Category: Latest Updates

Polish domestic rebar prices declined in the week to Friday June 5, while wire rod prices remained stable amid weak demand due to bank holidays and high prices.

“The week to June 5 was very slow because 80% of companies are closed on Friday due to the bank holiday”, a trader source told Fastmarkets.

Rebar transactions were reported at 2800-2900 zloty ($767.13-794.53) per tonne CPT, sources said, with larger buyers securing shipments at the lower end of the range.

Mill offers were heard at around 2,850-2900 zloty per tonne CPT.

Tradable levels were reported at 2,800-2,900 zloty per tonne CPT, according to market participants.

Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar) domestic, cpt Poland was 2,800-2,900 zloty per tonne on Friday, down by 30-50 zloty per tonne from 2,830-2,950 zloty per tonne on May 29.

Wire rod prices remained unchanged over the same period, with tradable price indications reported at around 3,000-3,100 zloty per tonne delivered Poland.

“Wire rod segment in Poland is generally stable,” a seller source told Fastmarkets.

Fastmarkets’ weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland was 3,000-3,050 zloty per tonne on Friday, unchanged from a week earlier.

European prices for steel hot-rolled coil increased slightly on Monday June 8, but market activity remained slow in both Northern Europe and Italy, with sentiment weighed down by upcoming safeguard measures set to come into force on July 1, sources told Fastmarkets.

In Northern Europe, sources reported that weak demand, under-utilized competition and low consumption continued to weigh on market sentiment.

One buyer reported an offer at €700-705 ($806-812) per tonne ex-works, with workable prices indicated at €680-685 per tonne ex-works on Monday.

A second buyer source reported an indication for achievable prices at €660-680 per tonne ex-works for July-August delivery, which was given zero tonnage due to a lack of selling interest at that level.

No significant trading was reported during the day.

“Everyone is waiting for the [country-specific allocations under new import] quota clearance, so activity would pick up from July 1,” the first buyer source told Fastmarkets, adding that current demand was “pretty poor.”

The new safeguard measures include lower steel import quotas to the EU and higher out-of-quota duties, aimed at shielding the local steel industry from global overcapacity and unfair trade practices.

An offer at €700 per tonne ex-works and indications at €670-700 per tonne ex-works reported on Friday June 5 were carried over to Monday’s index due to a lack of fresh input from market participants.

Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €692.00 ($796.99) per tonne on Monday, up by €0.33 per tonne from €691.67 per tonne on Friday.

The index was up by €2.00 per tonne week on week and up by €2.42 per tonne month on month.

In Italy, one buyer source reported a fresh offer for HRC at €700-710 per tonne delivered (€685-695 per tonne ex-works) announced on Monday morning, while indications for achievable prices were heard at €665-680 per tonne ex-works, in line with the latest transactions reported on Friday.

“Generally, very little is happening due to the wait-and-see mood, linked to the lack of information regarding the new safeguard [measures],” the buyer said.

A second buyer said offers were at €655-670 per tonne ex-works for end-August delivery, which were given zero tonnage due to the longer delivery window, which exceeds Fastmarkets’ methodology period of up to six weeks.

“[There is] still no real demand and stockholders are very skeptical placing orders now,” the second buyer said, adding that high steel slab feedstock costs were the biggest problem for re-rollers and were expected to “limit discounts on the strip side.”

Meanwhile, a third buyer in Italy said they had heard the lower HRC offers at €655-670 quoted by the second buyer, but was not sure whether these levels were “completely true.”

Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy was calculated at €680.83 per tonne on Monday, up by €1.25 per tonne from €679.58 per tonne on Friday.

The index was up by €3.33 per tonne week on week, but down by €5.52 per tonne month on month.

The latest import activity in Southern Europe was reported on Friday, when Indian HRC was heard sold at $650-690 per tonne CIF, with the higher end linked to deliveries to Spain, according to a mill source.

Italian heavy plate prices are stable compared to May with uncertain demand and a slow market, Kallanish hears.

Producers, however, are confident that prices will continue to increase in the coming months, particularly when the new trade measures are implemented next month.

Imports of plate will fall from 2.2 million tonnes/year to about 1.3mt/y from July which will inevitably boost European sales, sources believe. Import prices are not disrupting the market at present.

