European HRC producers have continued to target higher offer levels for January-delivery coils, with several mills, particularly in northern Europe, indicating they are already largely sold out for the remainder of 2025 allocations. On the import side, despite ongoing challenges linked to CBAM compliance and safeguard constraints, EU buyers have managed to secure sizable volumes of ex-India and ex-Indonesia HRC at competitive prices, supporting purchasing activity and keeping import alternatives firmly in play.
Specifically, local mills in northern Europe are reported to be targeting €610-640/mt ex-works for new orders for January deliveries, with most mills claiming to close order books for December deliveries. However, according to sources, while the tradable price levels for January delivery coils have been estimated at €600-610/mt ex-works, workable prices for December delivery have been still voiced at lower levels or at around €580-600/mt ex-works, up by €10/mt on the higher end of range week on week. “Demand for December-delivery material is minimal, as many European buyers have already built sufficient stocks, supported by sizable volumes of competitively priced imports arriving at the region. Some buyers even purchased above their short-term requirements earlier in the fourth quarter in anticipation of higher prices ahead,” a market insider told SteelOrbis.
Meanwhile, in Italy, indicative HRC offers from mills have settled at €610-615/mt ex-works for January delivery, against €590-610/mt ex-works for December delivery last week, while the tradable price level has settled at €580-600/mt ex-works compared to €560-580/mt ex-works last week.
According to sources, trading activity for first-quarter HRC remains subdued, with both mills and buyers cautious and reluctant to commit. Besides, several suppliers are holding back on January-delivery allocations while assessing market sentiment, aiming to avoid early sales at lower price levels. “Market expectations point toward higher HRC prices in the first quarter of 2026, although the scale of potential increases remains uncertain. As for now, the benchmark HRC from leading European mills is not achievable below around €600/mt,” a source from the market said.
In the import market, conditions have remained highly challenging. Buyers continue to navigate complex CBAM requirements and safeguard quota constraints, making overseas procurement and delivery planning difficult. However, according to sources, some competitive Asian volumes have been booked this week. In particular, several deals for at least 50,000 mt in total of ex-India HRC have been signed at $575-580/mt CFR, which translates to around €495-500/mt CFR southern Europe, for November shipment. Besides, another sizable lot for ex-Indonesia HRC has been booked in southern Europe at $555/mt CFR for January shipment, which translates to around €478/mt CFR, compared to deal prices of €465-475/mt CFR last week. According to sources, all deals for both ex-Indonesia and ex-India have CBAM costs on buyers’ account.
“Despite the deals, access to material remains far from straightforward, while there is already a notable amount of imported HRC sitting at European ports, adding to the cautious sentiment and limiting immediate appetite for further bookings,” a local trader told SteelOrbis.
Furthermore, offers for ex-Japan HRC have been voiced at €575/mt DDP, including CBAM, while offers from Vietnam have been heard at $580/mt CFR, or around €500/mt CFR, without CBAM.
Suppliers from Saudi Arabia have been offering their HRC at around €520/mt CFR Italy, while offers from Turkey have been estimated at €520-530/mt CFR, duty included, but without CBAM.
