European hot-rolled coil prices remained stable Nov. 18, as market participants digest the recent provisional CBAM Benchmark value announcement, but pointed to a limited shift in fundamentals.
The European flat steel market remained largely illiquid on the day due to near-term buying interest, as market participants cited a continued trend of higher stocks and limited downstream insight into 2026 demand trends.
Despite the release of the provisional CBAM benchmark values providing additional clarity on the potential costs of imported HRC in 2026, sources remained skeptical over any immediate impact on current market dynamics.
“Stocks are running high, and we don’t see a lot of people actively in the market looking to buy,” said one mill source. “We expect further price increases, but without demand, it is difficult to achieve.”
Discussing the import market, the same source pointed to a high level of financial risk, despite offers being reported on DDP basis, with the seller handling the associated CBAM charges. “Nobody knows the end prices, and [although] we’ve heard many import offers, they are still very risky still so I’m not sure if buyers would be willing to go for it.”
Platts assessed HRC in Northwest Europe at Eur610/mt ex-works Ruhr, and in Southern Europe at Eur600/mt ex-works Italy, both stable day over day.
Platts assessed imported HRC at Eur500/mt CIF Antwerp in the north and Eur500/mt CIF Italy in the south, both unchanged day over day.
