The market is also digesting news about leaked preliminary default values and benchmarks under the carbon border adjustment mechanism (CBAM), which is expected to come into effect on January 1, 2026 and affect the final cost of imported steel products.
In Northern Europe, market participants estimated workable prices for January-delivery coil mainly at €610-620 ($702.20-713.70) per tonne ex-works, with some bookings done within that range.
At the same time, mills’ targets remained at €620-650 per tonne ex-works.
One buyer source mentioned €630 per tonne ex-works as possible in the near term, but this level has not been widely seen in deals yet.
Fastmarkets’ daily steel HRC index, domestic, exw Northern Europe was €615 per tonne on Monday, up by €2.20 per tonne from €612.08 per tonne on November 21.
The index was up by €2.50 per tonne week on week and by €14.20 per tonne month on month.
The buyer noted that traders dealing with imported material may book now but hold stock in anticipation of better prices in 2026, which could give local mills an opportunity to push through further price increases.
Traders have increasingly stepped in to offer DDP-based import deals, taking on the associated risks on the seller’s side, but buyers remain cautious.
Asia-origin HRC scheduled for delivery in April was said to be available at €595 per tonne DDP Maastricht.
In Italy, January-delivery offer prices varied within €600-620 per tonne ex-works, depending on the producer.
Estimates of workable prices still did not exceed €600 per tonne ex-works.
Fastmarkets’ daily steel HRC index, domestic, exw Italy was calculated at €603.75 per tonne on Monday, up by €1.87 per tonne from €601.88 per tonne on Friday.
The index was up by €3.75 per tonne week on week and by €13.75 per tonne month on month.
