Trading was almost non-existent, with buyers and sellers holding back from making new deals, Fastmarkets understands.
Mills in Europe entered winter holiday breaks, and many market participants took leave starting on Monday December 23 and are planning to return after January 6.
Fastmarkets’ sources continued sharing mixed sentiment about the market development in the first quarter of 2025.
Some sources hoped for a price rebound in the first months of the next year mainly due to the limited import availability and the stronger reliance of buyers on domestic HRC, Fastmarkets understands.
This trend is expected to be supported by the new steel safeguard review, announced by the European Commission, which would additionally decrease the incentives to buy material from imports.
“I do not expect any significant change in the market in January, but in February and March, we will probably see some price increase based on restocking,” a buyer source told Fastmarkets.
However, many industry sources were skeptical regarding potential positive market development, with low demand remaining the main concern.
“A few years ago, when demand was better, domestic prices were going up despite the significant imports. But now, there is just no demand,” a second buyer source told Fastmarkets.
Recent news from the European automotive industry also indicated decreased demand for flat steel products.
German carmaker Volkswagen (VW) announced massive production cuts and staff redundancies in Germany by 2030, Fastmarkets reported.
Notably, a reduction in capacity of 734,000 units across German plants is planned before 2030, and the workforce will be reduced by more than 35,000 people across VW’s German locations by 2030.
Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €565.00 ($588.37) per tonne on Tuesday, unchanged from the previous day.
The index was up by €3.87 per tonne week on week and by €2.50 per tonne month on month.
The latest official offers for February/March-delivery HRC from first-tier Northern European mills were heard at €600-630 per tonne ex-works or delivered, industry sources told Fastmarkets.
However, the price increases achieved in deals last week were minor, Fastmarkets understands.
Tradable values were reported within the range of €560-580 per tonne ex-works.
In Southern Europe, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Italy at €562.50 per tonne on Tuesday, also unchanged from the previous day.
The Italian index was up by €2.50 per tonne week on week and by €2.92 per tonne month on month.
The Italian market was also quiet ahead of the Christmas holiday period.
Local suppliers were heard offering HRC for delivery in February and March at €580-620 per tonne delivered, which would net back to €570-610 per tonne ex-works.
Buyers’ estimations of the workable market level for such material were heard at €570-580 per tonne delivered, which equals €560-570 per tonne ex-works.
The imported HRC market was also quiet ahead of the holidays.
