Europe’s steel prices moved higher before entering the last week of October. Steel producers raised their offers after filling most of their fourth-quarter sales allocations; however, weak demand has limited the market’s response. In Germany, hot-rolled coil (HRC) prices were reported at €590–595/t EXW, cold-rolled coil (CRC) at €660–665/t, and hot-dip galvanized coil (HDG) at €690–695/t EXW. In Italy, HRC prices increased by €10 to €570–575/t EXW, while CRC stood at €690–700/t and HDG at €690–710/t EXW. Most of these levels remained at the offer stage, with few confirmed new transactions.
A similar trend has been observed in the long products segment. In Germany, rebar was traded at around €590/t CPT, while wire rod ranged between €585–600/t CPT. In Italy, rebar prices were reported at €530–550/t EXW, with some sellers applying discounts of up to €20/t. Wire rod prices in Italy remained stable at €580–600/t CPT.
The main factor behind the price increases is the impact of import restrictions, particularly in Italy, which have forced buyers to turn to domestic producers. The decline in import volumes has tightened supply, bringing local prices closer to those in Northern Europe. As the Italian market has traditionally depended more heavily on foreign supply, it has been among the most affected by these limitations.
Across Europe, end-user demand remains weak. The automotive sector, which accounts for a significant portion of steel consumption, continues to struggle, putting substantial pressure on producers. Additionally, the European Commission’s plans to reduce steel import quotas and raise duties on volumes exceeding those quotas have caused concern within the industry. These measures could push prices higher by further limiting imports, while at the same time raising worries about the competitiveness of export-oriented sectors that rely on steel.
Most buyers continue to postpone new purchases amid this uncertainty. Although mills have announced price increases, these have yet to gain traction, and analysts expect this situation to persist for several more months.
While spot demand from European distributors remains subdued, Turkish producers report growth in long-term sales to the automotive, renewable energy, and construction sectors. Interest in low-carbon steel products remains limited for now, mostly confined to regional and project-based demand.
Overall, although European steel prices remain nominally high, this increase is largely supported by supply constraints and import barriers rather than a genuine demand-driven recovery. Market participants expect weak demand conditions to continue through the rest of the year, with prices likely to fluctuate in response to policy developments.
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