European heavy plate round-up: EU plate producers seek higher prices on rising costs
European heavy plate producers have been targeting higher prices in the week to 7 November, amid rising costs and reduced availability of imported material.
EU authorities have proposed new tariff-rated quotas, both reducing the existing quotas and increasing duties. As a result, buyers have been showing increased interest in domestic plate as import volumes are expected to drop in 2026.
Italian re-rollers have been trading heavy plate at EUR620-640/t ex-works. As transaction prices started to approach the current target price of EUR650/t ex-works, market sources reported new price ideas of suppliers at EUR670-700/t ex-works for the first quarter of next year.
European re-rollers rely on imported slab, and the implementation of the carbon border adjustment mechanism (CBAM) from 2026 will result in higher costs. Sources estimated that CBAM duty for imported slab would reach around EUR50/t, making an increase in finished steel prices critical for the mills.
Offers of imported slab from China and Vietnam have been heard at $520/t CFR Italy, and exporters were ready to grant discounts of around $10/t. But re-rollers in Italy have been aiming for maximum prices of $500/t CFR, taking into the account the additional CBAM costs.
Some sources reported deals for semi-finished products from Brazil at $500/t CFR Italy, but the supplier is trying to increase the prices.
Adding pressure on re-rollers, supply of imported slab will be reduced following implementation of the 19th round of sanctions against Russia adopted in the EU last week including measures against Evraz PLC, a UK-headquartered company with core steel manufacturing and mining assets in Russia. Some re-rollers will have to find alternative slab sources, which most likely will be more costly.
In Germany, prices have recovered over the week, with mills offering plate at EUR710-720/t ex-works.
Re-rollers from both Denmark and Czech Republic have offered plate at EUR680/t ex-works.
| Weekly European heavy plate, slab and green steel | |||||
| Unit | Term | 07-Nov-25 | Change | ||
| Weekly heavy plate | |||||
| Northwest Europe ex-works heavy plate | EUR/t | EX-WORKS | 710.00 | 10.00 | |
| Germany delivered heavy plate (Northwest Europe) | EUR/t | DEL | 730.00 | 10.00 | |
| Italy ex-works heavy plate | EUR/t | EX-WORKS | 645.00 | 0.00 | |
| Weekly steel slab | |||||
| Italy CFR slab | $/t | CFR | 510.00 | -5.00 | |
| Weekly green steel | |||||
| Green heavy plate premium (scopes 1-3 CO2 under 1t) | EUR/t | 25.00 | 0.00 | ||
Maria Tanatar Associate Director, Steel and Green Steel
Benjamin Steven Journalist, Steel
EU heavy plate round-up: European heavy plate prices stable on seasonal slowdown
Summer holidays largely neutered any potential for price movement across the European heavy plate markets in the week to 8 August, with McCloskey’s sources discussing developments in the segment’s low-carbon offerings.
The Northwest European spot market was working with prices between EUR660-690/t ex-works for s235 grade heavy plate – while the re-roller heavy Italian market lags, cited between EUR590-630/t ex-works.
Input prices for Italian re-rollers are increasing however, potentially lifting existing price floors in southern Europe, with import slab offers heard slightly higher at $510-515/t ex-Asia and Brazil, considered sourceable at a $500/t CFR minimum. Recent US tariff intensifications were said to be a primary factor in the increased availability of Brazilian-origin slabs – also heard purchased in strong volumes from German integrated producers recently to stockpile ahead of the Carbon Border Adjustment Mechanism’s definitive stage in January.
McCloskey’s conversations with sources largely surrounded the increased visibility of low-carbon heavy plate in Europe in lieu of usual market activity during the holiday period, A Bulgarian electric-arc furnace (EAF) producer is reportedly asking for a EUR100/t premium for its certified green heavy plate production, with this target matched in the market by other existing EAF plate producers such as in Slovenia or Macedonia.
Market participants did not see much chance of achieving EUR100/t premia for low-carbon plate sales, perceiving the majority of relevant deals from the EAF mills as trading without any – or a very minimal – green premium. Where premiums are negotiated, volumes were said to be small, with purchase prices specific to the budget of the dependent project and rarely exceeding green plate premiums of EUR50/t – considered by distributors to be a more realistic estimation of the low-carbon value-add.
