For the Quarter Ending December 2025
North America
• In USA, the Hot Rolled Coils Price Index rose by 3.72% quarter-over-quarter, supported by tighter domestic availability.
• The average Hot Rolled Coils price for the quarter was approximately USD 1087.67/MT, reflecting stable domestic demand.
• Hot Rolled Coils Spot Price remained firm as Price Index signalled constrained supply amid limited import inflows.
• Hot Rolled Coils Price Forecast points to modest upside near-term as mills defend list prices and manage inventories.
• Hot Rolled Coils Production Cost Trend shows stable scrap and iron-ore metrics, limiting immediate upward pressure on margins.
• Hot Rolled Coils Demand Outlook remains constructive from infrastructure and automotive sectors, supporting a steady Price Index trajectory.
• Service-centre inventories and export flows compressed availability, lifting the Hot Rolled Coils Price Index despite subdued downstream activity.
• Major mill outages and extended lead times tightened prompt availability, strengthening pricing power supporting the Price Index.
Why did the price of Hot Rolled Coils change in December 2025 in North America?
• Domestic supply tightened due to import curbs and mill outages, reducing prompt tonnage availability materially.
• Robust automotive and infrastructure demand supported mill order books, offsetting weaker construction and industrial activity.
• Stable scrap, iron-ore costs limited input inflation, while rail logistics and duties maintained cost differentials.
APAC
• In Malaysia, the Hot Rolled Coils Price Index fell by 0.35% quarter-over-quarter, pressured by import competition.
• The average Hot Rolled Coils price for the quarter was approximately USD 566.33/MT, reflecting steady import competition.
• Weak regional offers kept the Hot Rolled Coils Spot Price subdued, and the Price Index remained range-bound.
• Short-term Hot Rolled Coils Price Forecast shows marginal upside as year-end restocking competes with elevated import availability.
• Production Cost Trend for Hot Rolled Coils showed mixed effects from lower ore but rising freight.
• Hot Rolled Coils Demand Outlook remains constructive with infrastructure projects and automotive restocking supporting steady offtake.
• Port inventories and Chinese competition pressured the Hot Rolled Coils Price Index despite selective domestic premiums.
• Domestic mill utilization remained moderate, supporting availability; exporters adjusted offers affecting Hot Rolled Coils Price Forecast.
Why did the price of Hot Rolled Coils change in December 2025 in APAC?
• Ample imports from China and stable Taiwanese flows increased supply, exerting downward pressure on landed prices.
• Rising Asia-Pacific freight rates and Port Klang dredging increased landed costs, partially offsetting lower feedstock prices.
• Buyers in Malaysia front-loaded purchases before holidays and currency weakness, supporting short-term demand amid regional softness.
Europe
• In Germany, the Hot Rolled Coil Price Index rose by 3.42% quarter-over-quarter, reflecting constrained mill allocations.
• The average Hot Rolled Coil price for the quarter was approximately USD 736.00/MT, reported by regional surveys.
• Hot Rolled Coil Spot Price remained range bound, with the Hot Rolled Coil Price Index showing resilience despite weaker demand.
• The Hot Rolled Coil Price Forecast anticipates modest volatility, modest upside as inventories gradually normalise.
• Elevated energy and EU-ETS costs lifted the Hot Rolled Coil Production Cost Trend, limiting mills' pricing flexibility.
• The Hot Rolled Coil Demand Outlook is subdued near term, automotive and construction weakness constraining immediate purchases.
• Service centre inventories and narrowing import discounts compressed the Hot Rolled Coil Price Index, reducing mill leverage.
• Major mills operated reduced rates while export inquiries remained moderate, balancing supply tightness with muted domestic demand.
Why did the price of Hot Rolled Coil change in December 2025 in Europe?
• Weak construction and OEM call-offs reduced immediate offtake, exerting downward pressure on domestic spot levels.
• High electricity and carbon costs raised production expenses, constraining mills' capacity to make price cuts.
• Improved import parity and port congestion dynamics narrowed margins, while warehouses buffered urgent buying requirements.
For the Quarter Ending September 2025
North America
• In the USA, the Hot Rolled Coil Price Index fell by 3.05% quarter-over-quarter, reflecting demand.
• The average Hot Rolled Coil price for the quarter was approximately USD 1100.67/MT, reported delivered.
• Hot Rolled Coil Spot Price stayed range bound as mills ran and service centers destocked.
• Hot Rolled Coil Price Forecast indicates September recovery driven by tightening lead times and restocking.
• Hot Rolled Coil Production Cost Trend remained stable; scrap and energy prices flattened, preserving margins.
• Hot Rolled Coil Demand Outlook remains subdued for construction and nonresidential sectors despite automotive improvement.
• Tariffs, import spreads and service center metrics kept the Hot Rolled Coil Price Index supported.
• Elevated inventories and muted export demand pressured offers, prompting mill list-price adjustments to defend margins.
Why did the price of Hot Rolled Coil change in September 2025 in North America?
