Steel mills signal price increases for hot-rolled coil

Steel producers in Europe and the United States are signaling significant price increases for hot-rolled (HR) coil.

In Europe, integrated mills have issued initial signals for 2027 long-term supply contracts, with industry sources suggesting three-digit price hikes compared to 2026 levels. Mill managers indicate these increases are necessary to compensate for previous contract levels that did not reflect anticipated price rises and to account for rising input costs. While current northwestern European prices sit around €750/tonne, some observers suggest that while the first half of the year may see a €100/t increase, prices for the second half could see even more substantial adjustments.

In the United States, Nucor has raised its consumer spot price for hot-rolled coil to $1,255 per short ton, a $15 increase from the previous week. California Steel Industries (CSI) on the West Coast has also raised its price to $1,320 per short ton. Additionally, Nucor Plate Group announced it will double its fuel surcharge to $40 per short ton effective November 1 to address rising operational costs.