Maria Tanatar Associate Director, Steel and Green Steel
Benjamin Steven Journalist, Steel
EU plate, slab spot liquidity drops amid summer lull
European heavy plate and slab prices remained stable July 11, as sources shared expectations for limited import interest ahead of CBAM and dwindling summer demand.
“We are having discussions for re-stocking needs, but we have to give discounts to get these orders,” one mill source said, who, despite the reduced buying interest, reported otherwise stable market conditions and forward views. “It’s not surprising, there is not so much competition in the market from imports.”
The same source also referred to minimal interest in imported plates due to the upcoming Carbon Border Adjustment Mechanism.
A trader also recognized a preference for domestic heavy plates and slabs. He said, “Imports are not pleasant and not too attractive considering unloading and transport costs. It will be similar to re-rolling.”
Looking forward, the trader said, “After summer, everyone will try to move domestic prices up, and for imports, everyone is concerned about CBAM, but unless imports have guaranteed customs clearance for this year, buyers won’t budge.”
A service center source also pointed to quieter spot conditions on the week, citing summer holidays and a general slowdown across all construction and automotive-based industries in Europe.
Platts assessed plate at Eur595/mt ex-works Italy and in Northern Europe at Eur650/mt ex-works Ruhr, both stable on the day.
Platts assessed slab at $495/mt CIF Italy, stable week over week.
Steel heavy plate prices remain flat across Europe on poor demand
Trading activity in the Italian market was dull, with mainly hand-to-mouth bookings reported in the past week.
Achievable prices for commodity-grade steel heavy plate in Italy were estimated by buyers at €630-650 ($716-739) per tonne ex-works, against offers at €660-670 per tonne for April-May rolling.
Deals were reported at €640-650 per tonne ex-works.
Some mills were mulling higher prices for May-June rolling, around €680-700 per tonne ex-works, but buyers said that such prices were only possible for project business and were “totally unachievable” in spot sales.
The price of slab feedstock for plate production was stable around $500-520 per tonne CIF, with no grounds to raise plate prices, and unsupportive demand, a buyers source said.
As a result, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, on Wednesday was €640-650 per tonne, unchanged since mid-February.
June-shipment heavy plate from Asia was offered to Italy at €580-590 per tonne CFR.
An offer of s355 heavy plate from India was available at $680 per tonne FCA at Antwerp. This price was, however, deemed too high by European buyers.
Market sources also said that there were fewer offers of commodity grade heavy plate offers from South Korea, after new safeguards were announced. South Korean suppliers were heard to be focusing on premium plate deliveries for use in making wind-towers.
Northern Europe
In Northern Europe, the situation was similar, with traded volumes in the spot market being low, market sources said.
One German producer, which traditionally focuses on project business, was offering heavy steel plate with lead times around six weeks at €750-790 per tonne ex-works. But this price was not considered workable for the spot market.
Another German supplier maintained its offer price for steel plate at €690-720 per tonne ex-works from one location, and at €680-700 from another.
Buyer sources estimated achievable prices for commodity grade heavy plate, such as s235 and s275, in the range of €680-690 per tonne, even from suppliers which normally sought higher prices.
As a result, Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Northern Europe, was €680-700 per tonne on Wednesday, stable week on week.
Italian plate demand picks up
Italian heavy plate consumption is showing a modest improvement, as reports from two mill sources indicate an increase in order intake. Orders are still being executed for relatively small volumes and lead times remain short in February, Kallanish notes.
Import sales are limited amid elevated, uncompetitive pricing. Large buyers are expected to maintain their global purchasing strategies despite potential EU duties. By contrast, mid-sized buyers are showing reluctance to source material from the Far East due to the looming CBAM regulation and risk of retroactive duties. The EU is assessing the application of 15% quarterly safeguard quotas for each country of origin.
Despite the decrease in import transactions, European overcapacity and slow economic growth continue to be significant concerns. S275 grade transactions are occurring within the range of €630-640/tonne ($660-670) ex-works, or €650-655/t delivered, relatively stable week-on-week, while S355 is trading at a premium of €20/t above that. The current asking pricing from mills is set at €650-660/t ex-works for S275, while S355 is priced at €680/t.
