For the Quarter Ending December 2025
North America
• In USA, the Cold Rolled Coil Price Index rose by 1.4635% quarter-over-quarter, reflecting tighter mill output.
• The average Cold Rolled Coil price for the quarter was approximately USD 1132.33/MT, reported level.
• Cold Rolled Coil Spot Price firmed on extended mill lead times and constrained service-center inventories.
• Cold Rolled Coil Price Forecast implies modest upside; restocking and mill pricing power balance demand.
• Cold Rolled Coil Production Cost Trend tightened due to scrap and HRC feedstock, pressuring margins.
• Cold Rolled Coil Demand Outlook positive from automotive and appliance restocking; construction demand remains weak.
• Cold Rolled Coil Price Index remained supported by low service-center inventories and Section 232 constraints.
• Mill outages and extended lead times elevated offers, aligning with Cold Rolled Coil Price Forecast.
Why did the price of Cold Rolled Coil change in December 2025 in North America?
• Domestic mill outages and tight scrap supplies reduced CRC availability, pushing spot offers, extending leadtimes.
• Protective tariffs and limited imports preserved domestic pricing power, service centers restocked aggressively before January.
• Increased raw-material costs, longer logistics, and resilient automotive demand supported price gains despite construction weakness.
APAC
• In Indonesia, the Cold Rolled Coil Price Index rose by 2.59% quarter-over-quarter, supported by imports.
• The average Cold Rolled Coil price for the quarter was approximately USD 567.67/MT, reflecting imports.
• Cold Rolled Coil Spot Price softened as abundant imports and weak purchasing pressured domestic offers.
• Cold Rolled Coil Price Forecast shows modest upside if HRC tightens and import arrivals normalize.
• Cold Rolled Coil Production Cost Trend held as HRC conversion margins fluctuated, constraining mills' pricing.
• Cold Rolled Coil Demand Outlook stayed subdued with weak automotive and appliance procurement, limiting restocking.
• Cold Rolled Coil Price Index stayed rangebound as balanced supply and cautious buying limited volatility.
• Export demand remained tepid; mills operated cautiously, inventories elevated, Korea offers pressured domestic prices further.
Why did the price of Cold Rolled Coil change in December 2025 in APAC?
• Abundant North Asian imports increased Indonesian inventories and suppressed domestic offers, limiting sellers' pricing power.
• Stable HRC feedstock costs capped conversion-driven cost increases, preventing meaningful upward pressure on CRC offers.
• Muted automotive and construction procurement promoted hand-to-mouth buying, reducing restocking and keeping CRC demand subdued.
Europe
• In Germany, the Cold Rolled Coil Price Index rose by 5.61% quarter-over-quarter, mills constrained supply.
• The average Cold Rolled Coil price for the quarter was approximately USD 759.33/MT, Ruhr assessment.
• Cold Rolled Coil Spot Price held at assessments as domestic offers tightened while imports available.
• Cold Rolled Coil Price Forecast shows modest firmness as mills manage output and distributors restock.
• Cold Rolled Coil Production Cost Trend showed lower HRC, higher energy and carbon compliance costs.
• Cold Rolled Coil Demand Outlook remains mixed as automotive caution offsets appliance and packaging restocking.
• Service centre inventories, export demand influenced the Cold Rolled Coil Price Index, limiting price spikes.
• Planned mill maintenance and CBAM compliance costs tightened supply, supporting Cold Rolled Coil Price Index.
Why did the price of Cold Rolled Coil change in December 2025 in Europe?
• Constrained mill output and strategic capacity reductions limited domestic availability, underpinning modest price recovery.
• Steady imports from Turkey and Korea balanced supply, while anti-dumping measures limited cheaper Chinese volumes.
• Energy and carbon compliance costs rose, while automotive procurement remained cautious, keeping upward moves contained.
South America
• In Brazil, the Cold Rolled Coil Price Index rose by 10.26% quarter-over-quarter, driven by stronger mill offers and quota constraints.
• The average Cold Rolled Coil price for the quarter was approximately USD 680.67/MT, based on CFR Santos trade and observations
• Cold Rolled Coil Spot Price showed weekly stability while import flows maintained pressure on domestic offers.
• Cold Rolled Coil Price Index fluctuations reflected quota utilisation, import volumes and balanced domestic mill production schedules.
