For the Quarter Ending March 2025
North America
The Hot Dipped Galvanised Coil (HDG) market in North America showed strong momentum in Q1 2025, closing the quarter at a price of USD 1,487/MT for HDG (1 mm) delivered in Illinois. This marks an increase from Q4 2024, signalling a positive shift for market participants as optimism regarding recovery in construction and manufacturing sectors takes hold. Throughout Q1, prices exhibited a notable upward trend, with a 2.5% rise in February and again in March, buoyed by increased raw material costs and growing demand.
Key factors influencing these pricing dynamics include adjustments made by major producers like Nucor and Cleveland-Cliffs, which have optimized pricing strategies in response to the fluctuating market environment. Despite ongoing challenges such as rising labour costs and supply chain disruptions, the overall sentiment remains bullish as buyers express renewed confidence in securing material supplies.
However, market participants face ongoing challenges, including geopolitical uncertainties and potential tariff impacts on steel imports. These factors contribute to cautious buying behaviour among consumers, leading to varying expectations around future pricing stability. In conclusion, the positive trajectory of HDG prices in Q1 2025 reflects a complex interplay of demand, supply, and policy influences, with a quarter-ending price indicative of a resilient market despite existing pressures.
Europe
In Q1 2025, the Hot Dipped Galvanised Coil (HDG) market in Europe witnessed an upward trend, closing the quarter at a price of USD 1,487/MT for HDG (1 mm) delivered in the FD-Ruhr region of Germany. This reflects an increase from Q4 2024, where prices were largely stagnant amid subdued demand and market uncertainties. Early January saw stability in prices as manufacturers announced increases that initially failed to gain traction due to weak market conditions and regulatory concerns. As February progressed, HDG prices rose in early days, driven by improved market sentiment and increased purchasing activity. This was supported by producers selling out first-quarter deliveries and anticipating further price hikes due to supply tightness. By March, HDG prices continued to rise, albeit at a slower rate, indicating a cautious market recovery. Despite these gains, challenges persist. Weak real demand and labor shortages in key sectors, particularly construction and automotive, continue to temper optimism. Additionally, regulatory uncertainties regarding imports from outside the EU add complexity to market dynamics. Overall, while the HDG prices show improvement in Q1 2025, market participants remain cautious, navigating the balance between supply pressures and demand uncertainties.
APAC
The Hot Dipped Galvanised Coil (HDG) market in Europe showed a moderate recovery in Q1 2025, closing the quarter at a price of USD 576/MT for HDG (Z100-1 mm) delivered from Shandong, China. This represents an increase over Q4 2024, reflecting a positive shift in market dynamics amid stabilizing demand from key sectors such as automotive and construction. In January, prices remained stable as producers-maintained pricing strategies in response to cautious demand and holiday-related slowdowns. However, as the quarter progressed, a 2% rise was observed in early February, driven by heightened sentiment due to improving macroeconomic conditions. By March, despite some fluctuations, the overall upward trajectory was maintained, influenced by expectations of future demand recovery and ongoing supply adjustments from producers. Key factors affecting market conditions include regulatory influences, particularly regarding environmental controls that have constrained steel production levels. Additionally, the polarized economic landscape—characterized by inflationary pressures and geopolitical tensions—poses ongoing challenges. While the first quarter exhibited improved pricing trends, market participants remain vigilant, navigating uncertainties in demand and potential supply volatility.
South America
In Q1 2025, the Hot Dipped Galvanised Coil (HDG) market in South America, particularly Brazil, demonstrated moderate price stability, closing the quarter at USD 712/MT for Hot Dipped Galvanised Sheet (1 mm) CFR Santos. This marks an increase compared to Q4 2024, signalling a positive trend amidst fluctuating market conditions. Early January observed stable prices driven by strong demand from the automotive sector, despite challenges related to construction and reduced purchasing power. The Brazilian steel industry also recorded a 5.5% rise in steel production and significant increases in automotive sales, which helped bolster HDG consumption. However, by late January, pricing experienced a slight decrease due to falling prices in China. Early days of February brought a rebound with a 2% price increase, fuelled by improved production rates and favourable offers from Chinese manufacturers as operations resumed post-holiday. As Q1 progressed, prices fluctuated slightly due to interconnected market dynamics influenced by international trends and domestic demand pressures. Overall, the quarterly performance reflects resilience in HDG prices driven by strong automotive demand and ongoing policy challenges, including import tariffs impacting trade dynamics.
