For the Quarter Ending December 2025
North America
•The Cold Rolled Sheet Price Index in North America showed a firm to mildly bullish trend through most of Q4 2025, supported by tight mill availability and controlled supply discipline.
•The Cold Rolled Sheet Production Cost Trend remained upward-biased due to elevated hot-rolled coil prices, higher energy costs, and rising labour expenses, limiting mills’ willingness to offer discounts.
Why did the price of Cold Rolled Sheet change in December 2025 in North America?
•In December 2025, Cold Rolled Sheet prices increased modestly as domestic mills implemented late-quarter price hikes to protect margins amid higher raw-material costs, while buyers advanced purchases ahead of year-end and Q1 allocation tightness.
•Cold Rolled Sheet Spot Prices moved upward in December as spot availability tightened, with several mills already sold out for near-term deliveries and prioritising contract customers.
•The Cold Rolled Sheet Demand Outlook was stable to firm in Q4, led by automotive, appliances, and infrastructure-linked manufacturing, while residential construction demand remained comparatively weaker.
APAC
• In Malaysia, the Cold Rolled Sheet Price Index rose by 2.28% quarter-over-quarter, reflecting demand improvement.
• The average Cold Rolled Sheet price for the quarter was approximately USD 553.33/MT this quarter.
• Cold Rolled Sheet Spot Price showed weekly stability amid steady imports and restrained domestic procurement.
• Cold Rolled Sheet Price Forecast suggests modest choppiness as seasonal restocking meets intermittent supplier discounting.
• Cold Rolled Sheet Production Cost Trend was steady as upstream hot rolled feedstock prices eased.
• Cold Rolled Sheet Demand Outlook remained subdued amid weak construction, automotive, and appliance procurement conditions.
• Cold Rolled Sheet Price Index was supported by import arrivals despite elevated inventories across warehouses.
• Inventories and weak export demand prompted mills to offer discounts, further limiting domestic price appreciation.
Why did the price of Cold Rolled Sheet change in December 2025 in APAC?
• Steady import arrivals balanced moderate infrastructure demand, keeping spot offers stable and preventing price spikes.
• Elevated regional inventories and slow downstream procurement pressured suppliers to maintain or marginally reduce offers.
• Stable feedstock costs and normal logistics removed cost-push drivers, leaving demand weakness as primary influence.
Europe
•The Cold Rolled Sheet Price Index in Europe followed a gradually strengthening trend during Q4 2025, supported by mill-side price discipline, reduced import availability, and improving order books toward year-end.
•The Cold Rolled Sheet Production Cost Trend remained elevated due to high electricity prices, labour cost inflation, and environmental compliance expenses, including EU ETS and early-stage CBAM-related cost considerations.
Why did the price of Cold Rolled Sheet change in December 2025 in Europe?
•In December 2025, Cold Rolled Sheet prices increased as European mills pushed through price hikes for Q1 deliveries, citing higher production costs, tighter supply, and improved downstream confidence after a prolonged period of weakness earlier in the year.
•Cold Rolled Sheet Spot Prices edged higher in December as spot availability tightened, with many mills already booked into February–March and buyers shifting from imports to domestic sourcing.
•The Cold Rolled Sheet Demand Outlook improved modestly in Q4, driven by automotive restocking, white goods production, and infrastructure-linked manufacturing, while construction demand remained mixed across regions.
For the Quarter Ending September 2025
North America
• The Cold Rolled Sheet Price Index in North America declined sharply in Q3 2025, reflecting oversupply, slowing downstream activity and higher import pressure that weighed on regional pricing.
• Spot prices softened through the quarter as service-centres and mills worked down inventories; offers and spot trades reflected buyers’ defensive, low-volume buying. Market monitors show flat-to-lower spot bids into late Q3.
Why did the price of Cold Rolled Sheet change in September 2025 in North America?
• Prices decreased in September 2025 due to continued weak demand from automotive, construction and appliance sectors, persistent oversupply at domestic service centres, and competitive import offers that pressured domestic mill margins.
• Analysts expect stability or a slight uptick in Q4 2025, as broader commodity and economic sentiment recovers and inventory levels normalize.
APAC
• In Malaysia, the Cold Rolled Sheet Price Index rose by 4.64% quarter-over-quarter, amid infrastructure procurement.
• The average Cold Rolled Sheet price for the quarter was approximately USD 541.00/MT, CFR Klang.
• Cold Rolled Sheet Spot Price volatility rose as import volumes and screenings tightened cargo availability.
• Cold Rolled Sheet Price Forecast expects firmness from procurement but constrained by Chinese export competition.
• Cold Rolled Sheet Production Cost Trend increased, HBI and carbon-tax expectations pushed mill offers higher.
