and industry, called the project a “historic step for Swedish industry”, underscoring its role in strengthening Sweden’s industrial leadership and climate ambitions.
SSAB CEO Johnny Sjöström added that the company is building the world’s most electrified steel mill, combining innovation with efficiency to cut costs, shorten lead times, and enhance flexibility. Replacing the blast furnace-based model will largely eliminate Luleå’s carbon emissions.
The Luleå steel mill will feature:
- Two electric arc furnaces (EAFs) with continuous scrap feeding for lower energy use and reduced nitrogen oxides
- Advanced secondary metallurgy
- An integrated hot rolling mill and a cold rolling complex
- Facilities for galvanization, continuous annealing, and advanced finishing
The plant will rely on fossil-free sponge iron and recycled scrap, enabling an annual carbon reduction of 3 million mt.
The facility integrates advanced sustainability features:
Energy efficiency: continuous scrap feeding to minimize energy demand
Cleaner air: lower nitrogen oxide formation
Heat recovery: excess heat fed into Luleå’s district heating system
Once operational, the Luleå mill will produce hot rolled strip plates widths up to 2,100 mm and thicknesses ranging from 1.3 mm to 25.4 mm, and coil weights up to 40 mt.
These specifications ensure both global competitiveness and the ability to serve advanced industries requiring high-quality steel.
Domestic HRC prices hold firm across Europe despite muted import activity
This week, the European hot rolled coil (HRC) market has remained largely unchanged, with domestic prices stable in both northern Europe and Italy.
Steelmakers have continued to pitch offers roughly €30/mt above the levels buyers deem acceptable, underlining the persistent gap between asking and transaction prices. Import activity has remained muted, as uncertainty surrounding CBAM obligations and quota restrictions have kept buyers cautious.
Specifically, local mills in norther Europe are reported to be targeting €600-630/mt ex-works for new orders for October and November deliveries, mainly the same as last week, while offers from Italian mills have remained at €570-580/mt ex-works for October-delivery HRC. However, the tradable price level has remained at €570-580/mt ex-works levels in the north and at €540-550/mt ex-works in Italy, with no sizable deals reported this week.
In the meantime, the import market has remained subdued as uncertainty over CBAM rules and limited quota availability curb purchasing appetites. Industry participants have reported that most buyers prefer to delay orders until the outlook becomes clearer. Indicative offers for imported HRC have been reported in the range of €500-540/mt CFR, depending on the origin, up by €15/mt on the lower end of the range week on week.
The lower end the of the range corresponds to ex-Indonesia HRC offers in southern Europe which have been voiced at €500-510/mt CFR level, compared to deal prices at €485/mt CFR last week and offers at €490/mt CFR. Meanwhile, the higher end of the range corresponds to offers for ex-Turkey HRC at €520-540/mt CFR, duty included, the same as last week. However, sources indicated that ex-Turkey HRC deals are improbable in the near term, as Turkey has already used up its EU HRC import quota for the third quarter.
Offers for ex-India HRC have remained at $610/mt CFR, which translates to around €515/mt for November shipment, though some sources have also reported higher ex-India HRC offers at €520-530/mt CFR.
$1 = €0.85
French longs consumption stays weak on negative sentiment
The post-summer holiday lull in the French steel market is dragging on, with uncertainty and political instability weighing heavily on sentiment.
Market participants report little appetite for new purchasing, as buyers continue to adopt a cautious attitude. Transaction prices remain largely unchanged from early-September levels, reflecting weak demand and the lack of any recovery signs, Kallanish notes.
“Steel processors and distributors are not managing to make any money, as there are practically no margins. Companies are chasing volumes and fighting, and negotiations with producers are complicated,” one market source comments. Producers of both long and flat products are attempting to push through price increases, yet buyers remain sceptical due to sluggish consumption.
A producer notes that inventories are slow to deplete, leading to stock accumulation too early in the year. Stock levels normally rise towards year-end as buyers replenish inventories before the Christmas break. However, the current slow pace of demand suggests that stock build-up is happening prematurely.
French buyers, particularly of sections, are resisting ArcelorMittal’s latest €30/tonne ($35/t) hike in European longs quotes. The French longs market remains subdued. Foreign merchant bar producers have returned with aggressive offers, putting further pressure on domestic suppliers. Merchant bar prices are currently flat at €220-230/t base delivered, excluding size extras.
