European cold rolled coil (CRC) and hot dip galvanized (HDG) prices have maintained an upward trajectory since the beginning of March, as domestic producers have implemented another round of moderate increases. The price rise has been primarily driven by tight supply conditions within the EU market and continued limitations on import volumes.
Meanwhile, ongoing geopolitical uncertainty related to the war in the Middle East and its potential implications for global shipping routes have added further pressure to market dynamics. Import activity has remained subdued overall, largely due to CBAM-related concerns, as well as existing trade protection measures, including safeguards and active antidumping cases.
More specifically, in the domestic CRC market, most mills in Italy and northern Europe have been targeting €810-830/mt ex-works, compared to €790-820/mt ex-works two weeks ago. However, tradable prices have been estimated at around €810/mt ex-works in Italy, up by €10/mt over the past two weeks, and at €800-810/mt ex-works in northern Europe, up by €20-30/mt over the past two weeks.
In the import segment, offers for CRC have been rare this week, with indicative prices settling at €700-750/mt CFR, depending on the supplier, up by €20-50/mt since early March. Very few offers have been heard on CFR basis this week, due to AD duty and considering that customers are unwilling to take the risk of purchasing without clarity on CBAM costs. Furthermore, offers for import CRC on DDP basis, including CBAM costs, have been estimated at €800-810/mt DDP, with offers for ex-South Korea CRC reported at €810/mt DDP level this week.
According to market sources, fresh import offers of CRC and HDG are extremely scarce amid CBAM-related uncertainty, the Middle East situation, and the ongoing antidumping investigation against CRC imports from India, Japan, Taiwan, Turkey and Vietnam.
In the HDG segment, most mills both in Italy and in the north of Europe have been targeting €800-810/mt ex-works, compared to €795-820/mt ex-works two week ago, while domestic tradable prices have settled at €800/mt ex-works.
Import offers for ex-Vietnam Z275 HDG have been voiced at €750/mt CFR, while offers for ex-Japan HDG though traders have been reported at €860/mt DDP.
