[SMM Steel] European HRC North-South Split Deepens: Northern Deals Drag Prices as Italian Mills Defend Margins

Published: Oct 01, 2026 15:22 (GMT+8)

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[Europe] The European hot-rolled coil (HRC) market displayed an increasingly pronounced North-South divergence. In terms of pricing, Northwest European HRC ex-works prices extended declines to 729 EUR/tonne EXW (825 USD/tonne), while the Italian ex-works price rose to 738.00 EUR/tonne EXW (835 USD/tonne). On transactions, Northwest European mills recently finalized roughly 8,000 tonnes in aggregate at an average delivered price of 733 EUR/tonne DDP (830 USD/tonne); unable to pass rising costs onto downstream end-users, buyers are fiercely disputing every euro with mills. Domestic Italian mills maintained firm pricing targets, with delivered indications mostly circulating in the 760–770 EUR/tonne DDP (860–871 USD/tonne) range, though actual deals concluded below this corridor. On supply and demand, downstream consumption remained sluggish, with elevated inventory levels exacerbating market softness. With the October 1st safeguard quota reset and customs clearance opening, participants anticipate replenishment activity to resume gradually in Q4, allowing the supportive effect of reduced imports to surface.

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