European hot-rolled coil prices were broadly stable amid subdued trading on Wednesday July 23. Mills expected regulatory pressure and increased protectionism to support price rebounds later in the year, and ArcelorMittal increased offers by €30 ($35) per tonne, Fastmarkets heard.
Trading was seasonally quiet in the European HRC market, sources said.
However, most major suppliers have already closed order books for September-delivery coil, with some mills already trying to implement minor price hikes for October-delivery material.
“European mills are relying a lot on the potential impact of CBAM (Carbon Border Adjustment Mechanism) on the market and also the implementation and new trade measures to replace safeguards,” a buyer source said. “These measures are supposed to limit imports, especially in the first quarter of 2026, so European mills will be able to grab bigger market share.”
Leading European steelmaker ArcelorMittal increased HRC offers for October delivery by around €30 per tonne, to €590 per tonne delivered in Northern Europe, several sourced told Fastmarkets.
It remains to be seen if new offers will be sealed in deals.
“I heard that [a leading European steel producer] intends to increase [HRC prices], but I guess the market will not accept,” a second buyer said.
Offers from integrated suppliers in Europe were reported at €560-590 per tonne ex-works.
Italy-origin coil was offered to Germany at €580-600 per tonne delivered, but buying interest for such prices was minimal so far. An Italian supplier could still offer September lead times, sources said.
Buyers’ ideas of tradable prices were still hovering around €540-550 per tonne ex-works.
“It remains to be seen if higher offers will be traded. Mills put too much hope in protectionism, while real consumption is not supportive of any increase at all,” a third buyer said.
But most mill sources that spoke to Fastmarkets indicated a minimum €560 per tonne ex-works for new sales.
Some suppliers claimed that new offers should be in the €600s per tonne amid high production costs.
As a result, Fastmarkets’ calculation of the daily steel hot-rolled coil index, domestic, exw Northern Europe was €555.00 per tonne on July 23, stable day on day.
The Northern European index was up by €7.94 per tonne week on week but was down by €25.23 per tonne month on month.
Meanwhile, in Italy, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy was calculated at €526.88 per tonne on Wednesday, down by just €3.75 per tonne from €530.63 per tonne on Tuesday.
The index was however up by €2.50 per tonne week on week, but down by €29.12 per tonne month on month.
Local integrated suppliers were aiming for €540-550 per tonne ex-works for coil to be delivered in September-October, but this price was not yet accepted in deals.
Buyers’ estimates of achievable prices remained at €520-530 per tonne ex-works.
“We still have about two weeks before summer closures — we’ll see if mills manage to sell anything at higher prices,” a source in Italy said.
Import offers were broadly stable in the week to Wednesday, but there were some signs of higher offers amid cautious optimism in China.
Fastmarkets’ weekly assessment for steel hot-rolled coil import, cfr main port Southern Europe was €450-500 per tonne on Wednesday, stable week on week.