• Cold Rolled Coil Production Cost Trend remained subdued as metallic feedstock prices eased, supporting mill margin preservation.
• Cold Rolled Coil Demand Outlook appeared muted with subdued construction and automotive purchasing limiting upside potential.
• Cold Rolled Coil Price Forecast indicates rangebound movement near current levels as inventories and imports remain influential.
• Cold Rolled Coil Price Index strength late quarter reflected temporary restocking and tighter service center availability.
Why did the price of Cold Rolled Coil change in December 2025 in South America?
• Import availability from Asia remained steady, keeping landed costs predictable and largely suppressing spot inflation.
• Domestic mill output discipline and quota enforcement reduced immediate import competitiveness, supporting marginal price gains.
• Subdued downstream demand and comfortable service center inventories limited buying, constraining significant near-term upward pressure.
For the Quarter Ending September 2025
North America
• In USA, the Cold Rolled Coil Price Index fell by 6.32% quarter-over-quarter, reflecting persistent oversupply.
• The average Cold Rolled Coil price this quarter was approximately USD 1116.00/MT, reflecting regional transactions.
• Cold Rolled Coil Spot Price weakness paralleled softer mill lists, keeping the Price Index pressured.
• Cold Rolled Coil Production Cost Trend muted as HRC feedstock eased, limiting cost-driven price increases.
• Cold Rolled Coil Demand Outlook weak with automotive and construction purchases below typical seasonal benchmarks.
• Cold Rolled Coil Price Forecast suggests autumn stability conditional on restocking and improved order flow.
• Section 232 tariffs limited imports and elevated service centre inventories constrained domestic Price Index recovery.
• Mill operating rates near eighty percent sustained availability, keeping supply ample and limiting price volatility.
Why did the price of Cold Rolled Coil change in September 2025 in North America?
• Elevated mill throughput and shipments increased supply availability, exerting downward pressure on regional Price Index.
• Service centres deferred restocking as automotive and construction orders remained weak, limiting transactional demand recovery.
• Stable feedstock costs and compressed lead times curtailed cost-push inflation, maintaining a range-bound market overall.
APAC
• In Indonesia, the Cold Rolled Coil Price Index rose by 4.93% quarter-over-quarter, driven by exports.
• The average Cold Rolled Coil price for the quarter was approximately USD 553.33/MT measured locally.
• Cold Rolled Coil Spot Price showed volatility while the Price Index signalled tightening domestic supply.
• Cold Rolled Coil Price Forecast indicates firmness while Production Cost Trend rises on feedstock pressures.
• Cold Rolled Coil Demand Outlook supported by infrastructure spending, bolstering the Price Index amid restocking.
• Inventory builds at Tanjung Priok and robust export demand influenced Cold Rolled Coil Price Index.
• Major mill operating rates stayed high; rerollers prioritised exports, pressuring Cold Rolled Coil spot availability.
• Logistics bottlenecks and higher demurrage costs, alongside rupiah volatility, lifted landed costs Cold Rolled Coil.
• Short-term trading expected range-bound as imports and conversion costs moderate Cold Rolled Coil Price Index.
Why did the price of Cold Rolled Coil change in September 2025 in APAC?
• Tighter domestic hot-rolled availability and higher feedstock costs reduced supply, supporting Cold Rolled Coil prices.
• Chinese export flows swelled Indonesian port inventories, and logistics delays with demurrage raised landed costs.
• Robust infrastructure demand prompted distributor restocking despite ample imports, tightening near-term availability and firming prices.
Europe
• In Germany, the Cold Rolled Coil Price Index fell by 7.66% quarter-over-quarter, reflecting persistent oversupply
• The average Cold Rolled Coil price for the quarter was approximately USD 719.00/MT, Q3 Ruhr
• German Cold Rolled Coil Spot Price held flat as mills balanced shipments; buyers stayed cautious
• The Cold Rolled Coil Price Forecast is cautious, given seasonal shutdowns and persistent import competition
• Rising energy and conversion charges lifted the Cold Rolled Coil Production Cost Trend this quarter
• The Cold Rolled Coil Demand Outlook remains weak as automotive destocking pressures the Price Index
• Service-centre stocks rose and cheap HRC imports constrained margins, weighing on export flows and pricing
• Major German mills ran scheduled rolling, limiting spot availability and exerting selective support to offers
Why did the price of Cold Rolled Coil change in September 2025 in Europe?
