Europe heavy steel plate prices buoyed by CBAM cost pressures, strong slab offers, lack of imports
Domestic heavy steel plate prices in Europe remained strong in the week to Thursday November 6, boosted by the EU’s impending Carbon Border Adjustment Mechanism (CBAM), rising raw materials offers and subdued competition from imports, sources told Fastmarkets.
Italy
Commodity-grade plate prices in Italy were stable in the week to Thursday, with bookings heard at €620-630 ($715-727) per tonne based on offers at €640-650 per tonne, sources said.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was €620-650 per tonne on Thursday, unchanged week on week.
Last week, deals were reported at €620-640 per tonne, sources said, with some heard at €630-650 per tonne, while offers for S355-grade material came in at €670-680 per tonne exw Italy.
But one trader source said that Italian re-rollers were only able to “offer small parts of their production portfolio for December” delivery.
“I have not heard many offers for January so far,” the source said.
A producer source told Fastmarkets that the CBAM has had a fundamental impact on the recent upward movements in Italy’s steel plate market, with further effects expected later in the year in anticipation of a reduction in the EU’s tariff-free safeguard quotas in 2026.
The producer source said the remaining quota balance of Russian slab feedstock, which has been left at 2.389 million tonnes, could be significant because, by the end of the year – and before CBAM’s definitive phase is implemented – if the rest of the volumes are custom-cleared in Europe, the Russian volumes will provide a “huge, low-cost buffer to those re-rollers using [Russian slab].”
Slab imported to Europe from Russia tends to be lower cost than similar material from Asia or South America.
The initial amount of tariff-free quota available to Russian suppliers was 2.998 million tonnes for the period from October 1 2025 to September 30 2026, with 609,449 tonnes used up as of November 6.
But market participants have also spoke of potential future reductions in Russian supplies after it emerged that major supplier of Russian slab to Europe, Evraz, has been added to the EU’s 19th package of trade sanctions against Russia over the country’s attempted invasion of Ukraine.
Northern Europe
In Northern Europe, domestic steel plate prices narrowed higher in the week to Thursday “supported by steady slab costs and limited import competition,” sources said.
And mills in the region were said to be “as bullish as ever” and targeting further price hikes for early 2026.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe was €680-700 per tonne on Thursday, narrowing up by €30 per tonne from €650-700 per tonne on October 30
Asia-origin import offers were heard at €650-660 per tonne, with CBAM costs built in, but sources said buying interest was weak.
ArcelorMittal expects new trade policies to increase demand for steel
ArcelorMittal expects that “encouraging” new EU trade policies will help bring back fair competitiveness in the steel market in 2026, the company said in its third-quarter report for 2025 on Thursday November 6.
According to the company, the new steel safeguard measures proposed by the European Commission on October 7, paired with the EU’s Carbon Border Adjustment Mechanism (CBAM) will bring more security to the market and boost demand in the medium to long term.
“Once enacted, [the policies] will support the European steel industry’s ability to improve capacity utilization, improve profitability and invest with confidence for the future,” Aditya Mittal, ArcelorMittal chief executive officer, said in the report.
The newly proposed safeguards suggest cuts in tariff-free quotas of about 47% and the imposition of a 50% ad valorem duty on any volumes beyond the new limit.
Additionally, under the new plan, steel shipments above a new $18.3 million tonnes per year capacity would face duty at 50%.
“While markets are challenging and tariff-related headwinds persist, we are seeing signs of stabilization and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets,” Mittal said in the report.
ArcelorMittal was the first steel mill to raise its offer prices for flat steel products across Europe in October, which rose by €20 ($23) per tonne for December delivery and by an additional €20 per tonne for January delivery.
Since then, other mills have followed suit, resulting in higher offers for steel products in the market. But it remains to be seen whether higher offers will be fully accepted by European buyers.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe also captured the growth trend, with HRC prices at €600 per tonne on Wednesday November 5, compared with €575 per tonne the same time the previous month.
But while mills’ sentiment has been “very bullish”, demand remains subdued, with higher offer prices being primarily driven by “expectations of more protections” in the European market, sources told Fastmarkets.
ArcelorMittal Europe’s key indicators
ArcelorMittal’s crude steel production from its European operations reached $7.25 million per tonne in the third quarter, down slightly from $7.53 million per tonne during the previous quarter and down year on year from $7.87 million per tonne.
The company’s steel shipments reached $7 million tonnes in the third quarter, compared with $7.30 million tonnes in the previous quarter and $6.80 million tonnes in the third quarter of 2024.
Third quarter sales totaled $7.18 billion, compared with $7.65 billion in the previous quarter and $7.14 billion in the third quarter of 2024.
ArcelorMittal Europe’s operating income reached $233 million in the third quarter, up from $150 million in the second quarter and from $12 million in the previous year.
