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| HRC |
Buyers cautious; clarity expected after Milan’s Made in Steel fair
European hot-rolled coil (HRC) prices remain flat following the Easter holiday, with slow trading and muted demand across both Northern and Southern Europe, according to Fastmarkets.
In Northern Europe, offers for June-July lead times hovered around €670–700/tonne ex-works, while recent transactions prior to Easter were reported between €640–660/tonne ex-works. Buyers remain cautious, restocking only essential sizes due to inventory overhang and weak downstream demand.
“There’s basically no movement in the market,” said a German buyer. “Stockholders are only buying what’s urgently needed.”
Fastmarkets assessed its Northern European HRC index at €654/tonne on April 22, virtually unchanged week-on-week, but €13.62/tonne higher month-on-month.
Southern Europe Sees Softer Prices Amid High Stocks
In Southern Europe, demand has been even quieter. Fastmarkets' Italian HRC index was calculated at €627.50/tonne ex-works, down slightly from the previous week.
Italian mills were heard offering at €640–660 delivered, translating to €630–650 ex-works, while some June-delivery sales were done as low as €610–620 ex-works.
Imports Pressuring Prices
Import activity is also influencing market sentiment. Offers from Turkish mills dropped to €550/tonne CFR duty paid (though some dispute this includes duty), while Indonesian HRC was heard at €540–550/tonne CFR, with bulk discounts reportedly down to €520–530/tonne. Indian offers hovered around €590/tonne CFR, with transactions at €575/tonne.
Uncertain Outlook Until May
Market participants anticipate a clearer direction post-Made in Steel trade fair (May 6–8) in Milan. While some foresee price rises due to tight domestic supply and trade protectionism, others warn of volatility linked to global economic headwinds and US steel tariffs, which could hit European automotive demand.
“It’s a seller’s market for now,” said a Benelux distributor, “but demand needs to catch up.”
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