European hot rolled coil (HRC) prices are on the rise, with significant increases anticipated until the end of the year. This upward trend is driven by ongoing discussions within the European Council about implementing stricter tariff measures to protect European steel. The apparent demand has been increasing since early October, and the lack of viable import options without duties has further supported this price hike.
Market sources indicate that during the upcoming EuroBLECH 2024 event, HRC producers are expected to announce production cuts for the first quarter of 2025. This move is seen as crucial to sustaining the price increases implemented by both southern and northern European producers in October. A major buyer predicts that coil prices could rise by approximately €70-80 per tonne by year-end, impacting the prices of coil derivatives like welded tubes and sheets, which are currently below cost.
Despite the heightened interest in purchasing, transactions remain scarce due to prevailing uncertainty and cautious behavior among buyers. Cold rolled and hot dipped galvanized coil prices remain stable, while HRC prices continue to climb in Europe.
