European HRC prices steady; buyers expect future market developments
Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €653.75 ($724.03) per tonne on Wednesday, down marginally by €0.63 per tonne from €654.38 per tonne the previous day.
The Northern European index was up by €2.71 per tonne week on week and by €22.37 per tonne month on month.
Mills in Northern Europe continued offering June-July delivery HRC at €670-700 per tonne ex-works, industry sources told Fastmarkets.
However, the price levels in transactions were below the targeted offers, Fastmarkets understands.
Buyers’ estimations for the tradable market level were mainly at €640-650 per tonne ex-works.
“The market is very quiet now. I do not think that levels of around €700 per tonne ex-works will be achieved. The European economy is in crisis and real consumption is still low,” a distributor source based in Germany told Fastmarkets.
The source added that the market would probably slow down due to the upcoming Easter holidays.
A distributor source from the Benelux region also confirmed that the market is comparatively calm now.
In Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €631.25 per tonne on Wednesday, unchanged from the previous day.
The index was up by €6.25 per tonne week on week and by €11.25 per tonne month on month.
The latest domestic offers for HRC with delivery in four to five weeks were heard at €660-670 per tonne delivered, equivalent to€650-660 per tonne ex-works.
An integrated European mill was still offering June-delivery HRC in the Italian market at €680-700 per tonne delivered, Fastmarkets understands.
However, no major transactions were heard in the Italian market, with most buyers estimating the tradable market level at €620-630 per tonne ex-works.
Regarding imports, Indonesia was heard offering HRC to Italy at €550-560 per tonne CFR, but some sources reported higher offer levels from the same destination, reaching €580-585 per tonne CFR.
India offered HRC to Italy at €580-590 per tonne CFR, industry sources told Fastmarkets.
Thailand was also heard offering HRC to Italy at €580-590 per tonne CFR.
Turkey continued offering HRC to Italy at €580-590 per tonne CFR, including the anti-dumping duty.
Some transactions with Turkish HRC to Spain were reported at €600-605 per tonne CFR, including the anti-dumping duty, but these were not largely confirmed by other market sources.
European HRC producers seek higher prices; buyers cautious amid lack of real demand
On Tuesday April 1, leading European steelmaker ArcelorMittal increased HRC prices by another €20 per tonne to €700 per tonne ex-works or delivered, Fastmarkets reported.
Later in the week, other suppliers followed the move with smaller increases, with offer prices for June-July delivery HRC in Northern Europe reported at €660-670 per tonne ex-works — in Germany and the Benelux area.
Buyers, however, estimated achievable prices at 640-650 per tonne ex-works.
“HR sheet prices are still too low to pay even €650 [per tonne ex-works] for HRC. We had a few weeks with a pick-up in orders, [but] now it’s getting quieter,” a German distributor said.
Another distributor source agreed that the current uptrend was not demand-driven, but mainly driven by trade defense measures.
“European mills are well-booked for the second quarter and import availability is limited due to safeguards and anti-dumping measures. It’s a sellers’ market now, so prices are likely to keep ticking up,” a second distributor said.
Sources, however, were worried about the long-term outlook, given the still-weak demand from key steel-using sectors and possible deterioration in demand from the already-struggling automotive sector, which is being impacted by Trump’s tariffs.
“So far, the volumes [of flat steel] taken by the automotive [sector] are not bad, but global markets remain unpredictable,” a mill source said.
Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €651.83 ($718.30) per tonne on Friday, up by €1.33 per tonne from €650.50 per tonne on Thursday April 3.
The Northern European index was up by €6.83 per tonne week on week and by €22.79 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €627.50 per tonne on Friday, up by €2.50 per tonne from €625.00 per tonne on Thursday.
The index was up by €2.50 per tonne week on week and by €9.17 per tonne month on month.
HRC prices in Italy were not showing the same growth momentum as in Northern Europe lately, due to muted downstream demand and relatively high stocks at buyers, sources said.
The latest offers heard from Italian suppliers were at €630-650 per tonne ex-works, but buyers were still estimating the tradable market level at €620-630 per tonne ex-works, sources told Fastmarkets.
