European HRC prices remain steady in quiet market

Prices for European hot-rolled coil were largely flat on Monday October 28 in a quiet market, sources told Fastmarkets.

Fastmarkets calculated its daily steel HRC index, domestic, exw Northern Europe at €550.29 ($594.04) on Monday, up by just €0.29 per tonne from €550.00 per tonne on Friday October 25.

The index was down by €2.84 per tonne week on week, but up by €5.08 per tonne month on month.

Mills in Northern Europe were heard offering November/December-delivery HRC at €550-570 per tonne ex-works.

Higher prices were on offer for the first quarter of 2025, at €580-600 per tonne ex-works, sources said.

But buyer estimates for the workable level for November/December-delivery came in at €540-550 per tonne ex-works.

And some deals were reported at €550 per tonne ex-works.

Producer hopes for a stronger price rebound seem to have been postponed, however, at least until the first, or even second, quarter of next year, Fastmarkets understands.

The main factors expected to support prices were the uncompetitive import offers and potential production cuts across Europe, but there has been no official information about any moves in this direction, sources told Fastmarkets.

There were some rumors one integrated mill in Europe planned to increase its HRC offer prices in November, but that could not be confirmed.

“The main problem of the steel sector in Europe is the very low demand or the lack of demand,” a buyer source told Fastmarkets.

And a second buyer said the market remains quiet.

“I doubt that many buyers would like to book HRC even at €550 per tonne ex-works. Some volumes were already traded when prices were lower – at €520-530 per tonne ex-works,” the second buyer source said.

The source told Fastmarkets that, while attempts by producers to push up prices in October were not so successful, they did at least stop prices falling any further and Europe’s automotive sector was still struggling, with some companies not booking the expected volumes of HRC.

“This is the reason why some mills are still offering November-delivery coil,” the second buyer source added.

In Southern Europe, Fastmarkets calculated its corresponding daily steel HRC index, domestic, exw Italy at €547.00 per tonne on Monday, up by €0.75 per tonne from €546.25 per tonne on Friday.

The Italian index was down by €4.25 per tonne week on week, but up by €5.33 per tonne month on month.

Trading in Italy was quiet, sources said, with suppliers pushing to achieve their offer prices without granting significant discounts.

Local mills were offering December/January-delivery HRC at €570-580 per tonne delivered (€560-570 per tonne ex-works), Fastmarkets understands.

And sources said that November-delivery material was also still available.

Buyer estimates for the tradable market level came in at €540-550 per tonne ex-works.

Import offers of HRC, meanwhile, remained uncompetitive and there were no fresh deals, sources told Fastmarkets.

November-shipment HRC from Turkey was on offer at €580-590 per tonne CFR Italy, including the anti-dumping duty, while Asian material was on offer at €550-570 per tonne CFR, Fastmarkets understands.

Published by: Darina Kahramanova

fastmarkets.com