• High service center inventories and weak construction and automotive buying reduced spot purchasing and momentum.
• Stable scrap and energy costs limited cost-push while tariffs and import dynamics provided floor support.
• Uninterrupted mill runs and smooth logistics sustained supply as restocking improved volumes in September.
APAC
• In Malaysia, the Hot Rolled Coil Price Index rose by 5.6% quarter-over-quarter, driven by logistics.
• The average Hot Rolled Coil price for the quarter was approximately USD 568.33/MT, import-parity observed
• Hot Rolled Coil Spot Price fluctuated on freight variability while Chinese export offers remained unchanged.
• Hot Rolled Coil Price Forecast anticipates range-bound movement as speculative futures and policy measures influence.
• Hot Rolled Coil Production Cost Trend rose with iron ore gains; coke and energy subdued.
• Hot Rolled Coil Demand Outlook shows construction support offsetting weak automotive and cold-rolled offtake persistently.
• Hot Rolled Coil Price Index showed precautionary restocking driven by speculative futures and anti-dumping signals.
• Chinese export volumes and warehouse overhang pressured offers, while galvanizer restocking supported Malaysian import demand
Why did the price of Hot Rolled Coil change in September 2025 in APAC?
• Rising iron ore cost and tighter feedstock availability pushed offers higher despite abundant Chinese inventories.
• Freight reductions lowered delivered costs, partially offsetting upstream cost increases, moderating net price movement overall.
• Speculative futures and precautionary buying amid anti-dumping measures supported prices despite weak real end-user demand.
Europe
• In Germany, the Hot Rolled Coil Price Index fell by 6.15% quarter-over-quarter, and weak demand.
• The average Hot Rolled Coil price for the quarter was approximately USD 773.33/MT based on FD-Ruhr.
• Tight lead times kept Hot Rolled Coil Spot Price steady, limiting volatility across Price Index.
• Hot Rolled Coil Price Forecast expects modest recovery, constrained by inventories and weak downstream demand.
• Stable energy tariffs kept Hot Rolled Coil Production Cost Trend subdued, narrowing margins, avoiding shocks.
• The Hot Rolled Coil Demand Outlook remained tepid, with automotive and construction buyers remaining cautious.
• Aggressive Asian offers and quota shifts increased import pressure, elevating inventories and softening Price Index.
• Domestic mills operated with few outages, limiting supply shocks to Hot Rolled Coil Price Index.
Why did the price of Hot Rolled Coil change in September 2025 in Europe?
• Ample mill output and weak downstream demand reduced offtake, exerting downward pressure on prices regionally.
• Stable energy costs limited cost-push, while customs delays and quota congestion disrupted hot-rolled imports regionally.
• Aggressive Asian offers, Section 232 tariff spillovers and cautious restocking collectively weighed on September dynamics.
For the Quarter Ending June 2025
North America
• The Hot Rolled Coil Price Index in the USA increased by 5.2% quarter-over-quarter in Q2 2025, supported by protective tariffs, reduced imports, and deliberate supply-side control from domestic mills.
• The Hot Rolled Coil Production Cost Trend remained steady, with stable scrap prices and cost-managed melt shop operations across key Midwestern mills.
• The Hot Rolled Coil Demand Outlook showed modest improvement driven by restocking in automotive and energy-related sectors. Construction activity remained soft but showed signs of stabilization by June.
• Import volumes stayed low as Section 232-related restrictions and logistics challenges raised landed costs from offshore origins.
Why did the price of Hot Rolled Coil change in July 2025 in North America?
• The Hot Rolled Coil Spot Price in July 2025 is estimated to have held firm as mills retained strong offer levels while buyers approached the market cautiously.
• Support from tariff enforcement and limited foreign competition prevented a correction, even amid patchy downstream demand.
• The Hot Rolled Coil Price Forecast suggests a possible rollover trend into Q3 unless construction activity improves notably.
• The Hot Rolled Coil Demand Outlook remains cautiously optimistic, with potential upside if restocking gains momentum in the automotive supply chain.
APAC
• The Hot Rolled Coil Price Index in Malaysia declined by 5.2% quarter-over-quarter in Q2 2025, pressured by weaker domestic activity and low-cost Chinese imports.
• The Hot Rolled Coil Production Cost Trend softened slightly due to lower regional HRC input offers and marginal freight savings.
• The Hot Rolled Coil Demand Outlook weakened, especially in the downstream manufacturing and construction sectors. Buyers preferred to delay orders amid soft sentiment.
• Import offers from China remained aggressive, keeping pressure on local producers and limiting recovery potential.
Why did the price of Hot Rolled Coil change in July 2025 in Malaysia?
• The Hot Rolled Coil Spot Price in July 2025 likely declined marginally as buyers remained hesitant amid high inventories and muted industrial activity.
• Local mills struggled to raise offers despite freight cost stabilization, given competition from discounted Chinese cargoes.
• The Hot Rolled Coil Price Forecast suggests further downside risk if domestic demand does not recover by early Q3.