However, a major supplier withdrew offers from the market on Thursday and was expected to come back with higher prices shortly, sources said.
In the secondary market, 4 mm HR sheet was on offer at €700-720 per tonne CPT, and sales were “not booming.”
Overseas coil offers to Italy were broadly unchanged.
Asian suppliers were heard offering HRC to Italy at €550-570 per tonne CFR for May shipment.
An Indian supplier was offering HRC to Europe at €590 per tonne CFR for May shipment.
Turkey continued to offer May-shipment HRC at €590-600 per tonne CFR, including anti-dumping duty.
UK HRC market sideways as ex-EU offers climb
The UK hot-rolled coil prices remained stable on April 3, as sources pointed to generally higher offers but limited spot inquiries and caution amid an uncertain geopolitical picture.
Offers from European mills increased further in the week, with offers heard as high as GBP570-595/mt DDP West Midlands. Imports from Turkey and South Korea were reported slightly lower, at a range of GBP535-550/mt DDP West Midlands, but with slightly further out delivery timings. Sources stated that there continued to be a large oversupply of material for current demand dynamics.
“There are a lot of new prices which haven’t really made sense,” said one service center source. “It has really slowed down on buyers’ side, we also aren’t buying from traders at the moment due to quota risks.”
Other market participants pointed to additional uncertainty due to the volatility of the US dollar, which is further limiting liquidity in the import market.
One buyer reported increased confidence from industrial applications, but overall referred to typically negative sentiment within the wider market as demand in downstream sectors remained largely weaker.
Platts assessed UK HRC at GBP530/mt DDP West Midlands, unchanged week over week.
Platts is part of S&P Global Commodity Insights.
HRC prices unchanged in Europe; short-term expectations mixed
Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €645 ($695.47) per tonne on Friday, stable day on day.
The Northern European index was up by €4.62 per tonne week on week and by €18.17 per tonne month on month.
For June delivery, offers from first-tier suppliers in Germany and Benelux area were heard at €650-660 per tonne ex-works. One mills was aiming for €680 per tonne ex-works or delivered, depending on the region.
One supplier source in the region told Fastmarkets, that most major HRC suppliers have very little coil availability for second-quarter delivery, while for the third quarter, they were considering a new round of increases.
“Maybe we will see [HRC] prices with ‘seven’ in the front shortly,” a mill source told Fastmarkets.
Buyers were rather skeptical about new price rises, since they believed that demand was insufficient.
“There is no room for further [price] rises, end-user demand is not rising,” a buyer in Germany said.
At the same time, due to tougher safeguards, and certain supply issues at domestic mills, European buyers did not have that many options.
“If you need [HRC] — you have little choice. It’s either EU mills with around six weeks lead times or imports — which is too risky. So eventually if buyers need to buy coil, they have to pay higher prices,” a second buyer source said.
“Salzgitter has no HRC availability for [the second quarter] due to force majeure, ArcelorMittal stopped [its blast furnace] in Dunkirk. Supply issues are starting to be felt in the market these days,” a third buyer said.
Other buyers said that supply constrains were not big for the EU market, considering continued moderate end-user demand. Moreover, sources worried that in the longer run, demand from the key end-user sector — automotive — will deteriorate further amid 25% tariffs on imported cars, introduced by US President Donald Trump on Wednesday March 26.
US is the second-largest market for the EU vehicle exports after the UK. In terms of value, the US accounts for about one-fifth of the EU export market, according to European Automobile Manufacturers Association (ACEA). In 2024, 757,654 new vehicles were exported from the EU to the US, worth €38.9 billion.
Meanwhile, In Southern Europe, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy was calculated at €625 per tonne on Friday, stable day on day.
The index was up by €2.50 per tonne week on week and by €12.50 per tonne month on month.
The Italian market was quiet, digesting news about a steel safeguards review and the anti-dumping probe.
Offers for June-delivery HRC from two major Italian suppliers were reported at €630-650 per tonne delivered (€620-640 per tonne ex-works). However, some buyer sources said that one mill could still offer late-May delivery.
Transactions were done during the week at €630-640 per tonne delivered (€620-630 per tonne ex-works), sources said.
