European hot-rolled coil prices continued to face sustained downward pressure June 5, as weak apparent demand, aggressive import offers, and persistent buyer caution weighed on market sentiment.
“There’s clear pressure on prices — most mills are still aiming for Eur620-630/mt ex-works, but it’s hard to find a workable number. Buyers are expecting prices to keep falling into summer before any Q4 rebound,” a European distributor said.
Despite stable real consumption, several sources cited low apparent demand, as buyers continued to delay procurement in the hope of lower pricing. The mood among market participants remained pessimistic, though some noted that similar bearishness in 2024 reversed faster than expected.
“Buyers are very downbeat, but I don’t share that view entirely. Last summer was the same, yet prices still fell through October. It’s always hard to call the bottom,” a stockholder said.
Offers from mills remained higher in the Eur620–630/mt ex-works range, though some market participants pointed to unconfirmed sales from a major producer around Eur580/mt ex-works Ruhr.
Platts assessed domestic HRC in Northwest Europe at Eur600/mt ex-works Ruhr, down Eur10 day over day, and in Southern Europe at Eur585/mt ex-works Italy, down Eur5 day over day.
Import offers remained highly competitive. Indonesian-origin HRC was heard offered below Eur500/mt CFR Southern Europe, however, buyers remained cautious amid the risk of antidumping measures and upcoming changes from the EU’s Carbon Border Adjustment Mechanism.
“Imports are tempting, especially with a strong euro, but many are holding back due to CBAM uncertainty. The big question now is what to buy before the system starts to bite,” a trader said.
Platts assessed imported HRC in Northwest Europe at Eur520/mt CIF Antwerp, and in Southern Europe at Eur510/mt CIF Italy, both stable day over day.
