The Spanish hot rolled coil market is nearing Christmas with prices steady after demand recovered slightly at the beginning of December, market sources tell Kallanish.
“We saw a rebound in HRC purchases in early December,” says one seller. “Customers from the main demand sectors closed larger quantities of HRC this month. Their latest purchases, both in terms of volume and short delivery time, show they are keeping a close eye on the possible effects of the European Commission’s latest decisions on trade policy,” he explains.
Most supplies are sourced domestically, as buyers are very cautious about imports, with an increase in costs on the horizon following the 1 January 2026 implementation of the Carbon Border Adjustment Mechanism (CBAM).
“Steel selling prices are rising, but market consumption is not keeping pace. The usual selling levels for covering new purchases have been distorted, and we are unable to avoid losses due to a lack of stock,” a market participant confirms.
Spanish steel distributors agree that a shortage is expected at the beginning of 2026 and point out that delivery times will be decisive for the market.
Spanish steelmakers are resisting making concessions on their HRC prices, which currently stand at €610-620/tonne ($715.9-727.7). ArcelorMittal is offering the material at €40-50/t higher.
Steel distributors’ HRC prices range from €690-710/t delivered.