Although the two mill sources indicate a gradual improvement in demand, a distributor reports that activity remains average. “Depending on the product, we are working at 30% to 40% less than we did last year across all of our long and flat products. The year 2024 was unremarkable; while we avoided losses, our earnings were also disappointing,” he comments. Margins declined last year and the performance in 2025 has been underwhelming so far, he adds.
Considering current processing costs and imported slab prices at $530-540/t cfr Italy, one mill has indicated it will continue to implement gradual price increases.
Natalia Capra France
Italian plate market stagnates
Italian heavy plate prices are currently stagnating, due to weak demand and a sluggish beginning to the year, sources tell Kallanish.
Transactions are occurring for smaller volumes, while larger clients have yet to resume their buying activities. Both the mill and distributors agree that activity is lacklustre in January.
A mill source suggests that when evaluating 2024, there was a notable slowdown in the second half. However, the results for the full year remain satisfactory as the company has not incurred any losses.
Currently, contracts for the Italian domestic market show a level of stability when compared to the end of the previous month. S275 grade transactions are currently taking place within the range of €630-640/t ex-works, with S355 trading at a premium of €20/t above that range.
Mills are attempting to uphold the price point of €650/t ex-works for S275.Booking prices for Asian-origin slab are approximately $530-540/t cfr.
The primary challenge for domestic plate producers remains the availability of Asian material at competitive prices. Monthly imports of plates from Asia into Europe have remained stable at approximately 180,000t/month last year.
A mill source indicates that domestic demand is being met by Asian producers who have established an efficient distribution network in Europe, facilitating the sale of vessels containing both small and large orders of material.
Asian producers have effectively shifted the quotas they lost on coils to plates, subsequently boosting their plate exports to Europe at competitive pricing, according to the source.
“We are unable to compete with their low pricing structure. Our processing costs are at a minimum three times greater than those of Asian steelmakers” he states and anticipates that developments will occur this year, as the European Union is expected to announce a safeguard review by the conclusion of the first quarter.
Natalia Capra France
Italian steel plate prices slightly firmer, but demand limited
But the Italian market was still quiet and trading limited.
Italian plate producers were maintaining their offer prices for new rolling at €650 ($667) per tonne ex-works and even higher in some cases.
Buyers, meanwhile, estimated the tradable level at €630-640 per tonne ex-works.
Very few transactions were reported within that range during the assessment week to Wednesday.
One supplier claimed to have sold a minor tonnage at €650 per tonne ex-works, but a producer source told Fastmarkets that sales below €640-650 were not possible due to costs.
Fastmarkets’ weekly price assessment for steel domestic plate, 8-40 mm, exw Southern Europe was €630-650 per tonne on Wednesday, widening up from €630-640 per tonne seven days earlier.
Some suppliers said that a second round of increases, to around €670-680 per tonne ex-works, would be needed because of the current high costs of production – including the cost of steel slab and electricity.
However, buyers were skeptical about any potential price rise.
“There is not enough demand to support [a price rise]. Even €650 [per tonne ex-works] is still hard to get,” a buyer source said.
The Italian market for imported steel plate was also quiet, Fastmarkets understands.
“Import prices are too high. Plus safeguards are currently under review, so there’s a potential risk of stricter measures as of April,” a second buyer said.
“The European market is at a standstill and shipments from Asia are [only likely to] start in end February-early March at the earliest, means arrival in April-May, which would be too risky,” the buyer added.
Steel plate from South Korea and Indonesia, meanwhile, was on offer to Italy at €570-580 per tonne CFR in the week to Wednesday, sources said.
Italian plate market enters quiet period with cautious hopes for price recovery in Q1
In Italy, trading picked up slightly in the past week, with buyers finalizing their bookings for the first quarter ahead of the year-end.
But trading was slow in general, and producer sources said they were getting 20-40% fewer orders in November-December compared with the same period last year.
As Fastmarkets reported earlier, Italian plate producers were trying to increase prices for new rolling and were targeting offers of €650 ($682) per tonne ex-works for the first quarter.
Some suppliers said they have had limited success, managing to seal higher prices in bookings with some clients.
But another supplier said that higher prices could have been sealed mainly for project business, while the spot market remained weak.
