European steel hot-rolled coil prices were little changed on Monday November 17, with offers firm, while buyers were warning that a recent rebound might be fragile amid lack of support from real demand, Fastmarkets heard.
Overall, offers for January-February-delivery HRC from integrated mills in the region varied between €620 and €650 ($719-753) per tonne ex-works, although workable prices tended to be lower amid limited trading, market sources said.
Market participants added that some mills were now largely booked-up until January or even February, which would allow them to maintain higher offer prices.
In Northern Europe, domestic HRC prices were estimated in the range of €600-620 per tonne ex-works by buyers, with some bookings reported at €605-615 per tonne in the Benelux area and Germany for January-delivery HRC.
Purchasing remained slow, with many buyers delaying new commitments because of the heavy inflow of imported tonnages expected to arrive in December and January.
“Some European mills still have some December tonnages to fill, but many buyers simply push decisions into January because of imports and unclear policy,” a buyer in the Benelux area said.
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Northern Europe, was €612.50 per tonne on Monday, down by just €0.42 per tonne from €612.92 per tonne on November 14.
The index was up by €2.50 per tonne week on week and by €21.25 per tonne month on month.
In Southern Europe, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €600.00 per tonne on Monday, down by €1.25 per tonne from €601.25 per tonne on Friday.
The index was, however, up by €3.75 per tonne week on week and by €20.00 per tonne month on month.
Official offers from local suppliers for January delivery HRC were reported around €620 per tonne ex-works, but workable prices for January were closer to €600-610 er tonne ex-works, market sources said.
Some limited December-delivery tonnages were still available at €580–600 per tonne ex-works, depending on volume. Mills and rerollers were reported selling December tonnages around €590-595 per tonne, while continuing to quote €620 per tonne for 2026 delivery.
Market participants noted that activity in Italy remained very limited, with distributors and end-users still focused on destocking before year-end.
Import activity remained subdued across Europe, with many buyers hesitant to commit to new bookings before gaining clarity on landed costs, including Carbon Border Adjustment Mechanism (CBAM) charges.
Asian suppliers continued to offer material and some were reported willing to include CBAM costs to simplify transactions. Still, volumes remained limited because many buyers preferred to rely on port stocks to avoid logistical and administrative complications.
“Stocks are sufficient and everyone wants to see how the first CBAM declarations play out before making new commitments,” a buyer in Italy said.
Nonetheless, in October-November, European buyers booked significant tonnages of HRC from India, Indonesia, with arrival in 2026, Fastmarkets heard.
“Some suppliers are competitive even with CBAM,” a second buyer said.
