Hot-rolled coil (HRC) prices in Northern Europe edged down as buyers rejected the increases sought by steelmakers. In Italy, the latest deals were concluded at higher prices, sources told Fastmarkets on Monday, November 2.
In Northern Europe, producers were trying to raise prices by 20–30 euros ($22–33) per tonne, citing limited competition from imports. Buyers, however, were not prepared to accept higher offers.
One buyer said offers for January delivery were at 760 euros ($848) per tonne delivered. After deducting delivery costs of 15–20 euros, this equates to 740–745 euros per tonne ex-works.
The same buyer also reported offers at 800 euros per tonne delivered for the same period — or 780–785 euros ex-works. However, this price was considered unrealistic for the market and was not taken into account when calculating the index.
“Long lead times and limited competition from imports are helping German steelmakers maintain high prices,” the buyer said. According to the buyer, steelmakers’ negotiations with automotive companies on long-term contracts for the first quarter and first half of 2027 are also providing additional support to prices.
According to sources cited by Fastmarkets on October 30, steelmakers were seeking increases of 100–150 euros per tonne compared with the levels agreed for the second half of 2026. However, they were unlikely to secure more than half of the requested increase, as expected.
Another buyer said spot-market deals on Monday were concluded at 750–760 euros per tonne ex-works for delivery in December–January.
At the end of the day, the Fastmarkets daily index for domestic hot-rolled coil in Northern Europe, ex-works, stood at 748.75 euros per tonne. This was 2 euros lower than on Friday, October 30, when the index was 750.75 euros.
The index fell by 5 euros per tonne over the week and rose by 5.42 euros over the month.
In Italy, steelmakers were also seeking higher prices, gradually increasing their offers.
A trading company representative said the latest deals on Monday were concluded at 750–760 euros per tonne ex-works. The representative also reported offers at 780 euros, but buyers had not yet accepted this level, so it was not included in the daily index calculation.
One buyer said 750 euros per tonne ex-works was a workable price for the Italian market. Another trading company representative put the workable range at 730–750 euros: the lower end applied to material from stocks, while the upper end was for mill-produced material.
According to the second source, no new offers had come onto the market because of the limited volume of material available for delivery through the end of 2026.
As a result, the Fastmarkets daily index for domestic hot-rolled coil in Italy, ex-works, stood at 748.33 euros per tonne on Monday, November 2. This was 3.02 euros above Friday, October 30, when it was 745.31 euros.
The index rose by 7.33 euros per tonne over the week and by 5.83 euros over the month.
Author: Ivelina Nikolova
fastmarkets.com
