Prices for European hot-rolled coil (HRC) remained stable to slightly higher on November 6. Market activity in Northern Europe saw a slight uptick, while a mismatch between buyer and seller expectations persisted in Italy. The daily steel HRC index for Northern Europe was calculated at €558.75 per tonne, showing a small increase from the previous day. Mills in Northern Europe were offering HRC for the first quarter of 2025 at €600-620 per tonne ex-works, though these prices were not yet accepted in deals. Some transactions were reported at €560-570 per tonne ex-works, with buyers estimating the workable market level at €550-560 per tonne ex-works.
Expectations for the HRC market’s short and medium-term development remained mixed. Northern European mills hoped for a price rebound in early 2025, supported by limited imports due to recent trade defense measures. However, some industry sources were skeptical, suggesting any price rebound might be short-lived due to low demand from key steel-consuming sectors.
In Southern Europe, the daily steel HRC index for Italy was €551.67 per tonne, unchanged from the previous day. Offers for HRC in Italy for the first quarter of 2025 were heard at €620 per tonne delivered, but no deals were reported at these levels. December-delivery material was available at €580-590 per tonne delivered, with market activity remaining subdued. The workable market level was estimated at €540-560 per tonne ex-works.
