European steel HRC prices largely stable, buyers remain cautious

European prices for steel hot-rolled coil remained largely stable on Wednesday October 23 in a quiet market, sources told Fastmarkets.

Mills in Northern Europe were hoping for a price rebound in the first quarter of 2025, with their offer prices for this period at €600 ($649) per tonne ex-works, Fastmarkets understands.

Producers were pushing for higher prices to cover rising production costs. They also expected uncompetitive import offers to support the price rebound at the start of next year.

But according to Fastmarkets’ sources, some production cuts might also be necessary to balance the market.

Some mills in Northern Europe were still selling material for November/December delivery at €550-570 per tonne ex-works, Fastmarkets understands.

Buyers’ estimates of the tradeable market price were heard at €540-560 per tonne ex-works.

Fastmarkets calculated its daily steel HRC index, domestic, exw Northern Europe, at €550.00 ($594.68) per tonne on Wednesday, down by €3.75 per tonne from €553.75 per tonne the previous day.

The index was down by €5.00 per tonne week on week and by €6.00 per tonne month on month.

A buyer source told Fastmarkets that customers were still very cautious, waiting to see which direction prices would go.

“Customers do not want to commit to any particular price or volume for now,” the source said.

“There was a short pick-up in trading for a week-and-a-half, but now the market is quiet again,” a second buyer source told Fastmarkets.

In Southern Europe, Fastmarkets calculated its daily steel HRC index, domestic, exw Italy, at €548.38 per tonne on Wednesday, up by just €0.25 per tonne from €548.13 per tonne on Tuesday.

The Italian index was, however, down by €3.29 per tonne week on week and by €7.87 per tonne month on month.

Suppliers in Italy were offering December/January-delivery HRC at €580 per tonne delivered, which would net back to €570 per tonne ex-works, with possible discounts of no more than €10 per tonne, Fastmarkets understands.

But demand from end-user customers remained very weak.

“There have been very, very few transactions recently. There are almost no requests for material,” a third buyer source told Fastmarkets.

Buyer estimates of the workable market were heard at €540-550 per tonne ex-works. Some transactions were reported at €540 per tonne ex-works.

Asia-origin HRC was on offer to Italy at €560-570 per tonne CFR.

Turkey was heard offering HRC to Italy at €580-590 per tonne CFR, including anti-dumping duty.

According to buyers, however, these prices were too high. Taking into consideration the trade risks, import offers of HRC remained uncompetitive, sources told Fastmarkets.

Buyer estimates of the workable price for imported HRC were heard at €530 per tonne CFR.

But this price was far from the targeted offer prices and no deals were reported in the market.

Published by: Darina Kahramanova