• Ramp-up of European capacity and low-cost imports generated oversupply, thereby reducing Cold Rolled Coil ordering
• Energy tariffs and conversion charges increased production costs, keeping mill offers elevated despite weak demand
• Smooth logistics and steady FX preserved import parity, while OEM summer shutdowns delayed restocking recovery
South America
• In Brazil, the Cold Rolled Coil Price Index rose by 8.8% quarter-over-quarter, reflecting quota tightening.
• The average Cold Rolled Coil price for the quarter was approximately USD 617.33/MT, reflecting quotas.
• Cold Rolled Coil Spot Price rose after BRL depreciation and quota limits elevated landed parity.
• Inventory tightening and port congestion underpinned the Cold Rolled Coil Price Forecast for near-term firmness.
• Mills reported steady electricity and scrap, keeping the Cold Rolled Coil Production Cost Trend stable.
• Cold Rolled Coil Demand Outlook muted as automotive weakness offsets distributor rebuilding and export interest.
• Service-centre stocks stayed high, so the Cold Rolled Coil Price Index signalled largely range-bound conditions.
• Santos logistics supported flows, but quota caps and slab shortages maintained upward pressure on prices.
Why did the price of Cold Rolled Coil change in September 2025 in South America?
• Quota tightening, lower slab output constrained availability, elevating import parity and supporting spot premiums.
• Inventory drawdowns and increased export flows reduced local availability, despite automotive and manufacturing demand.
• BRL depreciation and mill costs raised landed costs, while ports operated normally supporting resilience.
For the Quarter Ending June 2025
North America
• The Cold Rolled Coil Price Index in the USA declined by 2.4% quarter-over-quarter in Q2 2025, primarily driven by weakening demand in the automotive, HVAC, and home appliance sectors.
• Inventories at service centers remained elevated, with destocking continuing throughout the quarter, further dampening mill order books.
• The Cold Rolled Coil Production Cost Trend remained steady, with input HRC prices relatively stable and no significant disruptions in domestic logistics or labor.
• Import pressure from Mexico and South Korea added pricing pressure, especially for spot orders in the Midwest and Gulf Coast regions.
• Demand recovery lagged behind expectations, and procurement strategies shifted to shorter-term contracts and minimal stockpiling.
Why did the price of Cold Rolled Coil change in July 2025 in the USA?
• The Cold Rolled Coil Spot Price in July 2025 likely stayed under pressure as service centers continued cautious purchasing, reflecting a conservative outlook across industrial segments.
• Automotive production schedules were trimmed in early July, and HVAC demand remained below seasonal averages.
• The Cold Rolled Coil Price Forecast indicated limited upside without significant mill curtailments.
• The Cold Rolled Coil Demand Outlook remained sluggish, with restocking deferred amid expectations of better deals in Q3.
APAC
• The Cold Rolled Coil Price Index in Indonesia dropped sharply by 18.3% quarter-over-quarter in Q2 2025, reflecting oversupply in the domestic market and competitive regional export offers.
• Local mills faced intense pricing competition from Chinese CRC suppliers, who were aggressively pricing into Southeast Asia.
• The Cold Rolled Coil Production Cost Trend declined due to falling hot rolled coil input costs, easing energy rates, and increased operational efficiency across integrated mills.
• Domestic demand weakened, particularly from construction, white goods, and downstream fabrication sectors, while export realizations remained under pressure due to currency fluctuations.
• High port inventories and slower customs clearance further contributed to the glut, driving prices lower throughout the quarter.
Why did the price of Cold Rolled Coil change in July 2025 in Indonesia?
• The Cold Rolled Coil Spot Price in July 2025 likely declined further as mills ramped up discounts to clear high inventories.
• Buyer sentiment remained weak due to inflationary pressures and financing difficulties among downstream buyers.
• The Cold Rolled Coil Price Forecast signaled further softness unless coordinated production cuts materialize.
• The Cold Rolled Coil Demand Outlook for Q3 is fragile, with limited visibility on industrial orders and inconsistent export booking volumes.