Material already at port is offered at €770/tonne ($897.3/t) ex-works for S275 grade and €790/t for S355 which is not particularly attractive for buyers, as Italian mills offer similar prices. No imported material is expected in the short term.

Thanks to stronger EU protection measures, mills are reporting acceptable results in the first four months of the year and expect 2026 to be a relatively good year overall, supported by protectionism and ongoing infrastructure projects funded by the post-Covid European recovery fund.

Slab prices, however, continue to climb, partly driven by CBAM charges, with Asian slab prices reaching $600/t cfr Italy and above, sources say.

Mills have filled or almost filled July order books and are quoting €800/t base ex-works for S275 grade. Current contracts for S275 remain at €760-780/t base ex-works.

Meanwhile, prices for plate in northwestern Europe have not moved noticeably for weeks. Following the general steel price surge since last autumn, some mills had to take back targets they gave April of above €850/t ex-works for S355 grade. Observers in Germany and Benelux, buyers as well as mills, see S355 in a range of €800-850/t delivered, and they see concessions made at the higher end (see Kallanish 2 June).

Industry association France Hydrogène is recommending that green steel used in the European automotive sector be defined as produced from direct reduced iron (DRI) using a high share of renewable or low-carbon hydrogen, with strict emissions thresholds enforced by the EU.

The association argues that hydrogen-based DRI combined with electric arc furnace (EAF) technology is the essential production route for Europe to maintain competitive steel production in the medium and long term. Replacing blast furnaces with EAFs without securing European DRI production would risk relocating a major part of the steel value chain outside the continent.

European H2-DRI projects already exist, France Hydrogène says in a note seen by Kallanish. The regulatory framework must now reflect the importance of this production route, it warns.

The Corporate Average Fuel Economy (CAFE) norms, the EU regulations setting CO2 emissions targets for carmakers, are currently under revision and include a steel flexibility mechanism letting carmakers offset their emissions targets with their green steel purchases.

France Hydrogène says this represents a unique opportunity to drive demand for low-carbon steel, but warns that it depends on how it is designed. “Depending on how this flexibility is sized and designed, it could equip the European steel base for reinvestment and transformation,” the note states.

The association wants the Ecodesign regulation (ESPR) to lower the emissions ceiling for Class A eligibility to 0.7 tonnes of CO2/t of finished hot rolled coil, and the CAFE regulation to specify that only Class A steel qualifies for the automotive pilot market. It also recommends that DRI production must take place in Europe for steel to qualify as “Made in EU” under Article 7 of the Industrial Accelerator Act.

France Hydrogène calls for the steel flexibility in the automotive pilot market to be maintained at 7% and for the pilot market to be brought forward to 2030, starting at 2% flexibility and rising progressively to 7% by 2035, accelerating demand for hydrogen-based green steel.

The steel industry, however, tends to view hydrogen sceptically as a reliable and cost-effective energy source. Last year, Alain Le Grix de la Salle, ArcelorMittal France chief said the company is suspending its DRI and hydrogen plant to decarbonise the Dunkirk site. During a hearing at the Senate in Paris he noted that hydrogen produced via electrolysis derives approximately 70% of its cost from electricity. For hydrogen to be economically viable in DRI-based steelmaking, the target price is €2/kg, compared to current market levels of around €7/kg.

Achieving this would require electricity prices to reach around €25/MWh. Meanwhile, wire specialist Bekaert announced a production halt of green hydrogen electrolyser components at its Bekintex site in Wetteren, Belgium, due to slower-than-expected hydrogen market development (see Kallanish passim).

The business activity in the European HRC market remains mainly focused on the domestic segment where trade has been at moderate levels.

In Italy some lower bids have been seen for August production, in line with the talk in the market regarding ArcelorMittal seeking to increase its prices across Europe. “I don’t see them [local mills] increasing production, so, once supply is down, they’ll push for the best they can get,” a source told SteelOrbis. The EU’s interest in imports has remained low due to the risks connected to the quota uncertainty and CBAM fees. “It is really quiet these days. Traders find it very simple – not offering anything right now because there is no market, so no need to waste time and efforts. Simply better to wait for the new tariffs,” another source opined.

In the southern part of the EU, particularly in Italy, local mills’ HRC offers have been mainly reported at €680-690/mt and up to €700/mt ex-works with the workable levels seen at €670-680/mt ex-works. However, some of the sources have reported some bids for August production at €660-670/mt delivered, which are considered speculative now. In Spain, the official price levels have been reported at up to €720-730/mt ex-works but discounts are considered quite possible.

