The standstill in the European hot-rolled market continued on Monday September 8, with prices holding steady due to an offer-bid mismatch keeping trading quiet, sources told Fastmarkets.
Fastmarkets’ calculation of the daily steel HRC index, domestic, exw Northern Europe was €577.08 ($676.04) per tonne on Monday, down by €1.25 per tonne from €578.33 per tonne on Friday September 5.
The Northern European index was down by €2.09 per tonne week on week, but up by €1.45 per tonne month on month.
Buyers in Germany and the Benelux region estimated tradeable values at €570-580 per tonne ex-works, with transactions reported within the range.
Suppliers reported HRC offers for October-November delivery at €600-630 per tonne ex-works.
Buyer sources remained cautious about higher offers, claiming that the current price recovery was “fragile” and lacking support from the demand recovery so was therefore unsustainable.
“[HRC] prices are fragile; up to now there is no intention to restock,” one German buyer told Fastmarkets.
Another buyer source suggested there was a room for domestic prices to increase slightly during the fourth quarter, given looming uncertainty around the Carbon Border Adjustment Mechanism (CBAM) and new safeguard measures, which was limiting appetite for new imports.
“European mills will have a window of opportunity to increase domestic prices, if they don’t aim too high; in which case buyers might still weigh the risks and opt for imports,” a second buyer said.
Consultations on CBAM will run until September 25, with the final document expected to be published during the fourth quarter 2025, Fastmarkets reported.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel HRC index, domestic, exw Italy was calculated at €550.42 per tonne on Monday, down by €0.31 per tonne from €550.73 per tonne on Friday.
The index was up by €6.67 per tonne week on week, but down by €0.83 per tonne month on month.
The Italian HRC market was still quiet after holidays, with minimal trading reported.
Local buyers purchased sufficient amounts of coil from overseas and local suppliers in end July/early August and therefore were in no hurry to restock
Buyers estimated achievable values at €540-550 per tonne ex-works. Some buyers gave lower estimations of €530-540 per tonne ex-works, but suppliers claimed they were not ready to sell below €540 per tonne ex-works.
Import offers were limited, with European buyers hesitant to commit to Asian cargoes given long lead times (arrivals as late as January 2026 ) and the associated CBAM risks.
Turkish suppliers, who were able to offer late-November delivery, have already sold out their July–September 2025 allocation. A new allocation will open on October 1, but sources expect it to be consumed quickly within the month.
Offers from Turkey remained around €520-540 per tonne CFR, including the EU anti-dumping duty.
From India, offers were reported at €520-530 per tonne CFR for October-November shipment of HRC.
