European hot rolled coil (HRC) prices seem to have stabilized this week, suggesting a potential market bottom, with most market sources expecting relative stability ahead of the traditional August production stoppages. Meanwhile, most mills have been preparing to push for price increases after the summer break, banking on reduced competitive pressure as the Carbon Border Adjustment Mechanism (CBAM) begins to impact import flows in early 2026. Still, many buyers remain hesitant, pointing to sluggish demand and the continued presence of low-cost imports as reasons to delay purchases and wait for clearer signals from the market.
Specifically, most local HRC prices from mills in northern Europe, for August-September deliveries, have been estimated at €550-560/mt ex-works, the same as last week, while tradable prices in northern Europe have also remained stable at €530-550/mt ex-works. “Discounts remain available for high-tonnage HRC orders in northern Europe, but the market appears to be finding a floor. Over the past week, mills have pushed back on lower bids, suggesting a potential turning point in sentiment,” a market insider told SteelOrbis.
Meanwhile, in Italy, indicative offers from mills have remained at €530-550/mt ex-works, while workable prices have been estimated at €510-525/mt ex-works level. “European domestic prices, especially in the south, are on track to hit €500/mt base - it's only a matter of time. Some expect even lower than this level,” another source said.
In the meantime, most offers for import HRC in southern Europe have remained stable at €450-500/mt CFR, depending on the supplier. According to sources, following several large volume deals for ex-Indonesia HRC at €450/mt CFR last week, this week trade activity has been slow with most offers reported at €450-460/mt CFR Italy, while offers from Indonesia in northern Europe have been estimated at €460-470/mt CFR level.
Besides, following several deals for ex-India HRC signed at $580-600/mt CFR Antwerp last week, a few additional deals are reported to have been concluded this week at the same level. This equates to roughly €495–510/mt CFR, with most volumes directed to northern Europe.
Meanwhile, offers for ex-Turkey HRC have varied depending on the source, with most offers quoted at €480-500/mt CFR, duty included, the same as last week. Besides, offers from Algeria have been voiced at around €495/mt CFR southern Europe.
Furthermore, offers for ex-Brazil HRC have been voiced at around €510/mt CFR southern Europe.
$1 = €0.85