Buying has picked up recently, but traded volumes were still limited, Fastmarkets heard.
As for imports, there have been fewer offers recently because of the safeguards review and an anti-dumping probe.
Notably, sources reported offers for May-shipment HRC offers from Indonesia at €540-550 per tonne CFR.
From India, HRC offers were reported at €570-580 per tonne CFR.
From Turkey, offers were heard at €590-600 per tonne CFR, including the anti-dumping duty. Sales at lower end of the range were reported earlier this week.
Steel HRC prices in Europe steady, mills push up offers
Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe, at €637.50 ($696.60) per tonne on Wednesday, down by just €0.50 per tonne from €638.00 per tonne on Tuesday.
The Northern European index was up by €1.41 per tonne week on week and by €28.75 per tonne month on month.
A leading European integrated mill was heard considering whether to push its offers for June-delivery HRC to €670-680 per tonne ex-works or delivered, depending on destination.
A second HRC producer in Northern Europe increased its offer prices for June-delivery HRC to €665 per tonne ex-works from €650 per tonne ex-works for May lead times, industry sources told Fastmarkets.
Some transactions for HRC were reported at €630-640 per tonne ex-works.
Most of Fastmarkets’ sources estimated the workable market price for HRC in Northern Europe to be €630-650 per tonne ex-works, although one buyer saw the tradeable price lower, at €610-620 per tonne ex-works.
According to a trader source, the latest announcements of the European Commission about steel safeguard measures have provided some clarity, and numbers of inquiries for purchasing domestic HRC have increased.
Last week, the European Commission notified the World Trade Organization of adjustments to the region’s steel safeguard measures, affecting annual liberalization, introducing caps and changing residual tariff rate quota (TRQ) access for a number of steel products, including HRC.
The proposed amendments were expected to enter into force on April 1.
In addition, the European Commission announced provisional anti-dumping (AD) duties on HRC imports originating from Egypt, Vietnam and Japan, with the new measures set to be imposed from April 7.
The trader source added that some big steel service centers in Germany did some restocking in the past few days.
But a distributor source based in Germany told Fastmarkets that, although the mills were testing the market with higher offers, prices in transactions were largely unchanged.
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy, was calculated at €622.50 per tonne on Wednesday, also down by just €0.50 per tonne from €623.00 per tonne on Tuesday.
The index was up by €2.17 per tonne week on week and up by €22.50 per tonne month on month.
Local suppliers were heard offering HRC in Italy at €640 per tonne delivered, which would net back to €630 per tonne ex-works.
But the Italian market was more cautious, with buyers avoiding large-scale purchases in an uncertain market, Fastmarkets understands.
Buyers’ estimates of the workable market price were heard at €610-620 per tonne ex-works.
In imports, India was heard offering HRC to Italy at €585-590 per tonne ex-works, with Italian buyers estimating such prices to be tradeable.
Turkey offered HRC to Italy at €590 per tonne CFR, including the anti-dumping duty, industry sources told Fastmarkets.
And Indonesia was heard offering HRC to Italy at €550-565 per tonne CFR.
But no major transactions for imported HRC were heard in the market.
European HRC prices largely stable, buyers expect more clarity on future market trends
At the same time, mills were heard to still be bullish, pushing for slightly higher prices for HRC with delivery in the second quarter of the year, Fastmarkets understands.
Last week, the European Commission notified the World Trade Organization (WTO) of adjustments to the region’s steel safeguard measures, affecting annual liberalization, introducing caps and changing residual tariff rate quota (TRQ) access for a number of steel products, including HRC, Fastmarkets reported.
The proposed amendments are expected to enter into force on April 1.
In addition, the European Commission announced provisional anti-dumping (AD) duties for HRC imports originating from Egypt, Vietnam and Japan, with the new measures set to be imposed as of April 7.
Both moves were expected to influence the market of imported HRC to Europe, and in turn the domestic prices. But sentiment among industry sources remained mixed, with some participants hoping for additional information on the announced measures.
