[EU Launches Expiry Review of Chinese Wire Rod Anti-Dumping Duties, Existing Tariffs Remain in Force]

[Europe] European domestic hot-rolled coil (HRC) steel prices remained largely unchanged in flat, range-bound trading. Despite tightening domestic availability caused by planned mill maintenance and operational disruptions, widespread customer inventory overhangs and weak end-user intake continued to cap upward price momentum. In particular, key consuming sectors such as automotive failed to provide recovery support amid a regional economic slowdown, while depressed downstream sheared sheet values limited buyer acceptance of higher primary coil quotes. Regionally, Northwest European workable transaction levels were anchored within 740–760 EUR/tonne EXW (~830–850 USD/tonne). In Southern Europe (Italy), supply curtailments became increasingly pronounced: Acciaierie d’Italia is preparing to idle a blast furnace, Metinvest’s Ferriera Valsider faces severe order backlogs following its operational resumption, and market leader Arvedi reportedly shut down a hot rolling line due to technical issues. Despite these supply reductions, buyers submitted low-ball bids, while mills held firm at 760 EUR/tonne DDP or higher (~850 USD/tonne). However, buyers acknowledged that urgent spot requirements leave little choice but to concede to mill asking levels given tightening supply. On imports, market activity was virtually frozen as tariff-rate quotas (TRQs) for major origins including Turkey and India remain heavily overdrawn. Indian HRC offers were noted between 750–770 USD/tonne CFR, but buying interest was non-existent due to elevated duty and quota exhaustion risks.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 Oct , 2026

[Turkey] The Turkish flat steel market remained overall subdued, with buyers and sellers locked in an intensifying tug-of-war. In domestic pricing, Turkish hot-rolled coil (HRC) ex-works prices held steady at 625 USD/tonne EXW (excluding VAT). However, market sources confirmed recent workable deals landing at 620 USD/tonne EXW, which has now established itself as the primary buying target and bidding benchmark for local buyers. On the import side, HRC import prices were quoted at 550–555 USD/tonne CFR Turkey, with mainstream offers for Chinese-origin material hovering around 550 USD/tonne CFR. On exports and quota logistics, mainstream Turkish HRC export offers held in the 620–630 USD/tonne FOB range. With European third-quarter and fourth-quarter safeguard quotas fully exhausted, Turkish exporters are strategically managing production and shipping schedules. Vessels are being timed to arrive near EU port anchorages after January 1st to defer customs clearance, thereby bypassing out-of-quota punitive duties. Sources indicate that mills previously locked in roughly 150,000 tonnes of December-shipment export orders specifically aligned with the opening of the Q1 2027 quota reset. Concurrently, EU CBAM compliance has become a central strategic focus: electric arc furnace (EAF) steelmakers utilizing scrap face an estimated carbon cost of approximately 20 USD/tonne. Despite documentation delay risks from select upstream precursor suppliers, several local EAF producers have begun providing explicit CBAM compliance guarantees directly to European buyers to safeguard market share.