Rebar values, after a brief softening at the end of last month, remain unchanged at around €600/t delivered on average, with sales limited to relatively small volumes and buyers reporting full stocks that are depleting very slowly.
Sections are similarly stable at €750/t delivered, although mills are attempting to lift offers to €770-780/t. Many customers covered their needs ahead of the proposed hikes and are in no rush to place orders. With consumption still weak, market sources doubt producers will succeed in enforcing higher prices.
Scrap prices in western Europe decreased this month by €10/t and are forecast to decrease again in October following the latest drop in Turkish scrap values.
Natalia Capra France
Jindal Steel prepared to continue thyssenkrupp’s green transformation
Jindal Steel International would continue thyssenkrupp Steel’s transformation to low-emission direct reduced iron-based steelmaking if it were to acquire the German steel giant.
The Indian group submitted a non-binding offer for thyssenkrupp Steel Europe on Tuesday.
“We believe in the future of green steel production in Germany and Europe,” Narendra Misra, Jindal’s director of European operations, is quoted as saying by multiple press reports. Jindal’s goal is “to preserve and grow thyssenkrupp’s 200-year industrial legacy and help transform it into Europe’s largest integrated low-emission steelmaker.”
Jindal would invest €2 billion ($2.4 billion) in the transformation at the Duisburg production plants. According to a report by Reuters, it would also be prepared to take over the company’s pension liabilities.
If acquired by Jindal, thyssenkrupp Steel would benefit from low-emission metallics or slab supply from Jindal’s new plant in Oman, which is scheduled to start operations in 2027, as well as iron ore from its mines in Cameroon.
The offer from the Indian group has been welcomed in principle by parent thyssenkrup AG, which has tried for years to spin off its steel unit. Union IG Metall also welcomed the news, underlining the significance of the green transition and the importance of maintaining jobs.
Incidentally, the offer became public on the day that annual collective wage bargaining talks began between IG Metall and German mill employers. The union is keeping its claims modest this time around. In view of the difficult economic situation, it has not entered the talks with defined wage increase claims. Another meeting will follow at the end of this week.
In the name of thyssenkrupp Steel workers, IG Metall struck earlier this month an agreement with the company on lower wages and working hours, and a reduction of certain standard benefits.
Christian Koehl Germany
UK metal manufacturing output forecast deteriorates
The forecast for basic metals subsector growth in 2025 has deteriorated to a 17% decline, compared to the previous forecast of a 9.5% drop, Make UK says in its latest outlook seen by Kallanish. This reflects the challenging trading environment as a result of US tariffs and wider geopolitical tensions.
The manufacturing outlook report for the third quarter notes that manufacturers in specific subsectors including automotive and metals producers will still face challenges to export. However, it does notes that despite the shaky ground on which global trade is operating at the moment, it is surprising how well international trade has performed.
The forecast for basic metals subsector 2026 output growth is a decline of 8.6%, slightly improved from the previous forecast of a 11.3% decrease.
A 10% decrease in employment is also being forecast for this year.
Meanwhile, the fabricated metals subsector is expected to see stronger output growth, largely because of its close ties to the basic metals subsector. This is because as the cost of raw materials rises, the value of metal processing services increases, providing a boost to growth, Make UK notes.
However, despite this, due to the impact from tariffs, output is expected to decline by 4.2% in 2025, and 0.4% in 2026.
The outlook notes the trade uncertainty facing manufacturers, with ever changing tariff rules. Most recently, the US expanded its tariffs further to include 407 derivative products, including aluminium and steel in car parts, packaging and pharmaceuticals.
It adds that companies will have to over-pay duty to avoid customs penalties, with a high administrative burden of calculating inconsistent metal contents in shipments.
Depending on how downstream manufacturers choose to recover costs, knock-on effects will likely be felt throughout supply chains, it adds.
The rapid pace and uncertainty of trade updates have left many companies unable to conduct essential risk assessments. In response, a growing number of manufacturers are signalling that they may offset these pressures by increasing product prices.
These global uncertainties are also reflected in the 2025 forecast of an increased UK trade deficit, as imports rise almost three times as rapidly as exports, Make UK concludes.
Carrie Bone UK