European hot rolled coil (HRC) prices have remained largely stable over the past week, with domestic levels showing little movement despite persistently weak demand fundamentals. Inventory levels remain elevated and are being reduced only gradually, limiting the need for restocking and keeping buyers cautious. While mills are targeting higher offers for July, current market conditions - including subdued consumption, ample supply and the continued presence of imports - are making any upward price movement difficult to achieve. At the same time, activity in the import segment has remained challenging, with limited buying interest and only occasional deals reported, as uncertainty surrounding upcoming trade measures and CBAM continues to weigh on sentiment.
More specifically, HRC prices from mills in northern Europe have been reported at €720-730/mt ex-works for June delivery, mainly the same as last week, with a number of mills still targeting higher offers for July delivery at around €750-755/mt levels. At the same time, the tradable price levels have been voiced at €700-710/mt ex-works, according to sources.
In Italy, offers from mills have remained at €705-710/mt ex-works for June delivery. Meanwhile, the tradable price levels are estimated at €700/mt ex-works, mainly the same as last week. “Well-sold mills have been asking for €700/mt ex-works and above,” a market insider said.
As for the import segment, indicative offer prices for HRC have settled at around €600-650/mt CFR, compared to €600-690/mt CFR last week. However, this does not indicate a decline in prices but rather reflects the absence of offers at the €690/mt level this week. The lower end of the range corresponds to indicative offers from India at €600-615/mt CFR, but, according to sources, a deal prices at a lower level was reported last week for ex-Turkey HRC at €590/mt CFR for July shipment. Furthermore, according to sources, a deal for 25,000 mt of ex-Egypt HRC is reported to have been signed at €620/mt CFR this week.
Offers for via traders on DDP basis, including CBAM-related costs, have been reported at €700-740/mt DDP southern Europe, up by €10/mt on the higher end of the range week on week. Offers for ex-Algeria HRC have been voiced at €730-740/mt DDP, up by €5-15/mt week on week. Besides, a deal prices for ex-Taiwan HRC has been heard at around €730-740/mt DDP southern Europe, versus offers at €730/mt DDP last week. Offers for ex-South Korea HRC through traders have settled at €725/mt DDP.
Meanwhile, according to market sources, while offers for ex-Turkey HRC have been estimated at around €620/mt CFR duty paid, excluding CBAM, Turkish origin material has also been offered by traders at a minimum level of €700/mt DDP.
“Fresh offers into Europe have been scarce, as buyers remain cautious ahead of the revised safeguard quotas set to take effect on July 1,” a market insider told SteelOrbis.