“For small- and medium-sized businesses, there is a struggle; there is fierce competition downstream. We will see if distributors and steel service centers manage to [increase] prices downstream in the new year,” a supplier source said.
Most buyer sources estimated tradeable prices at no higher than €630 per tonne ex-works in the week to Wednesday, claiming that some suppliers were still accepting lower prices to fill gaps in order books, particularly for commodity grades.
Deals were reported at €630-640 per tonne ex-works during the assessment week.
As a result. Fastmarkets’ weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe was €630-640 per tonne on Wednesday, narrowing upward by €10 per tonne from €620-640 per tonne on December 11.
Domestic suppliers were taking prolonged production stoppages in December and January, and industry sources expressed hopes that the move might help to balance the market so the Italian rerollers would be able to achieve higher prices in new-year trades.
The recent news about the safeguards review, announced by the European Commission on Tuesday December 17, also sparked some cautious optimism among sellers.
No details have been revealed yet about the potential changes to steel safeguard measures, but sources familiar with the matter said that quarterly quotas for some origins will likely be reduced and/or new individual quotas might be imposed.
Sources suggested that the Commission’s move will further limit appetite for overseas bookings and therefore support a rebound in European prices in the medium to long run.
“We are heading into [an] era of global trade wars and growing protectionism. Looks like reliance on domestic mills will only increase in 2025,” a buyer in Italy said.
Sources said that interest in overseas plate has already been somewhat cooled by talks about a potential anti-dumping investigation, and the recent safeguard news announcement might result in stronger reliance on European plate.
Some suppliers — notably South Korea, Indonesia and India — have significantly increased heavy plate shipments to the EU in 2023-2024.
Notably, in January-October 2024, total quarto plate deliveries from South Korea to the EU amounted to 640,513 tonnes, compared with 618,070 for the entire year of 2023, Global Trader Tracker (GTT) data showed. In 2022, South Korea shipped only 357,504 tonnes of plate to the bloc.
In the first ten months of 2024, India supplied 439,415 tonnes of quarto plate to the bloc, compared with 349,901 tonnes for the entire year of 2023.
In January-October 2024, quarto plate deliveries from Indonesia to the EU stood at 302,109 tonnes, compared with 328,894 for the entire year of 2023.
Offers of February-shipment plate to Italy from South Korea and Indonesia were heard at €570-580 per tonne CFR.
Dillinger, Sif team up to make monopiles fully circular low carbon
German steel producer Dillinger has signed an addendum to an existing deal with design engineering company Sif to supply its lower-emission heavy-plate steel for offshore wind foundations, the companies said May 16.
By signing the “green steel” addendum to the plate supply framework agreement, Dillinger and Sif said they have detailed the transition to supplying low carbon steel plates for Sif’s new and enhanced XXXL monopile factory, with the deal aiming to achieve full circularity of the monopiles.
“This agreement is key to decarbonizing materials such as steel. With this addendum and the MoU between Sif Decom and Dillinger, the partners support development of lower-emission steel manufacturing and circularity of materials used in offshore wind foundations,” Sif CEO Fred van Beers said.
“We are very proud of this future-focused collaboration with Sif,” Dillinger chair Stefan Rauber said. “Our steel plates from Dillinger, which in future will be produced with reduced CO2 emissions, are the basis for monopiles and wind farms where renewable energies are generated.”
Starting in 2027/2028, SHS and its subsidiaries Dillinger, Saarstahl and ROGESA plan to produce up to 3.5 million mt/year CO2-reduced steel under the PURE STEEL+ brand. By 2045, the entire production volume of the company’s crude steel is set to be carbon-neutral.
Many companies in different industries across the steel value chain are buying increasing volumes of low-carbon “green” steel to reduce their scope 2 and 3 emissions, closing offtake supply agreements to secure low-carbon raw materials.
Platts, part of S&P Global Commodity Insights, launched its carbon-accounted price assessments in May 2023, following the market trend of strengthening lower-carbon steel demand.
Platts assessed Northwest European hot-rolled carbon-accounted coil stable on the day at Eur765/mt ($832/mt) ex-works Ruhr on May 15.
The assessment was calculated in line with the sum of Platts daily carbon-accounted steel premium (CASP) assessment and Platts daily hot-rolled coil price assessment in Northwest Europe.
Annalisa Villa
