The European hot-rolled coil market was quiet on Thursday October 30, with only sporadic activity reported lately. Prices held steady but still below the target offers, sources told Fastmarkets.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €603.75 ($702.24) per tonne on Thursday, stable day on day.
The index was up by €3.75 per tonne week on week and by €26.25 per tonne month on month.
Italian HRC was offered in Germany at €640-650 per tonne delivered for January delivery. Coil with December lead times was largely sold out, with some “leftover volumes” offered at €620 per tonne delivered.
Integrated mills in Germany and the Benelux area were aiming for €620-650 per tonne ex-works for January delivery coil.
The new levels have not been gradually accepted in deals yet, but customers admit that eventually this will become the reality, considering the significant cuts expected in import volumes as a result of the introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM), as well as a new system that will replace the current safeguards.
Although deals were sporadic at €610–620 per tonne ex-works, overall market sentiment remained upbeat.
“Trading is not booming exactly, but we have more inquiries and sell some minor volumes,” a mill source in Northern Europe said.
“Buyers hold back, but we are not in a hurry — we closed 2025 volumes already and can wait. In the first quarter of 2026, [HRC] prices will be higher — but mainly due to CBAM and safeguards impact, demand won’t improve,” a mill source in Germany said.
Buyers’ idea of an achievable price for January was reported at €600-620 per tonne ex-works.
Some buyer sources estimated the market lower — at €580-590 per tonne ex-works, but the majority of sources agreed that prices below €600 per tonne ex-works were “in the past.”
Fastmarkets’ corresponding daily steel hot-rolled coil index domestic, exw Italy was calculated at €593.33 per tonne on Thursday, down by €0.05 per tonne from €593.38 per tonne on Wednesday October 29.
The Italian index was up by €3.33 per tonne week on week and by €43.33 per tonne month on month.
Italian suppliers said they were achieving €590-600 per tonne ex-works in deals for December delivery of HRC.
One integrated mill in the nation was looking to achieve around €630 per tonne delivered (about €610-615 per tonne ex-works) for January delivery HRC.
An European mill offered January delivery HRC at €680 per tonne delivered to local steel-service centers.
Buyers put their price idea at €580-600 per tonne ex-works, with little rush to restock.
In the secondary market, a 4 mm HR sheet was trading around €660-680 per tonne CPT —compared with around €630-650 per tonne CPT at the beginning of October.
The imported coil market in Italy remained quiet in anticipation of the new safeguards’ announcement and persistent uncertainty over the CBAM. No fresh offers were reported on Thursday.
Fastmarkets’ weekly assessment for steel hot-rolled coil import, cfr main port Southern Europe was set at €470-520 per tonne on Wednesday, narrowing from €465-520 per tonne seven days ago.
The price didn’t include CBAM costs.
The lower end of the range reflected offers from Indonesia, while the upper end reflected offers from Turkey and Saudi Arabia.