Europe
• The Cold Rolled Coil Price Index in Germany registered a slight increase of 0.4% quarter-over-quarter in Q2 2025, as demand from key segments such as automotive and mechanical equipment showed gradual improvement.
• Domestic producers benefited from reduced import volumes from Turkey and Eastern Europe due to tighter EU import regulations and geopolitical uncertainties.
• The Cold Rolled Coil Production Cost Trend remained stable, with predictable energy prices and consistent supply of input HRC.
• Purchasing activity increased modestly in May and June, led by restocking from small- to mid-sized manufacturing firms in northern Germany.
• Capacity utilization improved at major mills, though export demand to neighboring countries remained mixed.
Why did the price of Cold Rolled Coil change in July 2025 in Germany?
• The Cold Rolled Coil Spot Price in July 2025 is estimated to have held firm, supported by stable domestic mill order books and improved confidence among buyers.
• Automotive and engineered goods producers maintained consistent order placements, even as construction-related CRC demand stayed subdued.
• The Cold Rolled Coil Price Forecast suggested price stability through mid-Q3 unless there is a surge in import arrivals or energy cost volatility.
• The Cold Rolled Coil Demand Outlook remains cautiously optimistic, underpinned by resilient industrial output and a modest rebound in export-oriented sectors.
For the Quarter Ending March 2025
North America
The North American Cold Rolled Coil market experienced a significant upward trend in Q1 2025, driven by a combination of global and regional factors influencing both supply and demand dynamics. During Q1 2025, with prices settling at USD 1,395/MT CFR Manzanillo in Mexico.
The quarter revealed a 5% incline between Q1 quarter and Q4 last year, underscoring the bullish sentiment in the market. Supply constraints were a major factor, stemming from global disruptions such as import restrictions, port congestions, and broader inefficiencies in supply chain operations. These constraints limited the availability of product in the region, creating upward pressure on prices. At the same time, the demand for product in North America increased, particularly from industries tied to production, solidifying the market's positive momentum.
The Mexico demonstrated the most significant price changes, with an increase recorded indicating a steady upward trend. Despite disruptions in the supply chain, the pricing environment remained optimistic throughout the quarter, bolstered by rising domestic demand and constrained imports.
Europe
The European Cold Rolled Coil market demonstrated significant weakness in Q1 2025, with prices settling at USD 818/MT Fed-Ruhr in Germany, representing a 1.3% decline from Q4 2024. This downward movement reflects a confluence of challenging market conditions affecting the region. Additionally, Germany emerged as the epicentre of price movements, setting the tone for the broader European market. The quarter was characterized by persistent oversupply conditions, while demand remained subdued. Global economic uncertainties and ongoing geopolitical tensions further complicated the market landscape, adding to the bearish sentiment. Moreover, Key end-user sectors, notably automotive and construction, continued to show weakness in consumption patterns. This reduced demand, combined with abundant supply availability, maintained steady downward pressure on prices. Both year-over-year and quarter-over-quarter comparisons indicated negative growth, underlining the sustained nature of market challenges. While pricing pressures were evident across Europe, Germany's market conditions proved particularly influential in shaping regional trends. In a result the combination of oversupply, weakened demand, and regulatory challenges created a consistently bearish pricing environment throughout the quarter.
APAC
The APAC Cold Rolled Coil market demonstrated persistent weakness during Q1 2025, with prices in China settling at USD 561/MT, marking a 2.7% decline from the previous quarter. This downward trajectory reflects a complex interplay of market forces affecting the region. Additionally, China emerged as the primary price influencer, experiencing the most significant fluctuations throughout the quarter. The market faced multiple headwinds, including disrupted logistics networks, volatile raw material costs, and shifting international trade patterns. Traditional seasonal factors, including the off-season period and adverse weather conditions, added another layer of complexity to the already challenging market environment. Moreover, Consumption patterns showed notable weakness across key sectors. The combination of reduced demand and abundant supply availability created sustained downward pressure on prices. The bearish sentiment was further reinforced by broader economic uncertainties affecting the region. Furthermore, while price pressures were evident throughout the APAC region, China's market conditions dominated regional pricing trends. The confluence of supply-side challenges and weakened demand fundamentals maintained negative price momentum throughout the quarter, setting a bearish tone for the broader regional market.
