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
Stalprofil increases deliveries, foresees 2026 market recovery
Domestic demand boosted Polish steel distributor and gas pipeline contractor Stalprofil’s first-half-of-2025 deliveries, but increased costs ate into profit.
The firm’s consolidated revenue surged 60% on-year in H1 to PLN 1.18 billion ($314.7 million) but net profit slumped 43% to PLN 7m due to higher cost of goods sold and cost of materials. Domestic sales share in revenue rose 5 percentage points to 95.1% and exports share halved to 4.9%.
Exports were impacted by weak demand and falling steel prices in Europe, as well as the strong zloty against the euro.
“The announced expansion of infrastructure projects in the second half of 2025 should increase demand for steel, especially bars, pipes, sheets, and sections. However, only in 2026 will the steel market be able to count on a more noticeable demand impulse,” Stalprofil notes in its latest earnings report seen by Kallanish.
Steel products sales rose 25% on-year in H1 to 139,703 tonnes, with steel structures sales flat at 1,080t.
Pipe insulation sales, falling under the firm’s gas transmission network infrastructure segment, soared 180% to 1.18 million square metres. During this period, the group began implementing contracts signed in 2024 for the construction of gas pipelines.
Polish pipemaker Ferrum and ArcelorMittal were the group’s largest suppliers, while Ferrum was also its largest customer, followed by gas network operator Gaz-System.
Adam Smith Austria
Czech Republic approves of IROMET SICAV’s acquisition of Liberty Ostrava Assets
The Office for the Protection of Competition in the Czech Republic has issued its provisional approval of IROMET SICAV’s acquisition of selected assets from competitor Liberty Ostrava.
The decision, which remains subject to final confirmation, concluded that the merger would not significantly distort competition in the domestic market.
Under the agreement, IROMET SICAV will acquire several strategic assets from Liberty Ostrava, including a pipe mill, a flat products rolling mill, a long products rolling mill and a coking plant.
These facilities form part of Liberty Ostrava’s broader portfolio in steel production and downstream processing.
IROMET SICAV is part of a business group headed by PCTT LIMIT s.r.o. The group operates mainly through TENDON Reality s.r.o. and PCTT Reality s.r.o. in the field of real estate, apartments, and commercial rentals. Through VCL Group, AS, and its subsidiaries, the group provides engineering services and supplies for various industrial sectors.
Liberty Ostrava is a major Czech steel producer, specializing in pig iron and cast iron castings; profiles, beams, and steel bars; concrete reinforcement and mining steel products; hot rolled flat steel products; rolled wire and seamless small-diameter steel pipes and steel road barriers and commodity pipes.
Roba Metals becomes a member of EUROMETAL
Founded in 1937, Roba Metals has built a strong reputation in the supply and processing of steel, stainless steel, aluminium and non-ferrous materials as well as the recycling of aluminium.
With service centers in Belgium and The Netherlands, the 100% family-owned company delivers coils, sheets and slit strips all over Europe to a broad range of customers in a.o. the construction, manufacturing, general sheet processing and automotive industry.
What sets Roba apart is its active role throughout the entire supply chain – from sourcing and melting to processing and logistics. This integrated approach enables consistent management of availability, quality and sustainability. To support customers in their transition to low-carbon manufacturing, the company also offers a range of CO2-reduced products.
Roba’s service centers are equipped with state-of-the-art machinery, including cut-to-length lines, slitting lines, recoilers and grinding lines. Combined with the expertise of a dedicated team, it ensures a reliable and highly flexible service.
By investing in quality, continuity and long-term relations, Roba aims to be a trusted partner in metal.
Discover more: robametals.com
LESS awards first European green steel certifications
The first certifications for low-carbon steel awarded under the Low Emissions Steel Standard (LESS) were issued to European steelmakers on 17 September, representing welcome progress for the EU’s clean steel transition.
LESS – now under the remit of Brussels-based non-profit LESS AISBL – launched in 2024 and was originally developed by German Steel Association WV Stahl, designed in concert with German steel stakeholders and government authorities.
European steel companies Georgsmarienhütte, thyssenkrupp Steel Europe, Salzgitter Flachstahl, Peiner Träger, Salzgitter Mannesmann Grobblech, and Ilsenburger Grobblech are now authorised to label certified products with the LESS label (see table below) giving buyers greater certainty that relevant low-carbon steel purchases represent actual emissions reductions.
Sweden’s greenfield low-carbon steelmaker Stegra – currently constructing its hydrogen-fed direct-reduced iron to electric-arc furnace steel plant – joined LESS earlier in September, preceded by ArcelorMittal’s individual EU entities and Tata Steel Netherlands during the summer. LESS now claims to represent approximately 45% of European steel production.
LESS is considered by many in the market to be the leading candidate for establishment as a regulatory standardisation or norm for the EU’s decarbonised steel productions, backed by independent verification criteria. The European Commission is to propose an official definition of ‘green steel’ before the year’s end as per the European Steel and Metals Action Plan, with voluntary low-carbon labels for steel products to be incorporated into circular economy and public procurement guidance or mandates.