A trader source told Fastmarkets that import access was clearer now, but the steel sector should wait for additional clarification from the European Commission to fully understand the retroactive applicability of the proposed anti-dumping duties.
The source added that there would not be an immediate effect on the domestic HRC prices.
“Real demand is still weak and the European mills’ price policies, meant to reflect the new safeguard measures, would probably take some time,” the trader added.
A second trader source told Fastmarkets there was no ground for further price increases.
“The [announced] safeguard measures for HRC are not as harsh as expected, and real demand is still low,” the second trader said.
But the source added that mills might still try to increase June delivery HRC prices, speculating on limited supply, because of ArcelorMittal’s plans to idle its Dunkirk blast furnace for three months and the force majeure circumstances with Salzgitter.
A distributor source from the Benelux region confirmed that mills would try to rise HRC prices for June delivery by about €10-20 ($10.90-21.81) per tonne.
A leading European producer was rumored to offer such material at €670-680 per tonne delivered, which would net back to €660-670 per tonne ex-works.
But most offers of May-June delivery HRC were heard at €640-660 per tonne ex-works in Germany and the Benelux area, Fastmarkets understands.
Buyers’ estimations for the tradeable market level in Northern Europe were at €630-640 per tonne ex-works.
Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at €636.67 per tonne on Monday, up by €0.67 per tonne from €636.00 per tonne on March 14.
The Northern European index was up by €4.79 per tonne week on week and by €31.67 per tonne month on month.
In Southern Europe, meanwhile, Fastmarkets’ daily steel hot-rolled coil index, domestic, exw Italy was calculated at €620 per tonne on Monday, unchanged from March 14
The index was stable week on week but up by €25.00 per tonne month on month.
Offers of domestic HRC with delivery in the second quarter of the year were heard at €640 per tonne delivered, which would net back to €630 per tonne ex-works, Fastmarkets understands.
But buyers’ estimations for the tradeable market level were at €610-620 per tonne ex-works.
A third trader source based in Italy told Fastmarkets that domestic HRC prices were largely flat in the past two or three weeks. But according to the source, local suppliers would start pushing for higher prices soon.
The market for imported HRC to Europe remained largely quiet on Monday.
South Korea, Taiwan, and India refrained from making fresh offers to the European market, sources told Fastmarkets.
Indonesia was heard offering HRC to Italy at €540 per tonne CFR, and slightly higher to Northern Europe at €550-560 per tonne CFR.
Saudi Arabia was also heard offering HRC to Northern Europe at €600-605 per tonne CFR.
Julia Bolotova in Brussels contributed to this report.
EU Proposes Provisional Duties on HRC Imports from Japan, Egypt, and Vietnam – India Exempted
The anti-dumping investigation was started after the European steel association Eurofer lodged a complaint last June on behalf of European producers, alleging that HRC imports from four countries — India, Japan, Egypt and Vietnam — are being dumped and have been causing material injury to the European steel industry, Fastmarkets reported.
The pre-disclosure document, revealing proposed provisional duties for each origin, was made available on March 14. Provisional duties are set to be imposed as of April 7.
The AD probe is expected to be conducted by early October, with definitive measures to follow.
In the meantime, the highest duties were proposed for Japanese suppliers: 32% for JFE Steel Corporation and Daido Steel Co., Ltd, and 33% for Nippon Steel Corporation and all other companies — apart from Tokyo Steel, which got a relatively low duty of 6.9%.
For Egypt, the provisional duty rate for Ezz Steel and all other companies was set at 15.6%.
For Vietnam, provisional duties were set at 12.1% for Formosa Ha Tinh Steel Corporation and all other companies apart from Hoa Phat Dung Quat Steel Joint Company — no duty was proposed on its imports.
And, surprisingly, no provisional duties were suggested for Indian companies.
These four countries altogether supplied 3.9 million tonnes of HRC to the EU in 2024, accounting for 41.2% of total HRC imports to the bloc, Global Trade Tracker stats showed.
Market sources had split views on the potential market effect.
Notably, several sources suggested that safeguard caps, in combination with the duties, will limit imports to the EU, making overseas bookings increasingly risky for EU buyers.
