The European hot-rolled coil market experienced a decline in April

The global hot-rolled coil market showed mixed trends in April 2026. In the United States and China, prices continued to rise due to limited supply and high raw material costs, while in the EU, the domestic market remained under pressure from weak demand amid rising import prices.

EU

Trends in Europe were mixed last month, as domestic producers lowered prices; specifically, in Western Europe, prices fell by 0.7% between April 3 and May 8, to €710/t ex-works, and in Italy by 2.2%, to €675/t ex-works, while import offers rose by 16.5% to €635/t CIF, reaching as high as €650/t by the end of April—the highest levels since January 2024.

The European market in April was characterized by high uncertainty. On the one hand, expectations of a decline in imports following the launch of the CBAM and a reduction in import quotas provided support for prices. On the other hand, actual demand remained weak, particularly from service centers and pipe companies, which purchased minimal volumes solely to cover current needs.

Additional pressure on the market emerged in the middle of the month when some mills began to cut prices more aggressively to utilize production capacity. This weakened buyers’ confidence in claims of future price increases. At the same time, processors found it increasingly difficult to pass on high coil costs to finished product prices, which eroded their margins.

Despite weak activity, import prices continued to rise due to higher logistics costs, reduced available quotas, and risks of shortages in the second half of the year. However, there were few actual deals, as the machinery and construction segments remained sluggish.

The market is likely to remain volatile in the coming months: trade restrictions and limited imports will support prices, but weak consumption will hold back a more active recovery in quotations.

United States

In the U.S. market, hot-rolled coil prices rose by 2.9% in April to $1,163/ton ex-works (North America)—the highest level since the beginning of 2024.

The U.S. market remained one of the strongest in the world in April. The main driver of growth was regular price hikes by Nucor, which gradually pulled the entire market upward. At the same time, the availability of spot volumes from mills was limited, and delivery times for certain grades continued to increase.

Buyers actively shifted their purchases toward the domestic market due to high freight costs, unstable logistics, and uncertainty regarding imports amid tensions in the Middle East. Rising prices for diesel fuel and transportation services also contributed to higher steel prices.

In the second half of April, the market received additional support from disruptions in slab supply, scheduled maintenance, and shipment delays at a number of producers. Some companies even temporarily restricted sales on the spot market. At the same time, final consumption remained steady thanks to demand from the construction, machinery, and HVAC sectors.

By the end of the month, market participants were increasingly discussing the risk of rising imports if U.S. prices continued to climb. However, strong domestic demand and a shortage of spot volumes are currently keeping the market on an upward trend.

China

Offers on the Chinese market rose by 7.2% in April to $520/mt FOB, the highest level since July 2024.

The Chinese hot-rolled coil market showed the strongest growth among key regions in April. While prices remained relatively stable at the beginning of the month due to weaker raw material dynamics, the market subsequently received a strong boost from futures, macroeconomic signals, and expectations of new anti-crisis measures in China.

A significant role was played by inventory drawdowns and production cuts for hot-rolled coils, as some capacity was reoriented toward slab production. This reduced available supply in the domestic market and supported spot prices.

In the second half of April, growth accelerated due to rising coking coal prices, the strengthening of the yuan, and investment fund activity on the exchange. At the same time, physical demand did not follow a similar trend: end-users increasingly resisted high prices, and traders reported weak sales.

Export offers also rose, but trading activity remained uneven due to the wide gap between minimum and maximum prices. Some buyers continued to purchase only small batches.

In the short term, the Chinese market may continue to be supported by futures and high-cost raw materials, but slowing demand and inventory buildup could gradually cool growth momentum.