European Commission President Ursula von der Leyen confirmed that “Made in Europe” labelling criteria would also be introduced into European public procurement policy at a high-level meeting of German industrial leaders 18 September, potentially further strengthening demand for the EU’s low-carbon products if both domestic and sustainability boundaries are introduced into public procurement’s 14% share of EU GDP.
A regulatory green steel definition is important as a communicative mechanism to lead markets, ensuring that purchases of green steel are recognised in decarbonisation metrics and commitments.
The LESS standard operates using a ‘sliding scale’ approach across six categories (optimally “near-zero”, then Low Emissions: A-E) which aims to define green steel in a practical sense, giving greater weight to carbon reductions the lesser the constituent share of steel scrap. This is due to the inherent insufficiency in European – and global – scrap supply, with scrap only available to cover 45% of projected demand by 2050 under best case scenarios.
By accounting for the scrap share in a steel products make-up, Europe’s blast furnace-dominant steel industry is incentivised to make real emissions reductions and support the development of alternate low-carbon iron inputs. The most visible route for green iron production as a steelmaking input is hydrogen-based direct-reduced iron (DRI), adopted into many of EU steelmakers’ decarbonisation roadmaps for use in scheduled electric-arc furnace (EAF) renovation projects.
LESS does not discriminate by production route – measuring emissions at the hot-rolling stage – and so is understandably favoured by blast furnace producers, who celebrate the potential to draw revenue from and make visible their decarbonisation initiatives during their progression rather than postponing the realisation of green premia to their conclusion.
Scrap recyclers, and some electric-arc furnace producers are less enthused however, seeing incorporation of sliding scale mechanisms as threatening to their potential to secure low-carbon market share and associated with talk of scrap export controls, preferring carbon accounting on absolute metrics, especially as they already find it difficult to manifest a premium for material that has had a comparatively reduced carbon footprint historically.
However, the award of a ‘Low Emission: A’ rating to Peiner Träger, when producing via electric-arc furnace with green electricity should demonstrate that electric-arc producers are still able to achieve the highest low-carbon ratings in participation with the LESS framework.
LESS certifications, September issue
| Steelmaker | Product Group / Specific Steel Product | Certification Body | Process Route | Classification System | LESS Classification | Scrap Share | Validity Period |
|---|---|---|---|---|---|---|---|
| Georgsmarienhütte GmbH | Entire production (batch-specific basis) | DNV Business Assurance Germany GmbH | EAF-HR | Quality Steel | Low Emission: B, C, D | Batch-specific, random sample verification | Until 11.09.2026 |
| Ilsenburger Grobblech GmbH | Heavy plate, electric steel slabs, grid electricity | TÜV NORD CERT GmbH | EAF-HR | Quality Steel | Low Emission: E | 100% | Until 11.09.2026 |
| Heavy plate, electric steel slabs, green electricity | TÜV NORD CERT GmbH | EAF-HR | Quality Steel | Low Emission: B | 100% | Until 11.09.2026 | |
| Heavy plate, slabs from the blast furnace route | TÜV NORD CERT GmbH | BF-BOF-HR | Quality Steel | Low Emission: E | 20% | Until 11.09.2026 | |
| Peiner Träger GmbH | Beam and section steel, grid electricity | TÜV NORD CERT GmbH | EAF-HR | Structural and Reinforcing Steel | Low Emission: E | 100% | Until 11.09.2026 |
| Beam and section steel, 50% green electricity / 50% grid electricity | TÜV NORD CERT GmbH | EAF-HR | Structural and Reinforcing Steel | Low Emission: C | 100% | Until 11.09.2026 | |
| Beam and section steel, green electricity | TÜV NORD CERT GmbH | EAF-HR | Structural and Reinforcing Steel | Low Emission: A | 100% | Until 11.09.2026 | |
| Salzgitter Flachstahl GmbH | Hot strip, unpickled, blast furnace route | TÜV NORD CERT GmbH | BF-BOF-HR | Structural and Reinforcing Steel | Low Emission: E | 20% | Until 11.09.2026 |
| Hot strip, unpickled, electric arc furnace route, grid electricity | TÜV NORD CERT GmbH | EAF-HR | Structural and Reinforcing Steel | Low Emission: E | 100% | Until 11.09.2026 | |
| Hot strip, unpickled, electric furnace route, green electricity | TÜV NORD CERT GmbH | EAF-HR | Structural and Reinforcing Steel | Low Emission: B | 100% | Until 11.09.2026 | |
| Salzgitter Mannesmann Grobblech GmbH | Heavy plate, electric steel slabs, grid electricity | TÜV NORD CERT GmbH | EAF-HR | Quality Steel | Low Emission: E | 100% | Until 11.09.2026 |
| Heavy plate, electric steel slabs, green electricity (SALCOS®) | TÜV NORD CERT GmbH | EAF-HR | Quality Steel | Low Emission: B | 100% | Until 11.09.2026 | |
| Heavy plate, slabs from the blast furnace route | TÜV NORD CERT GmbH | BF-BOF-HR | Quality Steel | Low Emission: E | 20% | Until 11.09.2026 | |
| thyssenkrupp Steel Europe AG | Entire production (process route specific) | TÜV NORD CERT GmbH | BF-BOF-HR | Quality Steel | Low Emission: D | 13% | Until 11.09.2026 |
Benjamin Steven Journalist, Steel