In the northern part of Europe, official price levels from the mills have been reported at €690-704/mt ex-works, while the workable levels are estimated at €680-700/mt ex-works still, in line with last week.

Some of the sources report ArcelorMittal has started voicing the intention to increase prices by €20/mt in July and €50/mt in August. “The question is more the price levels they have in mind; the increase itself is a regular issue. Everyone would like to increase since we have been dropping [prices] for a month now,” a source told SteelOrbis. “Once old stock is gone, replacement cost is going to increase significantly. And with very little import offers around, EU mills should increase in August at the latest,” another source said.

Import business activity has been quite slack lately as not many are willing to take the risks connected with the unclear quotas. The latest HRC offers from Algeria stood at €720-730/mt DDP, down €10/mt on the lower end over the past week, while Turkey has maintained the level of €690/mt DDP. Most of the DDP HRC offers from Asia have remained at high levels with sideways movements – €730/mt from South Korea, €720/mt from Taiwan and €750/mt from Taiwan. The indications from a Vietnamese mill remained the lowest at €690/mt DDP.

In the CFR import HRC segment in Europe, the offers from Turkey have firmed up to €605-615/mt CFR, €5/mt on the lower end over the past week. The indications from India have been generally stable at $680-685/mt (€585-590/mt) CFR, with no takers seen. According to some sources, a deal at $650/mt CFR for a decent volume has been concluded lately to Spain.

The European longs market has remained mostly stable this week, due to the absence of many market players because of holidays in several European countries. Republic Day (June 2) in Italy has pushed many players out of the market for a long weekend, and Corpus Christi (June 4) in some central European countries such as Germany and Poland has had a similar effect at the end of the current week.

The general market sentiment is stable, although the first signs of price weakness are emerging. High supply – especially of rebar – and weak demand, combined with uncertainties about the safeguards that will come into force within less than one month, are leading market players to buy less, avoid stockpiling and move with extreme caution.

Overall, however, product prices have remained stable this week, partly because working days were fewer.

In the Italian domestic market, the sporadic rebar purchase deals have been closed at unchanged levels of €440-450/mt ex-works base (€700-710/mt ex-works including regular extras), although requests from mills officially remain at €460/mt ex-works base (€720/mt ex-works including regular extras). To maintain these levels, several producers in Italy are implementing some production slowdowns, but demand from the finished steel market remains very low.

“There are few requests, and customers are trying to get lower prices,” a source at an Italian mill said, referring to both domestic and export sales. Regarding the latter, official offers of rebar from Italy are still being reported at €630/mt FOB, but, according to a source, “This is only a nominal level. In Bulgaria and Romania, offers at €600-605/mt FOB have arrived from Italy.” According to another source, however, deals for other destinations have been closed at €620-625/mt FOB.

As for wire rod, the situation seems to be slightly more stable, with offers in Italy heard at €695-710/mt for drawing quality and €685-690/mt for mesh quality. In central Eastern European markets and in Germany this same quality has been reported at €685-700/mt, while the prices of drawing quality have been reported respectively at €690-710/mt and €685-700/mt in the aforementioned countries. In Spain, on the other hand, price levels are much higher: €710-725/mt for drawing quality and €690-700/mt for mesh quality. It should be noted, however, that these are hypothetical levels, which may change over the month. All price ranges indicated are delivered to customer.

In the export market in Greece, rebar offers have been reported at higher levels compared to the beginning of May at €630-640/mt FOB, with the upper end of the range up by €10/mt compared to previously reported data. On the other hand, wire rod offers have decreased at €640-650/mt FOB compared to around €660/mt FOB at the beginning of May.

Finally, in import markets in Europe, offers came mainly from Turkey and Egypt, with Algeria remaining absent from export markets due to a higher focus on domestic sales. With a stable euro-dollar exchange rate at 1.16, offers from both countries have recorded slight declines: €555-560/mt CFR for Turkish rebar (down by €5-10/mt compared to before Eid Al-Adha, May 26-30) and €560-570/mt CFR for wire rod (also down by €10/mt on the lower end of the range over the same period). As for offers from Egypt, rebar has been reported at €550-560/mt CFR, down by €10/mt compared to the end of May, and wire rod at around €570/mt CFR, down slightly by €5-10/mt compared to the same period.