ArcelorMittal Europe’s earnings before interest, taxes, depreciation and amortization (EBITDA) reached $513 million in the third quarter, compared with $627 million in the previous quarter.
European HRC import market stable, buyers remain cautious
Demand for imported hot-rolled coil in Europe remained mostly stable in the week to Wednesday October 5, with activity subdued despite added pressure from the EU’s impending new regulatory framework, sources told Fastmarkets.
Sources said the current price levels were “workable,” but the expected implementation of the Carbon Border Adjustment Mechanism (CBAM) and new steel safeguard measures in 2026 was creating a degree of uncertainty.
“There are offers, but you can’t really be sure with CBAM and safeguards,” one source said, adding that some in the market participants do not want to “take the risk” of trading given the uncertainty over the new regulations.
“There are a lot of question marks, especially with the new safeguards, which will be very tough on importers,” the source added.
The European Commission unveiled its new steel import safeguards plans in October, which aim to cuts tariff-free import quotas by about 47%, while imposing a 50% ad valorem duty on all volumes exceeding the threshold.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Southern Europe was €480-520 ($551-597) per tonne on Wednesday, narrowing up from €470-520 per tonne the previous week.
An offer from Turkey was reported at €520 per tonne CFR, including the EU anti-dumping duty.
And offers from Indonesia and Malaysia were reported at around €480-490 per tonne CFR.
Other offers from Asia came in at around €515-530 per tonne CFR, excluding CBAM costs.
In Northern Europe, HRC was on offer from India was at around €495-500 per tonne CFR.
And an offer from Indonesia was reported at €485 per tonne CFR, with other offers from Asia reported at around €515-530 per tonne CFR, excluding CBAM costs.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr main port Northern Europe was €485-520 ($557.06-597.26) per tonne on Wednesday, unchanged week on week.
European HRC market faces price standoff between mills, buyers
The European hot-rolled coil market remained quiet, with suppliers maintaining high offers for the first quarter despite resistance from buyers, sources told Fastmarkets on Thursday November 6.
European HRC suppliers continued offering January-delivery material at higher prices, generally above €600 ($691) per tonne ex-works, counting on tighter imports supply due to Carbon Border Adjustment Mechanism (CBAM) and new trade regime to facilitate reliance on domestic material.
Besides, mills were not willing to step down due to looming negotiations of long-term contracts with original equipment manufacturers (OEMs) in the automotive industry.
“Mills don’t want to weaken their position in auto contracts negotiations. Plus, the order book situation is okay — no rush to sell,” a steel service center in Germany said.
One integrated mill in the Benelux area was aiming for €630 per tonne ex-works for January-February delivery HRC.
A re-roller in the region was offering limited volumes of January-delivery HRC at €600 per tonne ex-works.
Leading European steelmakers were looking to get €650 per tonne ex-works for January-delivery coil.
German mills were offering January-delivery HRC around €620 per tonne ex-works.
Buyers, meanwhile, generally gave lower estimates of achievable prices for the first quarter of 2026, in the range of €590–610 per tonne ex-works.
“This “optimism” from suppliers is entirely driven by policies: CBAM and new trade regime. Demand is not increasing, and that’s the main obstacle for price rises,” a buyer in Germany said.
“European mills hope to increase [HRC] prices after, counting on the CBAM to interrupt imports in the first quarter of 2026,” a second buyer said.
Suppliers that spoke to Fastmarkets estimated achievable prices for January at a minimum of €610–620 per tonne ex-works.
As a result, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe was calculated at €602.67 per tonne on Thursday, up slightly from €600 per tonne on Wednesday November 5.
The index was down by €1.08 per tonne week on week, but up by €27.67 per tonne month on month.
Meanwhile, no considerable progress was reported in long-term contracts negotiations with automotive OEMS for the first half and the full year of 2026.
“Mills aim for substantially higher prices [for long-term contracts for 2026], over €100 per tonne increase, but buyers are not ready to accept such rises,” a steel service center said.
One mill was heard to be aiming to get €765 per tonne for a full year contract for a tonnage over 10,000 tonnes.
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €592.50 per tonne on Thursday, down by €1.67 per tonne from €594.17 per tonne on Wednesday.
The index was down by €0.83 per tonne week on week, but up by €47.50 per tonne month on month.
Trading in Italy was also quiet on Tuesday, Fastmarkets understands.
Buyers estimated achievable prices for December delivery HRC around €580-590 per tonne ex-works, while for January delivery, mills were aiming for “above €600 per tonne ex-works.”
Notably, one Italian mill was targeting around €630 per tonne delivered (about €615 ex-works).
One deal for December-delivery HRC was reported at €590 per tonne ex-works.
