Domestic prices for hot-rolled coil (HRC) in Europe increased further in the week to 13 March due to rising costs, limited imports and some revival in buying activity.
In Northwest Europe, deals for domestic HRC have been reported at EUR690-730/t ex-works, with both ends of the range representing a limited number of the deals. The majority of transactions have been heard at EUR700-720/t ex-works.
While buying activity in the region has seen some revival due to buyers’ concerns over shortages, the average tonnage of the transactions was smaller as mills have good order books and feel under no pressure to chase volumes. Buyers, in the meantime, have also been cautious in their restocking, as they evaluate whether the geopolitical conflict in the Middle East and consequent energy price increases and delivery disruptions would be more impactful on supply or demand. Northwest European mills have limited volumes of May shipment coil and some have been preparing to offer June rolling.
In Italy, unlike in northern Europe, trading activity has been muted due to higher stocks of the distributors. But sentiment, nonetheless, has been bullish as the steelmakers felt no need to chase volumes.
“The trend is upwards, but the high stocks of the buyers slowdown the impact of energy prices, logistics costs and lack of import offers,” an Italian distributor said.
Some deals and workable prices for domestic HRC in Italy have been heard at EUR690-700/t ex-works.
Import offers limited
The number of coil offers from overseas has been limited due to the impact of rising freight and other costs and logistical issues. Suppliers from Asia, which previously went through the Suez Canal, will now have to be rerouted via the Cape of Good Hope, resulting in higher freight costs and longer lead times. In fact, the first ships have already used the alternative route.
Some sources reported orders cancelled by exporters from Asia due to the sharp rise in freight costs. But such instances were not widely reported in the market.
While delays in the delivery of imported coil in the EU are unlikely to exceed one month, buyers have grown concerned that the delivery disruptions would result in higher duties. The timing of the potential delays is critical, as the EU’s new quota system is expected to come into force from July this year.
Under the new quota system, a 47% reduction in volume and a doubling of duties to 50% have been proposed. Lack of details on the country-specific quotas or any caps in the global quotas has made European importers extremely cautious on steel imports arriving in the third quarter. The delivery delays greatly increase the likelihood of exceeding the new tighter quotas.
Import offers for HRC from Turkey have been heard at EUR570-580/t CIF Italy and from India at EUR570/t CIF Italy.
Only larger buyers, such as pipemakers, have been willing to risk acquiring steel on a CIF basis. Smaller importers have switched to DDP purchases to reduce risks related to the Carbon Border Adjustment Mechanism (CBAM) duties.
European buyers estimated CBAM duties for imported HRC at EUR40-80/t based on actual emission values. But until exporters obtain the certifications – in 2027 for imports during 2026 – European importers risk that the duties would be calculated based on default values resulting in substantially higher costs.
Import offers on a DDP basis have been reported at EUR630-680/t – much closer to European domestic prices.
And taking into account the expected quota reduction, buyers have been showing more interest in less risky domestic supply of coil.
CRC supply scarce
European steelmakers continued to avoid sales of cold-rolled coil (CRC) due to higher exposure to energy costs. And taking into account the recent rise of energy prices, buyers have been concerned that steelmakers will continue to avoid sales of the product.
European steelmakers have been focused on either HRC sales or on trading of hot-dipped galvanized coil (HDG), which use HRC as feedstock.
Domestic CRC prices in Northwest Europe were reported at EUR790-820/t ex-works.
Interest in imported CRC has been restricted as buyers await the results of the anti-dumping case into imports from India, Japan, Turkey, Vietnam and Taiwan, China.
HDG premiums rise
Domestic prices for HDG were heard at EUR795-820/t ex-works, with some suppliers trying to achieve EUR850-860/t ex-works.
The logistics disruptions combined with higher energy costs drove zinc prices up. As a result, some European steelmakers have revised the extras lists for the coating, adding around EUR20-30/t to existing price lists.
Green steel market
Demand for green steel remained muted as buyers have been focused on the changes in the traditional steel market. Although some mills said that they have seen higher demand from end users that choose to approach them directly as distribution cannot satisfy the needs for low-CO2 steel. Construction and automotive remain the two primary industries involved in green steel trading.
Market sources estimated green steel premiums for HRC with CO2 content of around 0.7t at EUR80-100/t.
Some sources said that similar products from overseas are available with significantly lower premiums – around EUR30/t – from mills that can prove their CO2 emissions with certificates.
While the green steel market remains small, market sources believe that the European Commission’s proposed Industrial Accelerator Act could boost demand for low-CO2 steel.
| Weekly European steel coil | |||||
| EUR/t | Term | 13-Mar-26 | Change | ||
| Weekly Northwest Europe steel coil | |||||
| Northwest Europe ex-works HRC | EX-WORKS | 710.00 | 5.00 | ||
| Northwest Europe ex-works CRC | EX-WORKS | 810.00 | 0.00 | ||
| Northwest Europe ex-works HDG | EX-WORKS | 800.00 | 0.00 | ||
| Weekly South Europe steel coil | |||||
| Italy ex-works HRC | EX-WORKS | 695.00 | 5.00 | ||
| South Europe CIF HRC | CIF | 550.00 | 0.00 | ||
| Source: McCloskey by OPIS. | © 2026 Dow Jones Energy Limited. | ||||
| Weekly green steel | |||
| EUR/t | Term | 13-Mar-26 | Change |
| Green Northwest Europe HRC premium (scopes 1-3 CO2 under 0.8t) | 90.00 | 10.00 | |
| Green Northwest Europe ex-works HRC (scopes 1-3) | EX-WORKS | 800.00 | 15.00 |
| Green HRC premium (scopes 1-2 CO2 under 0.5t) | 90.00 | 10.00 | |
| Green Northwest Europe ex-works HRC (scopes 1-2) | EX-WORKS | 800.00 | 15.00 |
| Green HRC reduced carbon price (scopes 1-3) | 56.20 | -11.00 | |
