Published: Aug 04, 2026 | By: Aldrich Ma

European domestic hot-rolled coil (HRC) prices remained unchanged on Friday, July 31, as sluggish demand offset mills' efforts to push for higher price levels in both Northern Europe and Italy, according to market sources.

Northern Europe: Mills Fully Booked but Demand Weak

In Northern Europe, market participants reported no significant trading activity during the day. Mills were fully booked through the end of September, with offers already being made for October delivery. Initial offers were reported at €730 per tonne ex-works, but buyers considered this level too high. Workable prices were indicated at €710-715 per tonne ex-works.

One buyer commented that the market remained constrained by weak demand, adding that "there are no big volumes we can order in the moment". Another buyer noted that producers were attempting to withdraw volumes from the market now and would initiate price increases of as much as €20-25 per tonne in early September. However, they cautioned that "no one is ready to accept this level for September because market and demand are very weak".

August is expected to be a particularly difficult month, as most German states are on summer holidays. The Fastmarkets daily HRC index for Northern Europe was calculated at €711.25 per tonne on July 31, unchanged day-on-day, but up €1.25 week-on-week and up €28.12 month-on-month.

Italy: Ferragosto Holiday Dampens Activity

In Italy, mills were largely absent from the market due to the traditional Ferragosto holiday in August, while demand remained weak. A buyer reported having purchased HRC at €690 per tonne ex-works approximately 10 days earlier, though this transaction was excluded from the index as it fell outside the assessment's pricing window.

The same source noted that mills claimed to have full order books for September but expressed skepticism, stating: "if you ask for production, you can have it delivered in three weeks". With limited fresh input on Friday, the Fastmarkets HRC index for Italy remained unchanged at €706.25 per tonne day-on-day, up €1.87 week-on-week and up €38.75 month-on-month.

Market Outlook

The current market situation reflects a classic standoff between mills seeking to maintain higher prices and buyers resisting increases amid persistently weak demand. The summer holiday season in Europe is expected to keep trading activity subdued throughout August, with September shaping up to be a critical month for price direction.

For steel traders and suppliers, this seasonal slowdown presents an opportunity to review inventory levels and prepare for the expected demand recovery in early autumn. The key question remains whether mills can successfully implement their planned price increases in September, or whether weak demand will force them to reconsider.

Source: Based on reports from Fastmarkets and EUROMETAL