European stainless flat prices continue to rise, with further increases expected on coils and sheets for June and July delivery compared with May offers, market participants tell Kallanish.
A large stainless steel processor says demand remains broadly unchanged from the second half of 2025, with no significant order intake increase. However, the supply chain has changed with very low imports and EU mill lead times now extending into late May.
Producers are expected to implement further price increases for cold and hot rolled coils for June and July delivery. Delivery delays are gradually improving, although some mills continue to face disruptions due to technical issues and other operational problems.
For May delivery, mills are quoting and agreeing CRC deals at €2,500–2,570/tonne ($2,877-2,960/t) delivered, while hot rolled coil is heard at around €2,300-2,350/t. HRC and CRC imports have both declined sharply in recent weeks due to CBAM, the upcoming safeguard changes and other protectionist measures. Some mills have already begun offering CRC at around €2,600/t delivered in certain markets for June delivery.
A mill source expects further increases in raw material, energy and logistics costs in the coming weeks. Another mill source says uncertainty remains over how far prices can be pushed given rapidly rising scrap costs.
According to the source, levels of around €2,600/t would only offset cost increases without restoring margins. For June and July delivery, CRC prices could rise to around €2,700/t, a third source suggests.
Another mill source highlights difficulties in securing raw materials, particularly scrap, as well as logistical constraints since the start of the conflict.
The second half of the year is expected to be seasonally weaker, and at price levels of around €2,600/t for CRC, mills would generate no profit.
At the same time, downstream demand remains subdued, with consumption still limited. Several buyers report shifting towards lower-priced products, saying they cannot afford higher price levels for larger volumes.
One buyer notes they are reducing purchasing volumes, while another comments that “distributors are not performing any better and are coming off a year of financial strain”.
Italy is lagging slightly behind northern Europe in terms of CRC prices, although the market has also seen a sharp increase in recent weeks. From levels of around €2,250/t delivered in February, buyers are now paying €2,470–2,480/t delivered for CRC.
Scrap prices are also rising. For April, mill sources and sellers expect 304 scrap to exceed €1,400/t. Mills have been using lower-cost semis and raw materials imported from Asia before the implementation of CBAM and are now turning to scrap, which is both expensive and in limited supply.
With scrap at these levels, sources expect CRC prices to move above €2,650/t in the coming weeks.
Placing orders for Asian coils would see deliveries in the third quarter, when the new safeguard measures will be in force. This, together with rising scrap prices, is providing strong support for further price increases.
One steel processor and coil producer says it is suspending sales for its products. It notes that the outlook for the first half of 2026 is largely set, with CRC prices and scrap costs continuing to rise and imports remaining limited due to protectionist measures. The outlook for the second half of the year, however, remains uncertain.
Meanwhile, service centres in northern Europe report improving activity, with a more positive order intake and increasing sheet prices to €2,700-2,750/t ex-works, Kallanish notes.