Transaction prices for stainless steel cold-rolled sheet in Northern Europe have moved upward in June, driven by reduced import availability and strong domestic mill pricing power, trade sources told Fastmarkets during the week to Friday June 5.

Fastmarkets’ monthly price assessment for stainless steel cold-rolled sheet, 2mm, grade 304 transaction domestic, delivered North Europe, was €2,800-2,850 ($3,229-3,287) per tonne on Friday, up from €2,700-2,775 per tonne on May 1.

The price increase was in line with the sharp rise in June alloy surcharges announced by the major European mills.

Stainless steel alloy surcharges in Europe reflected fluctuations in key raw material costs, primarily driven by nickel price movements. Fastmarkets’ monthly price assessment for stainless steel cold-rolled sheet, 2mm, grade 304 alloy surcharge, domestic Europe, was €2,280-2,365 per tonne on June 5, up from €2,156-2,247 per tonne on May 1.

Market participants said that while some smaller mills were still taking July orders, all large producers have effectively closed their order books, pushing lead times firmly into late summer.

“Delivery times for major European mills are expected at the end August and September,” a European producer told Fastmarkets, adding that these extended lead times were expected to keep prices stable in the near term.

A distributor said that “flat demand could challenge further price increases after July.”

“We would not be surprised if we see a roll-over of prices from July to August, also due to the coming summer vacation season,” the source said. “Margins in the distributor business are under severe pressure and do not follow the price increases from the mills, so we are walking a thin line when it comes to gaining profit.”

The corresponding price for grade 316 rose in tandem with grade 304 over the month, keeping the industry-standard price differential between the two grades stable at €1,400-1,500 per tonne. Market participants confirmed that this premium was unchanged from the previous month, reflecting steady molybdenum costs, while the flat product price increases across both grades continued to be driven by the broader upward momentum in surcharges.

Fastmarkets’ monthly price assessment for stainless steel cold-rolled sheet, 2mm, grade 316, transaction domestic, delivered North Europe, was €4,200-4,350 per tonne on June 5, rising from €4,100-4,275 per tonne on May 1.

Domestic mill strength has been driven by the implementation of the Carbon Border Adjustment Mechanism (CBAM) and tightening safeguard regimes, which caused cold-rolled stainless import penetration into the EU to tumble to around 12-15% early in 2026, from roughly 28% previously.

In early May, a market source told Fastmarkets that some large producers could seek €3,000 per tonne for August and September.

“Steel mills expect further increases because the safeguard measures are expected to slow imports of coils and sheet from Asia,” a second distributor told Fastmarkets. “But the big issue today is final demand, which has decreased by 20% compared with the first quarter of 2026.”

European green flat steel spot trading remained thin during the week to Thursday June 4, although some sellers were able to secure higher premiums in isolated transactions, sources told Fastmarkets.

Fastmarkets defines green steel as material with combined Scope 1, 2 and 3 carbon emissions not exceeding 0.8 tonnes of CO2 per tonne of steel produced.

Suppliers continued to seek premiums largely in the range of €150-200 ($211-234) per tonne, whereas customers’ price ideas were said to vary greatly depending on whether it is a spot market purchase or offtake agreement.

Overall, the spot market remained quiet, with most buyers either unwilling to pay a premium at all or providing indications below mills’ targets.

Nevertheless, one of the sellers said that he managed to achieve as high as €170-200 per tonne in recent sales.

Fastmarkets’ weekly assessment of the green steel domestic, flat-rolled, differential to HRC index, exw Northern Europe widened to €100-200 per tonne on July 4 from €100-170 per tonne on May 28.

Another producer source confirmed the split between spot and long-term demand, explaining that currently consumers such as the automotive or white goods industries do not need much green steel as the models that they produce now are still in accordance with old standards – on top of that, they reduce their carbon footprint by reducing their emissions under Scope 1 and 2.

The closer production is to 2030, the stricter the requirements will be for the reduction of carbon footprint, and this is when new models requiring green steel will be produced.

A trading source added that current demand for green steel is extremely low as the market is facing other challenges like uncertainties connected with the import segment and economic instability triggered by the conflict in the Middle East.