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Due to quota constraints and slab supply issues, Italian hot-rolled coil prices are higher than those of medium‑ and thick‑plate.

Category: Blog

Time:2026-07-23

Due to quota constraints and slab supply issues, Italian hot-rolled coil prices have surpassed those of hot-rolled plate. Following the implementation of the EU’s stricter quota regime on July 1, Italian hot-rolled coil prices rose above those of hot-rolled plate for the first time in four years, as the two products responded differently to the new system. The new quota regime has had a more pronounced impact on hot-rolled coil than on plate, enabling coil producers to raise prices. Meanwhile, falling slab prices and weak demand for plate have weighed on plate prices.

Due to quota constraints and slab supply issues, Italian hot-rolled coil prices are higher than those of medium- and thick‑plate.

Following the implementation of the EU’s stricter quota regime on July 1, Italian hot-rolled coil prices rose above those of hot-rolled heavy plate for the first time in four years, as the two products responded differently to the new rules. The new quota system hit hot-rolled coil more sharply than heavy plate, enabling coil producers to push prices higher. Meanwhile, falling billet prices and weak demand for heavy plate weighed on the latter’s pricing.

On Monday, an overseas analytical agency valued the Italian hot-rolled coil daily index at €708.50 per tonne ex‑works, a premium of €8.50 per tonne over the biweekly assessment for Italian S235‑grade medium‑thick plate. The Italian hot‑rolled coil index rose by €39 per tonne month‑on‑month on Monday, while the medium‑thick plate index as of July 17 had fallen by €25 per tonne compared with one month earlier.

　　On July 1, under the EU’s new import regime, the reduction in duty‑free quota allocations has been particularly sharp for medium‑ and thick‑plate, with a drop of 46% to 1.2 million tonnes per year; however, the quota allocation remains more favorable than that for hot‑rolled coil. The hot‑rolled coil quota has fallen by 33% to 5.2 million tonnes per year, but the fragmented distribution of quotas means that the effective available quota is even lower, as some suppliers receive smaller allocations and additional trade measures further constrain access. These concerns have been raised by Italy’s steel association, Assofermet, which estimates that the EU’s new safeguard measures could reduce the available steel import quotas by 60–70%.

　　Last week, multiple shipments of hot-rolled coil were rerouted from Europe to North Africa and other destinations as trading companies sought to avoid the 50% tariff on newly imposed over-quota volumes. Hot-rolled coil prices rose amid tightening import conditions, but falling billet prices eased cost pressures on medium‑and‑thick plate re‑rolling mills, giving them room to lower their offers in order to secure orders. Some market participants directly attributed the decline in billet prices to the EU’s new safeguard measures, noting that non‑EU suppliers are shifting toward semi‑finished product production, since billet sales to the EU remain exempt from these trade restrictions (with the exception of Russia). Seasonal factors, coupled with a prior restocking wave that pushed billet quotations for medium‑and‑thick plate above $600 per tonne CFR Italy, further intensified downward pressure on summer billet prices.

　　Domestic market demand has already reacted to quota allocations and anticipated supply tightness, with booking activity for hot-rolled coil accelerating. By contrast, buyers of medium‑ and thick‑plate, facing elevated inventory levels, remain on the sidelines, anticipating further price declines.

Keywords: Due to quota constraints and slab supply issues, Italian hot-rolled coil prices are higher than those of medium‑ and thick‑plate.

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Due to quota constraints and slab supply issues, Italian hot-rolled coil prices are higher than those of medium‑ and thick‑plate.

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