[SMM Steel] European HRC Shrouded in Wait-and-See Sentiment: Buyers Await Oct 1 Quota Reset as Market Holds Flat

Published: Sep 29, 2026 16:25 (GMT+8)

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[Europe] The European hot-rolled coil (HRC) market maintained steady overall operations, with buyers broadly adopting a wait-and-see stance ahead of the October 1st EU import quota reset, particularly monitoring quota utilization by Turkey and India. According to SMM research, buyers are already anticipating new arrivals of imported materials and currently hold elevated inventory levels; consequently, they have generally postponed procurement decisions until import clearance specifics become clearer. In terms of pricing, domestic HRC prices in Northwest Europe and Italy held stable at 734 and 736 EUR/tonne EXW (833 and 835 USD/tonne), respectively. On the transaction front, the Northern European market recorded a 5,000-tonne deal last week at a delivered price of 740 EUR/tonne DDP (840 USD/tonne). Spot trading in the Italian domestic market remained sluggish, but offers stayed firm; market sentiment is highly dependent on the post-October restocking pace and potential expectations of supply tightness. In the import sector, complex quota rules have severely stifled transactions, keeping market focus squarely on the October 1st quota opening. Sellers reported that unfavorable EUR/USD exchange rate trends have hindered settlements, which, compounded by excessively long lead times from some Asian suppliers (where customs clearance could drag into next year), has further dampened buying enthusiasm.

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