Adjustments to steel safeguard measures were made available on Tuesday March 11.
For HRC, the cap per country over the tariff rate quota (TRQ) volume initially available in each quarter has been reduced from 15%, originally proposed in July, to 13%.
On top of that, quarterly quota allocations have also been reduced. For example, for India, which has an individual quarterly quota, the allocation for April-June 2025 was cut by 24.6%. And for “other countries” — under which Egypt, Vietnam and Japan fall — the allocation was cut by 8.4%.
“It’s like gambling these days; when you book HRC from overseas mills, you don’t know how much it’s going to cost you in the end,” one buyer said.
Other sources said that the effect will be limited for some origins because, for example, Vietnamese material “will be manageable even with a duty, just like Turkish HRC is now,” a trader in Italy said.
Fastmarkets’ weekly price assessment for steel hot-rolled coil, import, cfr main port Northern Europe was €560-580 per tonne on March 14, stable week on week.
Fastmarkets calculated its daily steel hot-rolled coil index, domestic, exw Northern Europe at €636.19 per tonne on March 14, up by €0.10 per tonne from €636.09 per tonne on March 13.
The Northern European index was up by €5.25 per tonne week on week and by €32.86 per tonne month on month.
EU proposes provisional HRC AD on three countries
The European Commission has proposed provisional anti-dumping duties on hot-rolled coil (HRC) imports on certain countries, according to letter of pre-disclosure of preliminary findings dated 14 March, seen by Kallanish.
The letter states that the summary of duties is for informational purposes only and does not prejudge the Commission’s final decision.
Interested parties are given three working days to submit comments on the pre-disclosure findings.
India proposed not to impose any duties, while Egypt could face a duty of 15.6% including producer Ezz Steel Company.
Japan’s Nippon Steel Corporation and all other companies could be subject to a 33% duty, and Daido Steel and JFE Steel Corporation are both set at 32%, while Tokyo Steel faces a lower duty of 6.9%.
Vietnam’s Formosa Ha Tinh Steel Corporation and all other companies are facing to a 12.1% duty. However, Hoa Phat Dung Quat Steel Joint Company may be exempt from the duties.
“These are proposed duties. When finally published, we will understand if Hoa Phat gets zero and if they are retroactive,” a market participant commented.
The provisional duties apply once agreed to flat-rolled products of iron, non-alloy steel, or other alloy steel, whether or not in coils, including cut-to-length and narrow strip products, not further worked than hot-rolled, not clad, plated, or coated, originating in Egypt, Japan, and Vietnam.
These products are currently classified under CN codes 7208 10 00, 7208 25 00, 7208 26 00, 7208 27 00, 7208 36 00, 7208 37 00, 7208 38 00, 7208 39 00, 7208 40 00, 7208 52 10, 7208 52 99, 7208 53 10, 7208 53 90, 7208 54 00, 7211 13 00, 7211 14 00, 7211 19 00, ex 7225 19 10 (TARIC code 7225 19 10 90), 7225 30 90, ex 7225 40 60 (TARIC code 7225 40 60 90), 7225 40 90, ex 7226 19 10 (TARIC codes 7226 19 10 91, 7226 19 10 95), 7226 91 91, and 7226 91 99.
| Country | Company | Provisional anti- dumping duty (%) |
| Egypt | Ezz Steel Company | 15.6 |
| Egypt | All other companies | 15.6 |
| India | All companies | n/a |
| Japan | Nippon Steel Corporation | 33.0 |
| Japan | Tokyo Steel | 6.9 |
| Japan | Daido Steel | 32.0 |
| Japan | JFE Steel Corporation | 32.0 |
| Japan | All other companies | 33.0 |
| Vietnam | Formosa Ha Tinh Steel Corporation | 12.1 |
| Vietnam | All other companies* | 12.1 |
* It is proposed not to impose provisional anti-dumping duties on imports from Hoa Phat Dung Quat Steel Joint Company.
Elina Virchenko Turkey , Anna Low Singapore
UK HRC market remains lacklustre
The UK hot rolled coil market remains lacklustre, with little change to sentiment or prices despite US steel tariffs coming into effect, Kallanish learns from sources.
