Most European buyers currently relied mainly on domestic producers and avoided buying imported HRC due to the trade risks, related to the latest steel safeguard review of the European Commission, Fastmarkets understands.
According to Fastmarkets’ sources, this was the main factor that fueled the observed price increase. Despite some small fluctuations, HRC prices in Europe have been increasing gradually since the beginning of January.
Besides, Fastmarkets’ sources expected that there would be more clarity on the new safeguard measures by the end of the week.
This also fostered expectations among local buyers that the domestic prices of HRC would only increase in the short run, stimulating them to make some restocking, sources told Fastmarkets.
Mills in Northern Europe were heard offering HRC with delivery in the second quarter of 2025 at €640 ($669) per tonne ex-works.
One integrated steel mill continued offering such material at €660 per tonne ex-works.
“I think that by the end of the week, offers of other producers in the region will also reach the €660-per-tonne level,” an industry source told Fastmarkets.
Fastmarkets’ sources estimated the workable market level for HRC in the region at €610-620 per tonne ex-works.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €618.75 per tonne on Monday, up by €0.62 per tonne from €618.13 per tonne on Friday February 21.
The Northern European index was up by €13.75 per tonne week on week and by €32.50 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €610.00 per tonne on Monday, up by €2.92 per tonne from €607.08 per tonne on Friday.
The index was up by €15.00 per tonne week on week and by €30.00 per tonne month on month.
Italian producers were offering April-delivery HRC at €620-640 per tonne delivered, which would net back to €610-630 per tonne ex-works.
Most Fastmarkets’ sources estimated the workable market level for HRC in Italy at €610 per tonne ex-works.
The European market for imported HRC was quiet on Monday.
Asian suppliers were heard offering May-shipment HRC to Italy and Spain at €560-580 per tonne CFR.
