Hot rolled coil (HRC) prices in Europe have strengthened this week as leading European producer ArcelorMittal introduced higher offers for deliveries in late December and January. Specifically, ArcelorMittal has raised its offers by at least €30/mt, now quoting €630/mt for December and €650/mt for January, ex-works or delivered. However, market participants noted that these levels mirror the prices the producer had announced last month but was unable to implement at the time.
Other European mills have also floated higher offers, but resistance from customers remains firm amid limited spot activity. “It will be difficult to secure any significant price increases in December,” one trader said, noting that buyers are well covered for the fourth quarter with both domestic and imported material.
Specifically, local mills in northern Europe are reported to be targeting €610-630/mt ex-works for new orders for December deliveries, up by €10-20/mt week on week, while some even target €640/mt ex-works for delivery in January. However, the tradable price levels have been estimated at €580-590/mt ex-works in the north of Europe, up by €10/mt week on week.
Meanwhile, in Italy, indicative HRC offers from mills have remained at €590-610/mt ex-works for December delivery, against €570-580/mt ex-works for November and December delivery last week, while the tradable price level has settled at €560-580/mt ex-works levels, up by €20-30/mt since last week.
According to sources, while near-term sentiment remains subdued, some sources expect prices to edge higher in early 2026 as import availability tightens. However, the €650/mt ex-works level is widely seen as “too ambitious” under current conditions.
“For now, most mills are treading carefully, keen to maintain higher offers but aware that sufficient December tonnages remain unsold, and supply is far from constrained,” a market insider told SteelOrbis, adding, “They [mills] will continue taking orders for this year at discounted prices, while aiming for price increases early next year.”
Meanwhile, the import market for HRC in Europe has remained extremely weak as buyers continue to refrain from placing new import orders amid ongoing uncertainty surrounding CBAM compliance and EU safeguard regulations. With delivery timelines now stretching into December, most buyers see little incentive to commit to new cargoes. Indicative offer prices for import HRC have been estimated at €505-530/mt CFR, up by €5/mt on the lower end of the range week on week. However, higher offers for ex-Asia HRC for delivery in the first quarter of 2026, for ex-Thailand in particular, at around €570/mt CFR southern Europe have started to appear in the market including CBAM costs, according to sources.
Besides, talk about a deal for around 10,000 mt of ex-India HRC signed at $590 CFR Spain, or around €505/mt CFR for delivery in December, has been circulating in the market this week.
Offers for ex-Turkey HRC have been estimated at €520-540/mt CFR, duty included, for delivery in December, but market participants note that the import quota is already full, meaning not all incoming cargoes can be cleared duty-free.
