European hot-rolled coil prices held largely stable July 8, with sentiment showing early signs of a shift as parts of the market begin exploring Q4 and even Q1 2026 coverage — despite ongoing weak consumption and holiday season slowdowns.
While overall liquidity remains thin, sources pointed to pockets of restocking interest and some movement in long-term procurement.
“Some buyers are now actively inquiring for November shipments, looking to cover their Q1 needs early,” a trading source said. “Those who’ve taken positions expect prices to rise — the ones saying prices won’t go up are typically not buying.”
Offers for imported HRC into Spain were heard at $580-590/mt CIF, duty paid, from Algeria, Turkey, and India. However, buyers continued to target lower levels of Eur470-500/mt CIF, depending on volume and origin.
Domestic tradable values in Southern Europe were heard at Eur530/mt ex-works Spain, with offers reported up to Eur550/mt. In Northern Europe, prices remained steady at Eur550/mt ex-works Ruhr, though sources indicated a persistent struggle with high stock levels and poor demand.
“Utilization across EU mills is still far from ideal,” a source said, citing estimates around 60% in 2024 and structural overcapacity. “There’s still a lot of restocking left — the question is how much Q1 demand is already covered. If that number is low, there’s potential for sharp price hikes.”
Participants also flagged the potential impact of higher duties in January, alongside CBAM costs, as likely to reshape the import landscape and bolster domestic prices in the longer term.
Platts assessed domestic HRC in Northern Europe at Eur550/mt ex-works Ruhr, stable day over day, and in Southern Europe at Eur530/mt ex-works Italy, down Eur5 day over day.
Platts assessed imported HRC at Eur475/mt CIF South Europe and Eur480/mt CIF Antwerp, both stable day over day.
Devbrat Saha
