Prices for S235JR plate in Europe were unchanged in the week to October 23. Market sentiment nevertheless improved amid restocking and rising slab prices.
“Underlying demand has not increased, but service centers and traders need to buy steel. Lead times are getting longer,” a German distributor said.
Italian re-rollers struck deals with spot buyers for S235JR plate at €740–750 per tonne ex-works. Most offers were at the top end of the range. Sellers’ offers stood at €770–800 per tonne ex-works.
Material for project deliveries was sold at prices approaching €800 per tonne ex-works in Italy.
Italian mills mostly maintained their previous prices. At the same time, re-rollers in France and Northwest Europe offered S355JR steel in Germany at the lowest prices and struck deals on competitive terms.
Italian mills offered S355JR plate delivered to Germany at €860–870 per tonne. Re-rollers in France and Northwest Europe struck deals at €840–850 per tonne delivered. Offers for material from a Czech producer stood at €880–890 per tonne delivered.
German mills remained focused on long-term contracts and project deliveries, limiting their presence in the spot market. Offers from local producers stood at €850–890 per tonne ex-works for S235JR plate and €900 per tonne delivered for S355JR steel.
Imported slab from Asia was offered at $600 per tonne CIF Italian ports.
Steel imports, including slabs, cleared through customs in the first quarter of 2027 will be affected by changes to the Carbon Border Adjustment Mechanism (CBAM). Under its rules, importers must hold certificates by the end of each quarter covering at least 50% of their CBAM obligations. Since exporters’ emissions data are verified retrospectively, either default values or the figures used as the basis for certificates surrendered in the previous year must be used to calculate this current obligation, provided the country of origin and CN codes match. European re-rollers will be able to surrender CBAM certificates only when filing declarations in September 2027. As a result, higher default values will effectively have to be used to calculate the required 50%.
Importers can recover excess CBAM certificates purchased on the basis of default values if they verify a lower actual emissions level. However, this still places a significant burden on working capital. For example, the cost of Chinese slab imported in 2027 and calculated using default values could exceed €200 per tonne at a CBAM certificate price of €80 per tonne.
| Weekly prices for plate, slabs and low-carbon steel in Europe | |||||
| Unit | Delivery terms | October 23, 2026 | Change | ||
| Weekly plate prices | |||||
| Plate, Northwest Europe, ex-works | €/t | Ex-works | 860.00 | 0.00 | |
| Plate from Northwest Europe delivered to Germany | €/t | Delivered | 870.00 | -10.00 | |
| Plate in Italy, ex-works | €/t | Ex-works | 750.00 | 0.00 | |
| Weekly slab prices | |||||
| Slabs in Italy | $/t | CFR | 600.00 | 10.00 | |
| Weekly low-carbon steel prices | |||||
| Low-carbon plate premium (Scope 1–3 CO₂ emissions below 1 t) | €/t | 25.00 | 0.00 | ||
| Source: McCloskey by OPIS. | © 2026 Dow Jones Energy Limited |
Authors: Benjamin Stephen and Maria Tanatar
opisnet.com