For the Quarter Ending December 2024
North America
In Q4 2024, the Hot Dipped Galvanized Sheet (HDG) market in North America demonstrated a cautious recovery, with prices showing an upward trend compared to Q3. This increase in prices is primarily driven by adjustments in the U.S. market, influenced by manufacturers' responses to rising input costs and inflationary pressures. While the market started November with price stability, a subsequent 1% decrease occurred in December due to inventory destocking and currency fluctuations, especially the depreciation of the Mexican peso against the dollar.
The Mexico Manufacturing Index indicated a slight improvement, suggesting that while challenges persist, there is a gradual stabilization of operations. However, domestic demand faced headwinds, particularly within the automotive sector, where weakened export orders were reported, contributing to mixed production outputs.
As Q4 concludes, the price for Hot Dipped Galvanized Sheet (1 mm) CFR Veracruz in Mexico stands at approximately USD 1,324/MT, marking an increase from previous quarters. Market participants contend with challenges such as fluctuating demand, heightened competition from imports, and ongoing inflationary pressures. These dynamics necessitate a careful navigation of supply chain issues and pricing strategies moving into 2025, as producers seek to balance cost management with maintaining market competitiveness.
Europe
In Q4 2024, the Hot Dipped Galvanized Sheet (HDG) market in Europe experienced noteworthy challenges, with prices reflecting a downward trend compared to the previous quarter. While prices stabilized in early November, ongoing subdued demand from the construction sector and a weaker automotive market pressured overall market dynamics. The Manufacturing Index for Germany indicates that the sector continues to operate in contraction territory, although the pace of decline has started to ease. Demand has been hindered by lower new housing approvals and declining automotive sales, with the Federal Motor Vehicle Office reporting a 7.1% decrease in new registrations in December. Additionally, the supply side faced fluctuations as intense competition and regulatory concerns led to destocking among suppliers. Despite some mills announcing price increases for future orders, these have struggled to gain traction in a market wary of further economic uncertainties. As of Q4's close, the price for Hot Dipped Galvanized Coil (1 mm) FD-Ruhr in Germany stands at USD 750/MT, reflecting a decrease from prior levels. Market participants must navigate these complexities, balancing cautious buyer sentiment with fluctuating supply dynamics as they seek to stabilize their operations moving into 2025.
APAC
In Q4 2024, the Hot Dipped Galvanized Sheet (HDG) market in the APAC region exhibited stability in pricing, contrasting with earlier fluctuations. Overall market sentiment remained positive, driven by moderate demand from the automotive sector, which saw significant sales growth. Despite stable prices for feedstock, such as iron, and a minor increase in hot-rolled coil (HRC) prices, the HDG prices reflected a decreasing trend compared to previous quarters, influenced by seasonal factors and cautious purchasing behaviour during the holiday season. Market dynamics indicate balanced inventories of HDG, although some regions are experiencing destocking due to strong end-use demand. Notably, challenges persist, including limited transactions from key exporters, uncertain future demand perceptions, and economic policies emphasizing protectionism. China’s recent anti-dumping measures signal a shift towards de-globalization, affecting export strategies among regional suppliers. As Q4 concludes, the price for Hot Dipped Galvanized Coil (Z100-1 mm) Ex Shandong in China stands at USD 593/MT, a decrease from Q3 levels. Participants face complexities such as tightening supply chains, ineffective pricing strategies, and a cautious outlook heading into the new year, suggesting that sustained growth in demand will be essential for market recovery in 2025.
South America
In Q4 2024, the galvanized plain sheet market in South America, particularly in Brazil, experienced stability amidst a backdrop of fluctuating demand and supply challenges. While prices for hot dipped galvanized sheets saw a decrease compared to Q3, activity in the automotive sector provided a steady demand for galvanized steel, benefiting from improved consumer and business confidence. Although demand levels remained moderate, increased production in the automotive industry supported consistent consumption of galvanized products. Throughout the quarter, the supply dynamics faced constraints due to tightening import quotas and regulatory pressures, leading to a potential for increased import taxes. This situation heightened the need for local producers to adapt to the evolving market landscape while maintaining quality standards. Additionally, December marked a notable shift with a 19% decrease in flat-rolled steel imports, coupled with a significant year-on-year rise in exports, particularly in flat-rolled categories. The quarter-ending price for Hot Dipped Galvanized Sheet (1 mm) CFR Santos (Brazil) stood at USD 706/MT. As the market enters 2025, challenges such as fluctuating international orders, limited imports, and ongoing domestic production adjustments continue to pose uncertainties for participants, highlighting the need for strategic planning to navigate the evolving market conditions.
