European hot-rolled coil markets remained subdued Sept. 18, with sentiment shaped by weak demand and persistent uncertainty around upcoming regulatory changes.
Market participants described trading as “very slow,” with most buyers refraining from restocking until clearer guidance emerges on CBAM benchmarks and safeguard measures. “Mills are struggling to close deals because there’s simply too much uncertainty,” one source said, adding that the muted environment was unlikely to improve before October.
Domestic tradable values were indicated around Eur550-560/metric ton ex-works Italy and Eur565-570/mt EXW Ruhr, while mill offers reached Eur570 EXW Italy and up to Eur620/mt delivered Germany. Buyers, however, said such offers were largely unworkable given the availability of cheaper imports.
Import activity provided some direction, with Turkish and Indian offers heard at Eur520-530/mt CIF Italy and Antwerp, while Indonesian material was indicated at Eur485-490/mt CIF depending on volumes. Sources warned, however, that delivery risks for Southeast Asian shipments were deterring bookings.
Meanwhile, traders flagged that the price gap between European and imported cold-rolled coil could widen if investigations or new measures restrict inflows.
“It’s not good for end users, but buyers always find a way to source,” one distributor said.
The European Commission has initiated an antidumping investigation into imports of cold-rolled flat steel products from India, Japan, Taiwan, Turkey and Vietnam, in response to allegations that below-cost pricing is harming the EU’s domestic steel industry.
Platts assessed Southern European HRC at Eur555/mt EXW Italy, up Eur5 day over day, and Northern European HRC at Eur570/mt EXW Ruhr, stable day over day.
Platts assessed imported HRC at Eur480/mt CIF South Europe and Eur480/mt CIF Antwerp, both down Eur5 day over day.