In the secondary market, a 4 mm HR sheet was trading around €660-680 per tonne CPT, unchanged week on week.
The market for imported coil was broadly stable, with buyers taking cautious approach to new bookings due to CBAM related risks and uncertainty around new trade regime.
“There are some really attractive offers on the table, but CBAM and the new safeguard rules have created too much uncertainty,” a buyer in Italy said. “You don’t know the final price of your imports, that’s the main issue,” they added.
Germany’s Klöckner posts lower net loss for Q3 2025
Klöckner & Co., a Germany-based producer and distributor of steel and non-ferrous metals, has announced its financial results for the third quarter and the January-September period of this year.
In the third quarter, the company registered a net loss of €13 million, compared to a net loss of €29 million in the same quarter of 2024, while its sales revenue came to €1.61 billion, declining by 2.2 percent year on year, due to lower average prices. In addition, Klöckner’s EBITDA for the third quarter came to €36 million, compared to €13 million in the same quarter last year.
In the given quarter, the company’s steel shipments rose by two percent from 1.12 million mt recorded in the third quarter of 2024 to 1.14 million mt.
In the first nine months of this year, Klöckner’s net loss amounted to €38 million, compared to a net loss of €85 million in the same period of the previous year, while its sales revenue grew by 1.5 percent year on year to €3.48 billion. Additionally, the company’s EBITDA for the first six months of the year came to €117 million, compared to €93 million in the January-September period of 2024.
In the given period, Klöckner’s steel shipments advanced by 1.5 percent year on year to 3.48 million mt.
Sweden’s SSAB accelerates transition to premium steel
Swedish specialty steelmaker SSAB has unveiled its strategic plan to accelerate growth of its premium offering, with the focus on the most attractive customer segments, revealing ambitious targets to shift the company further up the value chain and expand profitability through premium-steel leadership.
Strategic targets and milestones
The plan foresees premium steels accounting for 65 percent of total shipments by around 2030, up from 55 percent today, and 75 percent by 2035. SSAB has also set a goal to achieve an over-cycle EBITDA of about SEK 23 billion after 2030, compared to approximately SEK 14 billion in the previous cycle.
SSAB’s new strategy revolves around three growth levers: upgrading its product mix toward higher-value advanced steels, strengthening value-added service solutions through its Ruukki and Tibnor networks, and expanding shipments of decarbonized steel. Within five years, the company expects SSAB Europe to deliver around one million mt of fossil-free steel to customers across key sectors.
Major capital investments underpin this strategy. A €4.5 billion mini-mill in Luleå, Sweden, will replace existing blast furnaces, significantly reducing emissions and production costs. SSAB will also convert its Raahe mill in Finland to electric arc furnace technology, aligning operations with the company’s climate goals and enhancing flexibility in raw material sourcing.
The transformation will also deliver structural efficiency gains, lower production costs and a more balanced product portfolio across the automotive, construction and heavy machinery sectors.
ArcelorMittal to build steel-powder production plant in Spain
Luxembourg-based steelmaker ArcelorMittal has obtained an environmental permit from the Principality of Asturias to build its new industrial steel-powder production plant in Avilés, northern Spain, according to local media reports. The approval marks a major step in the company’s strategy to diversify its operations and boost value-added, low-emission production in northern Spain.
The new plant will rely on recycled scrap and renewable power sources and will use an electric arc furnace to recycle scrap steel and a high-pressure inert gas atomizer to convert molten steel into high-grade steel powders for industrial 3D-printing and advanced engineering applications. It is expected to have an annual production capacity of around 1,800 mt with grades including 316L, 430L, 17-4PH, tool-steels H11, H13, M300 and low-alloy steels, which will support the emerging demand from aerospace, defense, automotive, medical devices and energy applications.
Strategic significance
The Avilés steel-powder plant represents ArcelorMittal’s entry into the high-value market of additive-manufacturing materials. By integrating scrap-based EAF steel with powder production, the company is creating a fully circular, low-carbon production chain within Europe.
Romanian longs prices stable, limited import trade due to high EU prices
The Romanian long steel market has remained mostly unchanged over the past week amid persistent demand weakness and ongoing liquidity challenges. Trading activity continues to be subdued, with most buyers adopting a cautious approach due to limited downstream demand and uncertain economic conditions. As a result, domestic rebar and wire rod offers have been maintained at previous levels, as both local spot traders and the country’s sole rebar producer have chosen to keep prices stable amid weak buying interest. Meanwhile, in the import segment, buying activity has slowed noticeably, even though purchases of a few small and medium-sized volumes were concluded in recent weeks from EU suppliers. Market participants report that Romanian buyers now view EU-origin offers as relatively high, making them less attractive compared with domestic alternatives. Combined with tight liquidity and limited construction activity, this perception has further dampened import demand.