Participants note that market conditions have remained largely unchanged throughout March so far, with stability in HRC prices reflecting that.
Kallanish assessed UK S275 grade HRC at £525-570/tonne ($679-737/t) ddp Midlands on 13 March, unchanged week-on-week.
Recent quotes for material imported from Asia are towards the lower end of the range, while HRC from Europe has been towards the top end.
Demand continues to be limp on the UK market, with a lack of supportive factors to create any substantial upward momentum.
“There are lots of enquiries and no one booking anything,” one market participant tells Kallanish, noting that some European mills had filled order books until late May, and were no longer issuing fresh quotes. “They are sitting and having a think and revision of their next offer.”
This echo’s a similar trend on the EU market, where many mills held quotes whilst they were awaiting the outcome of the safeguarding review. In recent days, the EU has notified the WTO of adjustments to its safeguard measures on certain steel imports.
The participant adds that lower-priced imports from Asia were not particularly attractive to some, given the material available closer to home.
Meanwhile, the greatest source of demand continued to be for HRC which needed further processing, including colour coating and galvanizing. One source notes enquiries seeking large volumes of galvanized material, whilst stocks of these grades were minimal.
“There’s not a lot changed at all. Pretty steady, almost stagnant,” says another participant. “We are struggling to get hold of galvanized material; it’s a concern, and very slow coming through. There are things on the horizon where availability might start pushing price up, but it’s too early to see.”
They note that while Donald Trump’s tariffs could push prices up, the only real driver was demand, adding that many buyers were reluctant to purchase “anything”.
Participants previously told Kallanish when the US tariffs were first announced that there was little support for prices, and tariffs were of minimal concern, because volumes from the UK to the US only accounted for 7% of exports.
The tariffs went into effect on 12 March, with the UK not granted an exemption.
However, the main consequence of the tariffs remains the potential flood of diverted material into the market. Some participants and industry associations are urging the UK government to respond faster with safeguarding measures or retaliation like that of neighbouring Europe.
Carrie Bone UK
European HRC prices inch up as market weighs import restrictions, trade pressures
European domestic hot-rolled coil prices inched up March 13, with market sources weighing the European Commission’s safeguard adjustments and other trade pressures.
Despite earlier hopes that the safeguard review would lead to significant shifts in market dynamics, steel producers have largely welcomed the changes, while importers and traders expressed frustration over quota reductions and increased restrictions on carryover volumes.
A Germany-based distributor said the adjustments are a “balanced plan,” noting that while the changes were not drastic, they reinforced protectionist measures without overtly increasing tariffs.
The market was divided on the impact of the safeguard revisions. A source at a major European mill said expectations for dramatic price changes were unrealistic and that the safeguard measures were “having an effect” but not triggering immediate price hikes. Meanwhile, traders voiced concerns that the reduction of available import quotas—particularly with Russian volumes no longer being reallocated—was limiting supply options.
HRC offers in Northwest Europe were heard at Eur650-660/mt ex-works Ruhr, with tradable values at Eur635-650/mt. In southern Europe, HRC tradable values remained in a similar range, while lower-priced import offers, such as Eur570-580/mt CIF Italy from Asia, were deemed unworkable due to quota constraints and anticipated antidumping measures.
The broader global trade environment is also weighing on the market outlook. While trade tensions with the US may not have an immediate impact on domestic steel pricing, they contribute to the overall uncertainty in the market, a European distributor said.
Looking ahead, sources expect European steel prices to continue rising gradually over the coming weeks, with potential increases of Eur10-20/mt. However, demand remains weak. A German distributor noted that optimism surrounding the new government’s planned stimulus measures—estimated at $500 billion—could support steel demand in the medium term.
Platts assessed HRC in Northwest Europe at Eur630/mt EXW Ruhr, up Eur5 on the day, and in southern Europe at Eur620/mt EXW Italy, stable on the day.
Platts assessed imported HRC in Northwest Europe at Eur545/mt CIF Antwerp and in Southern Europe at Eur545/mt CIF Italy, both stable on the day.
Platts is part of S&P Global Commodity Insights.