Price rises were “very likely,” they added, because the CRC market in Europe is traditionally dominated by imports. especially for base grades. And the introduction of the Carbon Border Adjustment Mechanism (CBAM), a new trade regime, and a pending anti-dumping investigation that covers nearly 70% of traditional import flows, have the potential to gradually shift the balance in that market.
Northern Europe
Mills in Northern Europe were heard offering CRC for delivery in the first quarter of 2025 at €730-750 per tonne ex-works, sources said.
And most first-tier suppliers were already sold out for November-December delivery coil, Fastmarkets understands.
But sources said the new price levels were not being achieved in deals and buyer estimates of the workable market level came in at €680-700 per tonne ex-works.
“Offers of CRC from European mills were very rare due to the high cost of production and tough competition with imports in commodity grade market,” a buyer in Germany said.
And a mill source said: “Batch annealing [the heat treatment procedure for CRC production] is very energy-intensive and, therefore, CRC production is not commercially viable [and] we’re unable to match the import prices.”
Most EU mills use the batch annealing process to make CRC, with only three suppliers able to make CRC via continuous annealing, which is more energy-efficient.
“Mills are reducing our output of commodity-grade CRC and are instead focusing on special grades and thicknesses, or producing more HDG,” a buyer source in Europe said.
However, sellers told Fastmarkets that local mills in Europe will be able to “fill the gap” left in the market by lower import volumes.
“[A lot of CRC] is used to produce very basic-quality, value, galvanized coil, which we won’t need to do if the price of CRC increases,” one seller said. “It depends on the balance that you make.”
Buyers agree that the CRC market will be one of the most “difficult” ones, once CBAM comes in, with prices likely to climb fast.
“CRC will be critical market, especially at the end of the first quarter and the beginning of the second,” a second buyer in Germany said. “That’s when buying new imports will get risker because of the new trade regime,” which is widely expected to come into force on July 1, 2026.
Fastmarkets’ weekly price assessment for steel cold-rolled coil domestic, exw Northern Europe was €690-700 tonne on Wednesday, up by €10-20 per tonne
compared to €670-690 per tonne the previous week.
Southern Europe
In Southern Europe, mills were also pushing for higher prices, with some buyers suggesting bullish moves will be successful due to a lack of alternative sources of supply.
“In Italy, there is basically only one reliable supplier for cold-rolled coil, so without imports there are not so many options,” an Italian buyer said.
Offers were reported at a base price of €750 per tonne ex-works in Italy for January delivery CRC.
No deals have been confirmed at that level yet, but Fastmarkets understands that local suppliers are now sold out for 2025.
In Spain and Portugal, offers were heard at a base price of €730-750 per tonne ex-works.
Buyers in Southern Europe estimated achievable prices for January at €690-710 per tonne ex-works. But suppliers have argued that prices below €700 per tonne ex-works won’t be possible.
Fastmarkets’ weekly price assessment for steel cold-rolled coil, domestic, exw Southern Europe was €690-700 per tonne on Wednesday, up by €10-20 per tonne from €670-690 per tonne on October 22.
Imports
Import CRC offers were scarce in the week to Wednesday, mainly due to the impending introduction of CBAM and other trade measures.
Additionally, CRC from India, Japan, Taiwan, Turkey and Vietnam is subject to an anti-dumping investigation, leaving European buyers looking for alternative suppliers.
Sources reported hearing CRC on offer from Pakistan at €635 per tonne CFR to Southern Europe, excluding CBAM costs.
Offers from South Korea, meanwhile, were heard at €570-580 per tonne CFR to Antwerp, excluding CBAM costs – although this price could not be widely confirmed prior to publication.
Japanese coil was sold at “slightly below $700 per tonne CFR to Italy,” excluding CBAM cots, sources said, while offers for CRC from Japan were heard a $720 per tonne CFR to Italy.
Fastmarkets’ price assessment for steel cold-rolled coil, import, cfr main port Southern Europe was €590-620 per tonne on Wednesday, stable week-on-week.
