[SMM Steel] European HRC: Weak Demand Limits Upside Momentum as Supply Curtailments Support Range-Bound Trading

Published: Oct 19, 2026 16:21 (GMT+8)

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[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.

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