The European hot-rolled coil (HRC) market remained quiet, with prices largely unchanged and expectations of a rebound in early 2025 diminishing. Weak demand and oversupply have led to limited restocking activity over the past few weeks. Industry sources report a 20-30% decrease in orders from end users compared to the same period last year, particularly affecting automotive-focused steel service centers.
Offers for HRC with lead times in the first quarter of 2025 ranged from €570 to €600 per tonne ex-works, but no deals have been confirmed at the higher end of this range. The tradable level was estimated at €550-570 per tonne ex-works. In Northern Europe, the daily steel hot-rolled coil index was calculated at €563.13 per tonne, showing minor fluctuations.
Negotiations for long-term contracts with automotive original equipment manufacturers (OEMs) are ongoing, with buyers seeking significant discounts for 2025 contracts. In Southern Europe, the daily steel hot-rolled coil index in Italy was calculated at €561.88 per tonne, reflecting slight decreases.
Overall, the market outlook remains uncertain, with no major changes expected in the coming weeks.