For the Quarter Ending September 2024
North America
In Q3 2024, Galvanized Plain Sheet pricing in North America saw a significant increase, from August driven by a combination of factors. Market dynamics were influenced by rising feedstock costs, strategic pricing adjustments by steel mills, and reduced import levels.
These elements collectively contributed to the uptick in prices. Additionally, the emphasis on domestic production, along with ongoing pricing strategies, played a crucial role in shaping the pricing environment for Galvanized Plain Sheet. Mexico experienced the most pronounced price changes within the region during this quarter. The market showed considerable fluctuations, reflecting both internal and external influences such as labour disputes, trade regulations, and global economic conditions.
Despite challenges, the overall trend in pricing exhibited an upward trajectory, with notable changes observed compared to the same quarter last year. Moreover, the quarter-on-quarter change reflected a significant decrease highlighted fluctuations within the quarter itself. The latest quarter-ending price of USD 1287/MT for Hot Dipped Galvanised Sheet (1 mm) CFR Veracruz in Mexico reflected the culmination of these varied influences, ultimately contributing to a positive pricing environment characterized by increasing sentiments.
Asia-Pacific
In Q3 2024, the Galvanized Plain Sheet market in the APAC region experienced a significant decline in prices. Various factors influenced this downtrend, including weakened demand in the construction sector, oversupply from imports, and intense competition from Chinese steel mills. These challenges have led to pricing pressures and a bearish sentiment in the market.
China, in particular, has seen the most pronounced price changes in the region. The quarter recorded a decrease compared to the same period last year, reflecting ongoing market challenges. Moreover, the quarter-on-quarter change further underscores the downward trend putting more pressure on the pricing trend.
Notably, the second half of the quarter saw a sharper decline compared to the first half, indicating increasing price pressures. The latest quarter-ending price for Hot Dipped Galvanised Coil (Z100-1 mm) in China stands at USD 568/MT, highlighting the persistent negative pricing environment in the region. Overall, the market has faced a challenging quarter marked by continuous price decreases and uncertainties in demand dynamics.
Europe
In Q3 2024, the German Galvanized Steel market faced persistent downward pressure, characterized by declining prices and weak demand across major end-user sectors. The quarter began with price drops in July, continued through August, and saw a notable 1.3% decrease in Hot Dipped Galvanised Coil prices during September's fourth week.
The market's performance was significantly influenced by declining Manufacturing PMI, which hit a three-month low in July, alongside a struggling construction sector marked by falling new orders and a troubled automotive industry that saw a 27.8% drop in new car registrations in August. While crude steel production showed a marginal 0.5% increase, hot-rolled steel production decreased by 3% in August, reflecting the market's mixed dynamics.
The industry grappled with multiple challenges, including market oversupply, intense competition from imports (particularly from Russia, South Korea, and India), and reduced demand from key sectors. In response, mills considered production cuts and offered flexible lead times, while downstream users focused on inventory reduction. The overall market sentiment remained cautious, with participants expressing uncertainty about recovery prospects amid ongoing structural challenges in both domestic and export markets. The quarter ended with the price of Hot Dipped Galvanised Coil (1 mm) FD-Ruhr in Germany at USD 764/MT, indicating a prevailing downward trend in the pricing environment.
South America
In Q3 2024, the South American region witnessed a significant decline in Galvanized Plain Sheet (HDG) prices, with Brazil experiencing the most notable changes. The market was influenced by various factors leading to decreased prices. One key factor was the surplus supply of imported materials, particularly from China, which exerted downward pressure on prices.
Additionally, weak demand in the construction and automotive sectors contributed to the price decrease. The ongoing trade tensions and anti-dumping measures on steel products globally further impacted the pricing environment. In Brazil specifically, the market trends reflected a consistent negative sentiment throughout the quarter. Prices saw a substantial decrease compared to the same quarter last year. Moreover, the quarter-on-quarter comparison revealed a decrease, with a notable price difference between the first and second halves of the quarter. The quarter ended with the price of Hot Dipped Galvanized Sheet (1 mm) CFR Santos in Brazil at USD 681/MT, indicating a prevailing downward trend in the pricing environment.
For the Quarter Ending June 2024
North America
The second quarter of 2024 has witnessed a pronounced decline in Galvanized Plain Sheet pricing across the North American market, influenced by a confluence of factors fundamentally reshaping the landscape. A primary driver of this downturn has been the persistent reduction in the prices of key feedstock materials such as Cold-Rolled Coil (CRC) and Hot-Rolled Coil (HRC). The bearish trend in HRC, exacerbated by mill discounting practices and subdued steel demand, has been particularly impactful.
