Quarter Ending September 2025
North America
• In USA, the Galvanized Plain Sheet Price Index fell by 6.83% quarter-over-quarter, reflecting weaker downstream demand.
• The average Galvanized Plain Sheet price for the quarter was approximately USD 1295.33/MT, remaining muted.
• Galvanized Plain Sheet Spot Price eased, lower HRC and slightly softened delivered transactions.
• Galvanized Plain Sheet Price Forecast signals limited upside near term, inventory rebalancing weighing on rallies.
• Galvanized Plain Sheet Production Cost Trend declined as substrate and energy prices eased, narrowing margins.
• Galvanized Plain Sheet Price Index weakness reflected rising inventories, new galvanizing capacity and mill utilization.
• Export demand muted, but shipping reroutes, and freight surcharges occasionally provided limited transient price support.
Why did the price of Galvanized Plain Sheet change in September 2025 in North America?
• Elevated domestic output and galvanizing capacity additions increased availability, pressuring transaction levels and spot firmness.
• Lower hot-rolled coil and easing energy costs reduced production expenses, enabling mills to offer spot discounts.
• Service-center destocking and cautious downstream procurement amid seasonal slowdown weakened demand, constraining upward price momentum.
APAC
• In South Korea, the Galvanized Plain Sheet Price Index fell by 8.8% quarter-over-quarter, reflecting sustained bearish export diversion.
• The average Galvanized Plain Sheet price for the quarter was approximately USD 864.00/MT.
• Galvanized Plain Sheet Spot Price fluctuated within a narrow band amid steady mill utilization and balanced domestic feedstock availability.
• Galvanized Plain Sheet Production Cost Trend remained flat as zinc and energy inputs showed limited movement during the quarter.
• Galvanized Plain Sheet Price Index weakness driven by export diversion, rising inventories and trade barriers constraining overseas offtake.
• Galvanized Plain Sheet Price Forecast indicates near-term downside risk, with short rebounds when service-centre stocks decline.
Why did the price of Galvanized Plain Sheet change in September 2025 in APAC?
• Export diversion and higher domestic inventories forced downward pressure as overseas buyers reduced Korean purchases.
• Flat conversion costs and stable zinc prices limited upside, keeping mills price offers largely unchanged.
• Logistics delays and container cost increases intermittently disrupted exports, amplifying selling back into regional markets.
Europe
• In Germany, the Galvanized Plain Sheet Price Index fell by 4.8% quarter-over-quarter, reflecting weak demand and elevated inventories.
• The average Galvanized Plain Sheet price for the quarter was approximately USD 878.00/MT.
• Galvanized Plain Sheet Spot Price showed firmness amid tighter HRC availability and muted import inflows across September.
• Galvanized Plain Sheet Price Forecast points to volatility as distributors consider restocking and mills balance output against stocks.
• Galvanized Plain Sheet Production Cost Trend remained supported by stable energy and zinc costs, limiting deeper discounts.
• Galvanized Plain Sheet Price Index movements were influenced by logistics smoothness, domestic production resilience, and seasonal buying patterns.
• Inventory overhang and export decline constrained bids, while selective mill rationing intermittently supported domestic price resilience.
Why did the price of Galvanized Plain Sheet change in September 2025 in Europe?
• Elevated inventories and softer automotive and construction demand reduced buyer willingness to accept previous price levels.
• Stable feedstock and energy costs removed cost-push support, allowing sellers to resist aggressive discounts despite weaker orders.
• Muted imports and tighter HRC availability intermittently tightened spot supply, creating short-term firmness amid broader downward pressure.
South America
• In Brazil, the Galvanized Plain Sheet Price Index rose by 1.96% quarter-over-quarter, driven by tightening import quotas.
• The average Galvanized Plain Sheet price for the quarter was approximately USD 694.00/MT, reflecting steady traded levels.
• Galvanized Plain Sheet Spot Price saw weekly swings, while the domestic Price Index stayed range-bound this quarter.
• Galvanized Plain Sheet Price Forecast indicates firmness as the Price Index responds to tightening import quotas.
• Galvanized Plain Sheet Production Cost Trend shows upward pressure from higher scrap and coil feedstock, squeezing margins.
• Galvanized Plain Sheet Price Index gains late September reflect quota exhaustion, depleted inventories and constrained imports.
• Galvanized Plain Sheet Spot Price recovery was supported by tighter coil supply, validating near-term Price Forecasts.
Why did the price of Galvanized Plain Sheet change in September 2025 in South America?
• Import quotas neared exhaustion, reducing low-cost arrivals and tightening near-term domestic galvanized sheet availability significantly.
• Rising feedstock coil and scrap costs lifted Production Cost Trend, squeezing mill margins, supporting offers.
• Service-centre inventories depleted while quota-driven import delays amplified urgency, prompting immediate buying and price spikes.
