The recovery of coil prices in northwestern Europe is showing only limited momentum, as industrial demand remains flat, as it has been for months, defying mills’ attempts to hike values.

At this week’s Euroblech fair in Hanover, Kallanish heard from buyers that ArcelorMittal “said it very clearly” that it is seeking €40/tonne ($44) higher transaction prices and intends to enforce this. This announcement has been making the rounds for three weeks already, with the market leader targeting a price of €590/t ($637) ex-works for hot rolled coil in Europe.

It is, however, still being undercut even by mill-owned service centres. One buyer spoke of a deal done one week ago, when he still bought hot-rolled sheet at a finished price which, deducting cutting and services, hints at a HRC price of slightly below €550/t.

However, he also said mills are now acting more strictly, and returning orders that were placed at the old offer prices. Whether they succeed remains to be seen. Another buyer from a big distributors said prices of €600/t and above for HRC have also been touted. “That’s where they [mills] are trying to bring prices to for deliveries in the first quarter of 2025; the fourth quarter is basically closed now, except for maybe some leftover tonnages,” he noted.  

One Dutch buyer told of reports of an unofficial €70-80 hike attempt, which he finds unrealistic. He hoped that mill can at least assert an increase by €20, giving €575/t as a price he found realistic to expect by the end of this year.

As the distributor’s buyer words it, “there is some movement in prices. But none in demand.”