• The Hot Rolled Coil Demand Outlook remains weak, with minimal momentum in construction and no restocking incentive from OEMs.
Europe
• The Hot Rolled Coil Price Index in Germany increased by 7.4% quarter-over-quarter in Q2 2025, supported by constrained imports and cost-driven price hikes from EU mills.
• The Hot Rolled Coil Production Cost Trend remained elevated due to energy inputs and tightening raw material supply conditions.
• The Hot Rolled Coil Demand Outlook improved slightly in May and June, with orders from machinery, automotive, and renewables sectors showing stability.
• Import availability from Turkey and India declined, allowing domestic mills to regain price control.
Why did the price of Hot Rolled Coil change in July 2025 in Germany?
• The Hot Rolled Coil Spot Price in July 2025 likely held firm as mills maintained elevated offer levels amid limited foreign competition.
• Automotive and machinery OEMs continued to procure steadily, but construction demand was seasonally flat.
• The Hot Rolled Coil Price Forecast points to potential upside if Turkish supply tightens further or safeguard policies are extended.
• The Hot Rolled Coil Demand Outlook holds moderate strength across industrial hubs in Germany, Austria, and the Benelux region.
For the Quarter Ending March 2025
North America
• The Hot Rolled Coil (HRC) Price Index in North America region settled in Q1 2025 at USD 1212/MT for HR Coil (1.5 mm) DEL Illinois, sustaining stability in comparison to Q4 2024 despite notable intra-quarter fluctuations.
• Why did the price of Hot Rolled Coil (HRC) change in April 2025? During April 2025, prices of the product inclined moderately, fuelled by consistent domestic demand and firm construction and automotive sector activity.
• January began with stable prices but saw mid-month declines due to buyer hesitation and regulatory concerns.
• Recovery began in late January, and February recorded a 2.5% price gain, followed by another 5% jump driven by construction recovery and auto sector growth.
• The Hot Rolled Coil (HRC) Spot Price was lifted by strong market sentiment and inventory restocking activity by steel buyers.
• Rising raw material prices and tariff impacts added upward pressure to the Hot Rolled Coil (HRC) Production Cost Trend, which is expected to stay elevated into Q2.
• The Hot Rolled Coil (HRC) Demand Outlook remains firm, supported by public infrastructure spending and resilient industrial activity.
• The Hot Rolled Coil (HRC) Price Forecast for Q2 2025 indicates a cautiously bullish trend, assuming stable macroeconomic conditions and manageable import pressures.
Europe
• The Hot Rolled Coil (HRC) Price Index in Europe ended Q1 2025 at USD 806/MT for HR Coil (1.5 mm) FD-Ruhr, Germany—marking an increase from Q4 2024 and signaling mild recovery momentum.
• Why did the price of Hot Rolled Coil (HRC) change in April 2025? During April 2025, prices were expected to remain stable or slightly increase, driven by controlled supply, limited imports, and tentative demand recovery.
• January showed mixed movement, with early stability followed by a 1% price drop mid-month due to buyer caution and economic uncertainties.
• A 2.9% increase in February was observed, supported by improved activity in the automotive and construction sectors, especially in Northern Europe.
• The Hot Rolled Coil (HRC) Spot Price saw gradual upward movement as trading volumes rose and buyers restocked amid limited import offers.
• The Hot Rolled Coil (HRC) Production Cost Trend was moderately higher, influenced by regulatory compliance costs and tighter logistics in the EU.
• The Hot Rolled Coil (HRC) Demand Outlook remains fragile but shows signs of gradual stabilization with improved sectoral confidence.
• The Hot Rolled Coil (HRC) Price Forecast for Q2 is cautiously optimistic, although contingent on economic clarity and regulatory resolution.
APAC
• The Hot Rolled Coil (HRC) Price Index in APAC (focused on Malaysia) ended Q1 2025 at USD 558/MT for HR Coil (Q235-1 mm) CFR Klang—showing overall price stability amid volatility.
• Why did the price of Hot Rolled Coil (HRC) change in April 2025? April 2025, prices of the product decrease slightly, driven by subdued end-user demand and competitive import pricing from China.
• January opened with stable pricing influenced by Chinese offers, followed by a 1% increase mid-month as Chinese mill maintenance slowed and supply increased.
• End-January brought a 1% decline, followed by another drop in March of 1.5%, driven by market caution and tariff-related trade uncertainties.
• The Hot Rolled Coil (HRC) Spot Price remained under pressure from global trade headwinds and hesitant purchasing behavior.
• The Hot Rolled Coil (HRC) Production Cost Trend was relatively flat, though risks remain tied to regional energy and logistics disruptions.
• The Hot Rolled Coil (HRC) Demand Outlook is moderately positive, supported by a recovering construction sector but weighed down by weak manufacturing sentiment.
• The Hot Rolled Coil (HRC) Price Forecast suggests mild downward pressure through April unless supply tightness from major exporters re-emerges.
