European HRC prices remain unchanged amid the holiday lull, and buyers are convinced that the ceiling has been reached.
European prices for hot-rolled steel on Friday, May 1, remained virtually unchanged, with virtually no auctions held due to public holidays in the region, and buyers believe that prices have reached the ceiling, Fastmarkets sources said.
In most European countries, with the exception of Great Britain, Ireland and the Netherlands, Labor Day is celebrated, resulting in complete silence in the steel sector.
Market participants generally agree that the price increases seen in the first quarter of 2026 were driven by changes in the region's legislation – in particular, new trade measures due to take effect in July and the introduction of the Carbon Dioxide Emissions Control Mechanism (CBAM) – but domestic prices for HRC are currently The time seems to be decreasing. The situation is stabilizing, and limited growth is expected in the near future.
"No changes, no sales, and no bookings, except for the draw[deals]," a source in the Netherlands said.
Market participants also acknowledged that they still have to place some tons for delivery in June, but few expect a significant increase in demand, which will help offset it, as consumer activity is generally restrained and shows no signs of recovery.
But, according to sources, some European steel producers, who had unrealized volumes for delivery in June, were forced to abandon these volumes at a price below 700 euros ($819) per ton from the plant.
A buyer from Northern Europe informed Fastmarkets that factories with remaining HRC balances for the second quarter are now selling it at a price of about 680-700 euros per ton from the factory.
As for July, earlier this week, initial offers were received for the supply of HRC to Germany and the Benelux countries at a price of 730-750 euros per ton, which is equivalent to 715-735 euros per ton from the factory.
But customer appetites are limited, sources said.
"Factories are trying to contain price increases, but it's almost impossible," said a source at the distribution company, adding that steel service centers refuse to maintain prices at current levels, mainly because they don't have the ability to raise these costs further down the supply chain.
The daily price index for Fastmarkets hot-rolled steel coils in the domestic market, excluding shipments to Northern Europe on Friday, May 1, amounted to 702.50 euros per ton, down by 1.50 euros per ton from 704.00 euros per ton on Thursday, April 30.
The indicator decreased by 7.50 euros per ton week-on-week and by 10.58 euros per ton month-on-month.
Over the past seven months, prices have increased by more than 100 euros per ton, and in March 2026