Mills across Europe were keeping their offers steady ahead of long-term contract negotiations for 2026, market participants said, adding that producers were focusing on securing favourable terms for long-term contracts with automotive buyers, while avoiding downward price moves in spot sales that could weaken their negotiating position.
The ongoing uncertainty surrounding the implementation and cost impact of the EU’s Carbon Border Adjustment Mechanism (CBAM) for imports continued to add to the mills’ bullish outlook, sources said.
Northern Europe
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was €612.92 per tonne on November 14, up by €0.59 per tonne from €612.33 per tonne on November 13.
The index was up by €6.25 per tonne week on week and by €24.17 per tonne month on month.
Trading in the region remained muted, with most buyers having sufficient stocks and little need for new volumes, sources said, with offers from regional mills largely unchanged at around €620–650 per tonne ex-works for January-February delivery.
Transactions for January delivery HRC were reported at €600-620 per tonne ex-works in the Benelux area and in Germany.
“Mills are holding their offers to avoid undermining long-term contract talks,” one German buyer said. “They are pushing for substantial price increases of more than €100 per tonne for 2026 [long-term] contracts, but buyers are not ready to accept that.
Steel service centers (SSCs) reported buying only small volumes, citing weak downstream demand and difficulty in passing on the higher input costs to their customers.
“It’s impossible to increase prices in the current environment,” a German SSC source said. “Plus, import offers are appearing at €20-30 per tonne below European prices – not massively cheaper, but enough for some to diversify supplies.”
Market participants agreed that near-term trading activity was likely to remain subdued, with only small, necessity-based purchases taking place.
Italy
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €601.25 per tonne on Friday, up by €2.37 per tonne from €598.88 per tonne on Thursday.
The index was also up by €5.25 per tonne week on week and by €23.12 per tonne month on month.
Italian suppliers were targeting €620 per tonne ex-works for January delivery, Fastmarkets understands, although these levels have not been reflected in transactions so far.
Some tonnages of December-delivery coil remained available at €590–600 per tonne ex-works, with mills offering only limited volumes because local buyer stock levels remain high. One supplier claimed to be completely sold out for December-delivery volumes.
But other sources said there was still plenty of imported coil in the market and that it was available at lower prices.
Offers for imported HRC to Italy were reported at €560–580 per tonne DDP, inclusive of CBAM costs, for material from Turkey and India. And earlier in
November, HRC from Indonesia was transacted at €470 per tonne CFR, excluding CBAM costs.