In the domestic market, rebar prices have stayed unchanged, with the country’s sole producer keeping offers at €550-555/mt ex-works. Spot traders have also held prices stable, at €555-565/mt ex-warehouse, similar to last week. However, in the spot market, a few traders have continued to offer small discounts to encourage sales, with prices heard at around €540-545/mt ex-warehouse, as weak liquidity and slow demand continue to limit activity.
Likewise, in the wire rod market, a similar stability has been observed, with minimal trade. Over the past week, offers have remained stable at €560-570/mt ex-warehouse.
On the other hand, in the import market, Romanian buyers are not very satisfied with EU suppliers’ prices. However, those who urgently need material and are still waiting due to customs clearance procedures with non-EU suppliers, have had to purchase some lots from EU suppliers. According to sources, Romanian buyers recently bought small and medium-sized rebar tonnages from Bulgaria and Italy, at around €570-580/mt CPT and €585-595/mt CPT, respectively. Meanwhile, fresh offers from Bulgaria and Italy have continued to remain at these levels over the past week for end-of-November shipment. Similarly, rebar offers from Moldovan suppliers have also remained stable at around €550/mt CPT. On the non-EU suppliers’ side, Egyptian mills have kept their offers stable at €485-490/mt CFR for rebar and €495-500/mt CFR for wire rod, both for November shipment. Meanwhile, Turkish suppliers have made some increases of around €5-10/mt over the past week, influenced by slightly higher scrap prices. Turkish rebar offers are now reported at €490-500/mt CFR, based on an exchange rate of €1 = $1.15 and estimated freight costs of €15-20/mt.
ArcelorMittal posts USD 1.5 billion EBITDA in Q3
The company achieved an EBITDA margin of USD 111 per tonne, with a net income of USD 0.4 billion and an adjusted net income of USD 0.5 billion (EPS USD 0.62). ArcelorMittal said performance continued to reflect the benefits of asset optimization, regional diversification, and strategic growth investments, including record iron ore production and shipments from Liberia.
Net debt stood at USD 9.1 billion at the end of September, compared to USD 8.3 billion at the end of June, mainly due to working capital and M&A investments. The company expects a strong free cash flow rebound in Q4 2025 as working capital unwinds, supported by a robust liquidity position of USD 11.2 billion.
CEO Aditya Mittal stated, “We delivered resilient results in what is typically a seasonally weak quarter. The European Commission’s proposed trade measures, once enacted, will support the region’s steel sector in improving capacity utilization and profitability. We remain focused on executing our investment plans and positioning the business for long-term value creation.”
ArcelorMittal highlighted that its strategic growth and M&A initiatives are expected to add around USD 2.1 billion to future EBITDA capacity, with USD 0.7 billion targeted for 2025 and USD 0.8 billion for 2026. The company continues to invest in low-carbon and value-added steel markets as part of its transition strategy.
For shareholders, the company confirmed its base dividend of USD 0.55 per share, paid in two installments, and reiterated its policy to return at least 50% of post-dividend annual free cash flow through dividends and share buybacks. So far in 2025, ArcelorMittal has repurchased 8.8 million shares for USD 262 million, with plans to cancel most of its 92.3 million treasury shares before year-end.
Deutsche Bahn launches pilot project to use green steel in rail infrastructure
Deutsche Bahn (DB) has taken a new step to expand the use of low-emission construction materials in its infrastructure. The company has signed a supply contract with Saarstahl Rail for around 1.000 tonnes of climate-friendly produced steel rails.
Under the project led by DB InfraGO, the green steel rails will be installed in North Rhine-Westphalia, Rhineland-Palatinate, and Saarland, covering a total length of approximately 22 kilometres.
The cooperation marks an important step toward sustainable supply chains and circular economy practices in the rail industry. The green steel supplied by Saarstahl Rail is produced at the Saarstahl Ascoval plant in France, which uses electric arc furnace (EAF) technology instead of traditional blast furnaces. This process enables the production of new steel from scrap and old rails, cutting greenhouse gas emissions by up to 70% compared to conventional methods. The use of 1.000 tonnes of green steel is expected to save around 1.800 tonnes of CO₂.
As part of its plan to achieve full carbon neutrality by 2040, Deutsche Bahn is increasingly integrating low-emission materials into its infrastructure projects. The company notes that about 50% of its Scope 3 emissions, indirect emissions from upstream and downstream activities, stem from construction operations, underscoring the need for more green steel and green concrete solutions.
DB’s environmental transformation strategy focuses on five key areas: climate resilience, climate protection, resource efficiency, environmental protection, and noise reduction. Through such pilot projects, the company aims to further reduce the carbon footprint of rail construction and strengthen the sustainability of its supply chain.