Trade activity in HRC market in Europe has slowed to a near halt as most buyers have not been rushing to replenish stocks given sufficient levels of stocks, while sentiment has remained cautious.
Besides, most distributors claim that they are supplied through the end of 2025 and some even into early 2026, meaning the market is not likely to see fresh restocking before December. Meanwhile, the import HRC market has remained under pressure from the Carbon Border Adjustment Mechanism (CBAM). Although more traders have been proposing DDP-based contracts assuming the CBAM risks, buyers are still uneasy about the chance of prices rising.
More specifically, local mills in northern Europe have kept targeting €630-650/mt ex-works for new orders for January and February deliveries, the same as last week. However, according to sources, the tradable price levels for January delivery coils have been estimated at €610-620/mt ex-works for mainly January delivery, up by €10/mt on the lower end of the range week on week.
Meanwhile, in Italy, while mills have been targeting €600-630/mt for January delivery, the same as last week, the tradable price level for January delivery is still estimated at €590-600/mt ex-works. According to sources, several bookings have been voiced for December delivery at €580-590/mt ex-works, though Italian mills are already largely sold out for December delivery.
In the import segment, indicative offer prices for HRC have remained at €475-520/mt CFR, while HRC import offers including CBAM costs on DDP basis have been voiced at €580-600/mt levels, depending on the supplier, up by €20/mt on the lower end of the range week on week.
More specifically, import offers on CFR basis, excluding CBAM costs, have been heard for ex-India HRC at $570-575/mt CFR, which translates to €490-495/mt CFR. Besides, offers for ex-Indonesia HRC have settled at €475-490/mt CFR, mainly the same as last week.
In the meantime, offers for ex-Turkey and ex-Taiwan HRC have been heard at €600/mt DDP, duty included, mainly the same as last week, including CBAM costs, compared to €580-600/mt DDP last week. Offers for ex-South Korea have been voiced at €580-600/mt DDP Italy. “We are curious whether there’s even any quota left for Q1 2026. Most believe Turkey is definitely already overfilled, and, given the current market mood, it wouldn’t be any surprise if other origins are as well,” a market sources told SteelOrbis.
Besides, several offers from different Asian HRC suppliers have been voiced in northern Europe at around €595-600/mt DDP.
According to sources across Europe, the launch of CBAM has been overshadowed by a patchwork of unclear information, effectively forcing buyers to navigate import choices with their eyes closed. There is a widespread expectation that the final stage of implementation will push the system toward greater use of real emissions measurements instead of default estimates, but the schedule for this transition remains undefined.
