European HRC prices stable amid limited activity

European hot-rolled coil steel prices remained unchanged on Monday October 21 amid muted trading, sources told Fastmarkets.

Most Northern European consumers refrained from buying finished steel on Monday, in anticipation of greater clarity on the direction of HRC prices after the EuroBLECH international sheet metal exhibition, taking place in Hanover, Germany on October 22-25.

Some sources told Fastmarkets they expect HRC prices to stabilize during the event and that an uptrend would be seen after the fair.

But some buyers were more skeptical and predicted that prices might even fall after the fair due to the persistently slow demand in the region.

At the beginning of October, ArcelorMittal announced a €40 ($43) per tonne increase to its European offer prices for HRC – a move that was later followed by other European steel producers.

In Northern Europe, HRC was on offer at €580-590 per tonne ex-works, sources said, with offers for the first-quarter of 2025 of up to €600 per tonne ex-works.

Some mills in the region, meanwhile, were still struggling to sell November-delivery material and sources said that some offers from before ArcelorMittal’s price hikes were also still available.

Fastmarkets heard some deals reported at €530-550 per tonne ex-works.

Buyers, meanwhile, estimated the workable price for November/December-delivery HRC in Northern Europe at €540-560 per tonne ex-works.

Fastmarkets calculated its daily steel HRC index, domestic, exw Northern Europe, at €553.13 per tonne on Monday, unchanged from October 18.

The index was up by €3.75 per tonne week on week, but down by €3.33 per tonne month on month.

In Southern Europe, Fastmarkets’ daily steel HRC index, domestic, exw Italy, was calculated at €551.25 per tonne on Monday, also unchanged from Friday.

The Italian index was up by €6.25 per tonne week on week, but down by €6.25 per tonne month on month.

One local supplier was heard offering HRC at €580 per tonne delivered, which would net back to €570 per tonne ex-works.

According to a buyer source, a discount of €15-20 per tonne from that price was possible.

Others told Fastmarkets that while the supplier was not leaving much room for negotiations and was insisting on the advertized price, buyers estimated the workable level at €540-555 per tonne ex-works.

Import offers remained uncompetitive compared with local prices, meanwhile, and Fastmarkets understands that most consumers currently prefer to buy material from the domestic market.

Published by: Darina Kahramanova