For the Quarter Ending June 2025
North America
• The Galvanized Plain Sheet Price Index in the USA increased by 5.6% quarter-over-quarter in Q2 2025. The rise was supported by stable domestic mill output and restocking demand from HVAC and construction sectors, especially in the Sun Belt.
• The Galvanized Plain Sheet Production Cost Trend remained steady. Input costs for HR coils and zinc remained unchanged, and no major disruptions were reported across U.S. flat product lines.
• The Galvanized Plain Sheet Demand Outlook strengthened marginally, with infrastructure-driven projects boosting coated steel intake. Lead times lengthened slightly in May.
• Imports remained subdued due to higher ocean freight and longer delivery timelines from Asia, allowing U.S. producers to maintain pricing power.
Why did the price of Galvanized Plain Sheet change in July 2025 in North America?
• The Galvanized Plain Sheet Spot Price in July 2025 is estimated to have remained stable after the Q2 rise, with mills holding firm offers and buyers showing measured participation.
• Demand from construction and automotive replacement remained intact, though some buyers delayed large-volume deals expecting rollover pricing.
• The Galvanized Plain Sheet Price Forecast suggests moderate stability into Q3 unless a surge in import arrivals challenges domestic mills.
• The Galvanized Plain Sheet Demand Outlook stays cautiously optimistic amid ongoing housing activity and non-residential project flows.
APAC
• The Galvanized Plain Sheet Price Index in South Korea declined by 13.1% quarter-over-quarter in Q2 2025. The drop was led by oversupply, weaker domestic appliance production, and reduced exports to ASEAN and the EU.
• The Galvanized Plain Sheet Production Cost Trend declined marginally due to cheaper zinc coating inputs and reduced hot-rolled coil prices domestically.
• The Galvanized Plain Sheet Demand Outlook weakened further, particularly from the white goods and shipbuilding sectors. Several OEMs delayed procurement amid low end-use demand.
• Export orders declined as South Korean mills faced pricing pressure from Chinese-origin shipments in Southeast Asia.
Why did the price of Galvanized Plain Sheet change in July 2025 in South Korea?
• The Galvanized Plain Sheet Spot Price in July 2025 is projected to have softened slightly further as mills resorted to aggressive export offers to clear inventories.
• Domestic consumption failed to pick up, while traders awaited a clearer sign of recovery in Chinese demand before entering restocking cycles.
• The Galvanized Plain Sheet Price Forecast points to continued weakness unless capacity cuts are announced or restocking begins in ASEAN.
• The Galvanized Plain Sheet Demand Outlook remains subdued, with OEMs prioritizing low inventory positions and flexible ordering terms.
Europe
• The Galvanized Plain Sheet Price Index in Germany increased by 6.4% quarter-over-quarter in Q2 2025. The uptick came as regional mills benefited from reduced Asian imports and strong automotive sector restocking.
• The Galvanized Plain Sheet Production Cost Trend was stable, with input costs for zinc and HR coils balanced by steady energy pricing across the EU.
• The Galvanized Plain Sheet Demand Outlook showed modest recovery, led by automotive, HVAC, and engineering segments. German mills gradually regained pricing control by Q2 end.
• Import volumes from Turkey and India shrank, helping EU suppliers widen margins.
Why did the price of Galvanized Plain Sheet change in July 2025 in Germany?
• The Galvanized Plain Sheet Spot Price in July 2025 is estimated to have held firm, with mills targeting rollover pricing after the Q2 gain.
• Order volumes from automotive OEMs remained strong, though construction-related demand was flat.
• The Galvanized Plain Sheet Price Forecast signals mild upside risk if Turkish supply tightens further or if downstream demand continues to stabilize.
• The Galvanized Plain Sheet Demand Outlook holds moderate strength across manufacturing clusters in Germany, Austria, and the Netherlands.
South America
• The Galvanized Plain Sheet Price Index in Brazil decreased by 5.3% quarter-over-quarter in Q2 2025. The decline was driven by weak civil construction activity, seasonal demand lull, and excess inventory from Q1.
• The Galvanized Plain Sheet Production Cost Trend saw minimal change. Domestic production stayed consistent, but mill utilization dropped in May due to lower intake.
• The Galvanized Plain Sheet Demand Outlook remained soft. Retail distribution networks slowed replenishment cycles amid uncertain project pipelines.
• Import competition from Asia increased slightly, weighing on domestic transactional values.
Why did the price of Galvanized Plain Sheet change in July 2025 in Brazil?
• The Galvanized Plain Sheet Spot Price in July 2025 likely declined marginally as mills adjusted to weak seasonal demand and slower sales turnover.
• Inventory levels at distributors remained high, limiting immediate restocking interest even at reduced prices.
• The Galvanized Plain Sheet Price Forecast points to continued weakness into early Q3 unless stimulus measures support construction and manufacturing activity.
• The Galvanized Plain Sheet Demand Outlook stays limited, with broader macroeconomic indicators showing sluggish industrial growth.
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.
