Domestic prices for steel coil in Europe remained largely stable in the week to 30 October, but scarce import availability and gradually declining distributor stocks are expected to push domestic prices up, an uptrend that will start when buyers restock for the first quarter production.
Demand, however, remained limited, as distributors focused on destocking before the end of the year. Intense competition between distributors also continued to prevent an ex-mill price recovery.
“As the end of the year is approaching, any price or discount is possible for distributors. Until destocking ends and buyers start planning their first-quarter purchases, we will see no price rise,” an Italian trader said.
Deals and workable prices for domestic hot-rolled coil (HRC) in Northwest Europe were reported at EUR760/t ex-works.
Offers, meanwhile, were at EUR760-780/t ex-works Northwest Europe.
Market participants believe that prices could approach EUR800/t ex-works in the first quarter.
In Italy, domestic HRC prices were at EUR730-750/t ex-works. Domestic availability was limited due to a combination of technical issues at some mills and the shutdown of Acciaierie d’Italia (ADI).
On 29 October, Italy’s Supreme Court ordered the permanent shutdown of ADI’s hot area following an appeal.
In recent years, ADI produced only around 1 million tonnes of steel annually and had a relatively limited presence in the spot market. The shutdown order came amid tighter restrictions on imports into the EU. New tariff-rate quotas (TRQs), introduced on 1 July 2026, had reduced access to the European market, while the Carbon Border Adjustment Mechanism (CBAM) had increased the cost of overseas steel. As a result, European buyers had become more reliant on domestic producers. The loss of ADI’s output is likely to further reinforce upward price pressure and raise concerns about potential supply shortages.
Italian buyers have already begun sourcing slabs from China, India and Turkey, as imports of semi-finished steel products are not covered by the EU’s quotas or other trade defence measures. They intend to use ADI’s rolling mills to process the imported slabs into coil and offset the decline in imported finished products availability.
Import availability remained limited due to the risk of quarterly quotas being exhausted. Notably, buyers have reportedly been avoiding HRC from Turkey due to significant volumes already awaiting customs clearance in South European ports in January.
Offers of HRC from Turkey were reported at EUR630/t CIF Italy, excluding anti-dumping duties. Indian material was available at EUR660/t CIF Italy.
Imported HRC offers on a DDP basis were reported across a wide range. Coil that had already cleared customs and was available at ports was offered at lower prices of EUR730-750/t DDP, while prices for new material were significantly higher, reaching EUR800/t DDP at South European ports.
Green steel market
Spot buyers showed little interest in green steel, as the absence of clear standards and limited demand deterred buyers from stocking higher-priced material.
Green steel demand continued to be driven primarily by end users in the automotive and construction industries.
Green HRC premiums varied according to the producer, customer and sales arrangement. Project-based transactions and long-term contracts were reported at around EUR200/t above conventional material.
Premiums for green HRC produced via the electric-arc furnace (EAF) route were around EUR100/t for spot buyers, while premiums achieved in project-based sales and for material with lower CO2 content ranged from EUR150-200/t.
| Weekly European steel coil | |||||
| EUR/t | Term | 30-Oct-26 | Change | ||
| Weekly Northwest Europe steel coil | |||||
| Northwest Europe ex-works HRC | EX-WORKS | 760.00 | 0.00 | ||
| Northwest Europe ex-works CRC | EX-WORKS | 865.00 | 0.00 | ||
| Northwest Europe ex-works HDG | EX-WORKS | 850.00 | -5.00 | ||
| Northwest Europe CIF HRC | CIF | 640.00 | 0.00 | ||
| Northwest Europe DDP port HRC | DDP Port | 780.00 | 0.00 | ||
| Weekly South Europe steel coil | |||||
| Italy ex-works HRC | EX-WORKS | 740.00 | 0.00 | ||
| South Europe CIF HRC | CIF | 640.00 | 0.00 | ||
| South Europe DDP port HRC | DDP Port | 775.00 | 0.00 | ||
| South Europe CIF CRC | CIF | 720.00 | 0.00 | ||
| South Europe DDP port CRC | DDP Port | 865.00 | 0.00 | ||
| Show less… | |||||
| Source: McCloskey by OPIS. | © 2026 Dow Jones Energy Limited. | ||||
| Weekly green steel | |||
| EUR/t | Term | 30-Oct-26 | Change |
| Green Northwest Europe HRC premium (scopes 1-3 CO2 under 0.8t) | 100.00 | 0.00 | |
| Green Northwest Europe ex-works HRC (scopes 1-3) | EX-WORKS | 860.00 | 0.00 |
| Green HRC premium (scopes 1-2 CO2 under 0.5t) | 100.00 | 0.00 | |
| Green Northwest Europe ex-works HRC (scopes 1-2) | EX-WORKS | 860.00 | 0.00 |
| Green HRC reduced carbon price (scopes 1-3) | 70.71 | -3.35 | |
| Source: McCloskey by OPIS. | © 2026 Dow Jones Energy Limited. | ||
Author: Benjamin Steven and Maria Tanatar