• Cold Rolled Sheet Demand Outlook is mixed; infrastructure buying supports volumes while cautious restocking continues.
• Cold Rolled Sheet Price Index reflected run-rates, port operations and shifting import parity shaping offers.
• Import stocks rose pressuring spot liquidity, while major mills reported normal run-rates and no outages.
Why did the price of Cold Rolled Sheet change in September 2025 in APAC?
• Elevated Chinese exports increased import stocks, creating supply overhang and downward pressure on local prices.
• Feedstock squeeze and anticipated carbon tax raised production costs, prompting mills to lift offers slightly.
• Port screenings and logistics shifts tightened effective import availability, supporting short-term price recovery despite cautious demand.
Europe
The Cold Rolled Sheet Price Index in Europe weakened in Q3 2025, falling roughly 5% q/q from Q2 levels as oversupply and competitive imports offer pressured regional prices.
Spot prices softened through the quarter as buyers in Germany, Belgium and France adopted cautious, small-volume buying and increasingly relied on selective lower-priced import contracts, keeping Cold Rolled Sheet Spot Price bids subdued.
Why did the price of Cold Rolled Sheet change in September 2025 in Europe?
Prices decreased in September 2025 due to weak automotive and construction demand, continued high import volumes (notably from China, Indonesia and Turkey) and shortened mill lead-times that signalled cautious ordering and inventory drawdown.
For the Quarter Ending June 2025
North America
• The Cold Rolled Sheet Price Index in the USA slightly decreased quarter-over-quarter in Q2 2025, as moderate destocking activity and flat automotive demand weighed on transactional values.
• The Cold Rolled Sheet Production Cost Trend remained broadly stable, with feedstock hot rolled coil and energy input prices showing minimal fluctuation.
• The Cold Rolled Sheet Demand Outlook was subdued, with purchasing momentum from construction and consumer durables segments showing hesitation amid economic uncertainty.
• Imports from Mexico and Canada increased slightly, contributing to softer price sentiment in June.
Why did the price of Cold Rolled Sheet change in July 2025 in North America?
• The Cold Rolled Sheet Spot Price in July 2025 likely remained under mild downward pressure as buyers limited forward orders.
• End-user demand in appliances and transportation remained cautious, though not drastically weaker.
• The Cold Rolled Sheet Price Forecast suggests slight price stability unless Q3 restocking picks up pace.
• The Cold Rolled Sheet Demand Outlook remains restrained, awaiting signs of a broader recovery in consumer-linked steel sectors.
APAC
• The Cold Rolled Sheet Price Index in Malaysia dropped by 14% quarter-over-quarter in Q2 2025 due to oversupply from regional producers and weak buying in downstream export markets.
• The Cold Rolled Sheet Production Cost Trend decreased, driven by falling substrate and processing cost across local rerolling mills.
• The Cold Rolled Sheet Demand Outlook weakened sharply as downstream demand from electronics and general manufacturing sectors contracted.
• South Korean and Chinese origin CRC imports intensified competition, undercutting local offers.
Why did the price of Cold Rolled Sheet change in July 2025 in Malaysia?
• The Cold Rolled Sheet Spot Price in July 2025 likely edged down further due to high inventories and lackluster restocking sentiment.
• Downstream processors remained hesitant as global export demand failed to recover.
• The Cold Rolled Sheet Price Forecast points to further downside unless export incentives or production curbs are introduced.
• The Cold Rolled Sheet Demand Outlook remains weak amid shrinking OEM order volumes.
Europe
• The Cold Rolled Sheet Price Index in Germany slightly increased quarter-over-quarter in Q2 2025, supported by steady intake from automotive and engineering applications.
• The Cold Rolled Sheet Production Cost Trend was stable, with HR coil input prices and energy costs holding firm across Q2.
• The Cold Rolled Sheet Demand Outlook was moderately positive, buoyed by consistent procurement from regional OEMs.
• Imports from Eastern Europe remained limited, allowing German mills to sustain margin levels.
Why did the price of Cold Rolled Sheet change in July 2025 in Germany?
• The Cold Rolled Sheet Spot Price in July 2025 likely held flat, with mills pursuing rollover strategies amid manageable inventory positions.
• Demand from engineering and machinery remained consistent, although construction sector orders lagged.
• The Cold Rolled Sheet Price Forecast signals minor upside potential if domestic orders firm up in Q3.
• The Cold Rolled Sheet Demand Outlook stays cautiously optimistic in the context of EU industrial output.
For the Quarter Ending March 2025
North America
The North American Cold Rolled Sheet 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 Sheet 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 Sheet 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.
