Hot-rolled coil prices continue to rise in February 2026, extending the upward trend that began in January. Mills in Europe increased offers by €25–45 per ton since early January. Meanwhile, US producers lifted prices by $50 per ton. However, China recorded only a marginal $2 per ton increase.
The global hot-rolled coil market now shows regional divergence. Europe and the United States lead the rally. In contrast, China faces demand headwinds and rising inventories.
Hot-Rolled Coil Prices Gain Momentum in the EU Market
European hot-rolled coil prices reached their highest level since May 2025. As of February 20, offers in Western Europe stood at €665 per ton ex-works. Italian prices reached €650 per ton ex-works. Import offers in Southern Europe climbed to €525 per ton CIF.
Producers drove the uptrend through assertive pricing strategies. Leading mills announced increases of up to €50 per ton. Some suppliers targeted benchmark levels above €700 per ton for May delivery. Mills also paused sales to test buyer resistance.
However, pre-CBAM inventory accumulation restrained real purchasing activity. Buyers secured volumes ahead of the EU Carbon Border Adjustment Mechanism. Imports from Turkey and the Middle East remained competitive despite quota uncertainty. Negotiations in Germany set a new contract base, supporting spot sentiment.
US Hot-Rolled Coil Prices Stay Above $1,000 per Ton
US hot-rolled coil prices surpassed $1,000 per ton for nearly two months. As of February 20, offers reached $1,069 per ton ex-works. This level marked the highest point since February 2024.
Nucor led the price rally with weekly increases of $5 per ton. The company added another $10 per ton at month-end. Other producers followed, reinforcing bullish sentiment.
Winter storms disrupted supply chains and delayed shipments. Some mills limited spot availability due to slab shortages. Imports from Asia remained constrained by logistics costs and trade duties. As a result, domestic supply tightness supported elevated price levels.
China Lags as Domestic Demand Remains Weak
China’s hot-rolled coil prices held steady at $472 per ton FOB. The market struggled with weak demand before the Spring Festival. Futures on the Shanghai Futures Exchange declined to quarterly lows.
Inventories increased across major trading hubs. Export offers remained stable due to Middle East contracts. However, subdued domestic consumption capped upside momentum.
Short-term recovery may follow the holiday period. Yet weak property and manufacturing demand could limit gains.
SuperMetalPrice Commentary:
Hot-rolled coil prices reflect disciplined supply management in Europe and the United States. Producers successfully defend margins despite moderate end-user demand. However, China’s sluggish recovery tempers global optimism. If EU inventories decline and US supply constraints persist, prices may stabilize through March. Nevertheless, second-quarter corrections remain possible if demand fails to accelerate.
Leave a Reply
You must be logged in to post a comment.