Participants in the European steel market expect largely stable conditions in October, with modest price gains alongside broadly steady inventory and production levels, according to the latest Platts European Steel Sentiment Survey.
Price index
The overall price index for October was measured at 68.75 points, down from 87.50 points in September, indicating that participants expect prices to increase, but more slowly than they expected last month.
Trader, stockholder and service center sentiment on price was measured at 62.5 points, while producer sentiment stood at 75 points.
Despite support from European regulation and increased cost pressure, mills have struggled to consolidate higher price levels amid strong buyer resistance and weak underlying demand. Mills have remained firm on pricing, and prices have gradually increased, but persistent buyer resistance has dampened sentiment.
Platts, part of S&P Global Energy, last assessed domestic hot-rolled coil in Northern Europe on Oct. 6 at €745/metric ton, ex-works Ruhr, up €15/mt month over month.
Platts last assessed rebar in Northwest Europe on Sept. 30 at €665/mt, ex-works, unchanged month over month.
| Month | May 2026 | June 2026 | July 2026 | August 2026 | September 2026 | October 2026 |
| Index | 75 | 64.29 | 47.50 | 55 | 87.50 | 68.75 |
Source: S&P Global Energy
Production index
The overall production index was measured at 59.38 points, up from 52.50 points in September, indicating that surveyed participants expect production to increase slightly toward year-end.
Trader, stockholder and service center sentiment declined to 43.75 points, while producer sentiment increased to 75 points, suggesting that mills expect higher output even as downstream participants remain cautious.
| Month | May 2026 | June 2026 | July 2026 | August 2026 | September 2026 | October 2026 |
| Index | 47.50 | 57.14 | 50 | 15 | 52.50 | 59.38 |
Source: S&P Global Energy
Inventory index
The overall inventory index was measured at 40.63 points, up from 37.50 points in September, indicating that participants still expect inventories to decline, albeit at a slower rate.
This figure comprised readings of 56.25 points for traders, service centers and stockholders, and 25.00 points for producers.
The index suggests that participants expect stock levels to decline modestly as older imported material continues to be consumed by downstream buyers ahead of more recently purchased domestic material.
| Month | May 2026 | June 2026 | July 2026 | August 2026 | September 2026 | October 2026 |
| Index | 50.83 | 46.43 | 48.33 | 25 | 37.50 | 40.63 |
Source: S&P Global Energy
Author: Riley Waters
