European HRC prices inch upward on limited imports, restocking
Most European buyers currently relied mainly on domestic producers and avoided buying imported HRC due to the trade risks, related to the latest steel safeguard review of the European Commission, Fastmarkets understands.
According to Fastmarkets’ sources, this was the main factor that fueled the observed price increase. Despite some small fluctuations, HRC prices in Europe have been increasing gradually since the beginning of January.
Besides, Fastmarkets’ sources expected that there would be more clarity on the new safeguard measures by the end of the week.
This also fostered expectations among local buyers that the domestic prices of HRC would only increase in the short run, stimulating them to make some restocking, sources told Fastmarkets.
Mills in Northern Europe were heard offering HRC with delivery in the second quarter of 2025 at €640 ($669) per tonne ex-works.
One integrated steel mill continued offering such material at €660 per tonne ex-works.
“I think that by the end of the week, offers of other producers in the region will also reach the €660-per-tonne level,” an industry source told Fastmarkets.
Fastmarkets’ sources estimated the workable market level for HRC in the region at €610-620 per tonne ex-works.
As a result, Fastmarkets calculated its daily steel hot-rolled coil index domestic, exw Northern Europe at €618.75 per tonne on Monday, up by €0.62 per tonne from €618.13 per tonne on Friday February 21.
The Northern European index was up by €13.75 per tonne week on week and by €32.50 per tonne month on month.
Meanwhile, in Southern Europe, Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €610.00 per tonne on Monday, up by €2.92 per tonne from €607.08 per tonne on Friday.
The index was up by €15.00 per tonne week on week and by €30.00 per tonne month on month.
Italian producers were offering April-delivery HRC at €620-640 per tonne delivered, which would net back to €610-630 per tonne ex-works.
Most Fastmarkets’ sources estimated the workable market level for HRC in Italy at €610 per tonne ex-works.
The European market for imported HRC was quiet on Monday.
Asian suppliers were heard offering May-shipment HRC to Italy and Spain at €560-580 per tonne CFR.
EU HRC prices stay largely unchanged on lack of restocking
Domestic European hot-rolled coil prices held largely unchanged Nov. 28, as market activity slowed due to low restocking requirements from consumers.
“The market is very slow and remains largely unchanged from last week as there is no significant restocking activity,” said a Germany-based mill source. “Customers are accepting small price increases.”
“Both the steel and manufacturing industries in Europe are facing increasing pressures, which require the support of the European Commission to overcome,” said the source, adding that European steel mills need more time and support from the government at a time where “the competitiveness of Europe is at stake.”
A slight improvement in automotive demand was highlighted as a key reason the spread between HRC and HDG has gradually widened again.
“Automotive demand is improving slightly,” the source said.
Weak demand and poor market sentiment since the announcement by a large European car manufacturer of potential factory closures and layoffs contributed to a narrowing in the spread between HRC and HDG prices over the past few weeks.
Platts assessed Northwest European HRC at Eur550/mt ex-works Ruhr on Nov. 28, stable on the day.
Offers were reported at Eur560-610/mt ex-works Ruhr.
“The situation in the European steel industry is critical but improving slightly every day,” said an Italy-based service center source. “Italian service centers need to maintain good relationships with European suppliers as the import market continues to weaken .. Importers are scouting out new import influxes from Indonesia and Turkey.”
Platts assessed domestic HRC in Southern Europe at Eur550/mt EXW Italy, stable on the day.
Platts assessed imported HRC in Northwest Europe at Eur530/mt CIF Antwerp, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur525/mt CIF Italy, stable on the day.
