European heavy plate prices inched higher in the week to 10 October, with Italian re-rollers in particular seeing new opportunity to solidify higher price levels.
Northwest European prices increased slightly week on week, to EUR670/t ex-works for s235jr and EUR680/t delivered for s355jr grades, with sources considering heavy plate allocations as mostly filled in the North European market at stable prices, limiting opportunities to sell orderbook gaps at higher levels off-the-back of the European Commission’s announcement of a new import restrictions.
McCloskey calculated around a 63% reduction in annual volume within heavy plate’s product category 7 between the Commission’s new proposals, and the existing safeguard system.
One source said that laggard dynamics were not uncommon in the North European market, with mills making commitments on heavy plate earlier than on other steel products due to the plate market’s project-based demand balance, and its overall reduced responsiveness to new market factors.
“It’s a common trend in the [North European plate] market,” said the distributor source. “Plate producers often ‘miss the boat’ and seem to be decreasing when others are increasing, then have to stay low when others cycle downward again. Though ultimately most – especially re-rollers – are likely still profitable at current levels.”
Producers in Northern Europe were said to be signaling around a EUR20/t increase for 2026 production.
In Italy, ambitions were greater, with a mill source describing offers of EUR640-650/t ex-works for both this year and the first quarter, EUR40/t above current trading prices.
“We will see a market revival, buyers are realizing they won’t have import alternatives to domestic production,” said the source. “Offers for Q1 are going out at EUR640-650/t ex-works, but we’re not there yet for the rest of this year’s sales.”
Bigger lots are still settled at EUR600-610/t ex-works, which according to calculations from McCloskey’s sources would still grant re-rollers a margin of around EUR15-25/t, based on recent slab imports at prices of $500/t CFR Italy and processing costs of EUR150/t.
“Some mills are still making last-minute deals at … EUR600/t delivered for s275jr, and EUR620-630/t delivered for s355jr,” said an Italian trader. “These deals are for bigger lots so the mills are catching the volumes.”
Current slab imports were reported at $520-530/t CFR ex-Asia and Brazil this week, with sources also discussing unconfirmed offers ex-India at $520-540/t CFR Italy. These offers are apparently non-inclusive of cost-liabilities from the Carbon Border Adjustment Mechanism (CBAM), which enters its definitive stage from January, and could incur relatively high duties due to India’s carbon-intensive production.
Weekly European heavy plate, slab and green steel
| Unit | Term | 10-Oct | Change | |
| Weekly heavy plate | ||||
| Northwest Europe ex-works heavy plate | EUR/t | EX-WORKS | 670.00 | 5.00 |
| Germany delivered heavy plate (Northwest Europe) | EUR/t | DEL | 680.00 | 10.00 |
| Italy ex-works heavy plate | EUR/t | EX-WORKS | 610.00 | 5.00 |
| Weekly steel slab | ||||
| Italy CFR slab | $/t | CFR | 515.00 | 5.00 |
| Weekly green steel | ||||
| Green heavy plate premium (scopes 1-3 CO2 <1t) | EUR/t | 25.00 | 0.00 |
Benjamin Steven Journalist, Steel
Maria Tanatar Associate Director, Steel and Green Steel