Additionally, an influx of imports, particularly from Southeast Asian markets, has intensified competitive pressures, sparking concerns about potential dumping and further destabilizing domestic prices. Focusing on the USA, the market has experienced the most significant fluctuations, with a marked 2% price decrease from the same quarter last year and a 3% decrease from the previous quarter in 2024. This descent is underscored price reduction between the first and second halves of the quarter, reflecting an ongoing negative sentiment. Seasonality has played a role, with traditionally lower demand in the early summer months exacerbating the downward trend.
The correlation between increased import volumes and pricing pressure has been evident, with local mills struggling to maintain price levels amidst declining orders and heightened inventories. The quarter-ending price for Hot Dipped Galvanised Coil, illustrating a consistent decline. The overall pricing environment has been negative, driven by an imbalance in supply-demand dynamics, import competition, and weakening feedstock costs. This period has highlighted the challenges faced by the industry in stabilizing prices amidst external pressures and fluctuating demand, marking a challenging quarter for North American Galvanized Plain Sheet producers.
Asia-Pacific
In Q2 2024, the Galvanized Plain Sheet market in the APAC region exhibited a consistent downward pricing trend. This quarter has been particularly challenging for the sector, with several contributing factors leading to this decline. Key influences included subdued demand from major consumer industries such as construction and automotive, exacerbated by economic uncertainties and competitive pricing pressures from Chinese suppliers.
Additionally, high inventory levels and weak export markets further weighed on prices, along with geopolitical tensions affecting global trade dynamics. The combined effect of these factors resulted in a pronounced bearish sentiment throughout the quarter. Focusing specifically on South Korea, the country experienced the most significant price changes in the quarter. The overall trend in South Korea was marked by a substantial seasonal slowdown and a correlation with broader economic indicators pointing to reduced industrial activity.
The price change from the same quarter last year reflecting a sharp contraction in market demand and supply chain disruptions. Comparatively, the price change from the previous quarter in 2024 was indicating a continuation of the downward trend. The price comparison between the first and second half of the quarter showed a further decline underscoring the persistent negative sentiment. The overall pricing environment for Q2 2024 remained negative, driven by persistent oversupply, lagging demand, and external economic pressures. This unfavourable trend underscores the urgent need for market participants to adopt strategic adjustments to navigate the ongoing challenges in the Galvanized Plain Sheet sector.
Europe
In Q2 2024, the European market for Galvanized Plain Sheet exhibited a predominantly stable pricing environment. This steadiness was attributed to a confluence of factors. Principally, subdued demand from key sectors such as automotive and construction played a pivotal role. Economic deceleration, persistent inflationary pressures, and geopolitical tensions notably influenced market sentiments, curbing any significant price volatility.
Moreover, escalating energy costs in Europe further increased production expenses, compelling manufacturers to maintain price levels to safeguard profit margins. In Germany, where the most pronounced price fluctuations occurred, the overall trend mirrored broader European stability. Seasonality influenced demand patterns, with industrial activities remaining consistent. Correlating with this, the price change from the same quarter last year marked a -16% decrease, while the previous quarter in 2024 saw a -4% decline.
Despite these fluctuations, the quarter-ending price settled at USD 875/MT for Hot Dipped Galvanised Coil (1 mm) FD-Ruhr in Germany. In summary, while external economic pressures and sector-specific demands influenced the pricing landscape, the market's stability reflects an equilibrium between supply constraints and demand dynamics. The pricing environment has thus remained stable, neither overly positive nor negative, but indicative of resilience amidst broader economic challenges.
South America
In Q2 2024, Galvanized Plain Sheet pricing in the South America region remained stable, reflecting a consistent market sentiment. Various factors influenced market prices during this quarter. The stability in prices can be attributed to balanced supply and demand dynamics, with no significant disruptions reported in the market. Additionally, the overall moderate demand for Galvanized Plain Sheet contributed to the stable pricing environment.
Brazil, experiencing the most significant price changes in the region, maintained a steady pricing trend throughout the quarter. The pricing trends in Brazil echoed the overall stability observed in the South America region. Despite a slight decline from the same quarter last year, and decrease from the previous quarter in 2024, the price comparison between the first and second half of the quarter showed no significant variation, further reinforcing the stable pricing environment. The quarter-ending price for Hot Dipped Galvanized Sheet (1 mm) CFR Santos in Brazil stood at USD 872/MT, indicating a continued stable pricing scenario in the region.
