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.
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.
FAQs – Galvanized Plain Sheet
• 1. What is the current price of Galvanized Plain Sheet?
As of July 2025, Galvanized Plain Sheet prices varied regionally. In the U.S., spot pricing remained stable at USD 960/MT FOB Gulf Coast, following Q2 gains, while Brazil saw slight softening to USD 895/MT CFR Santos. Korean offers continued to decline, driven by weak domestic demand and export competition.
• 2. Who are the top Galvanized Plain Sheet producers globally?
Major producers include POSCO, Hyundai Steel, JSW Steel, ArcelorMittal, U.S. Steel, and Nucor. South Korea, China, and India are significant export hubs, while domestic production in the U.S., Germany, and Brazil supports regional consumption in construction, automotive, and appliances.
• 3. What is the Galvanized Plain Sheet Price Forecast for Q3 2025?
Prices are expected to remain mixed in Q3 2025. The U.S. and Germany could see mild gains if construction and automotive restocking continues. However, APAC and South America may face further pressure unless inventory levels fall or demand improves in downstream sectors like white goods and infrastructure.
• 4. How is the Galvanized Plain Sheet Production Cost Trend impacting regional prices?
Production costs remained largely stable across all key markets, with steady input prices for HR coils and zinc. However, pricing power is more influenced by regional demand and import dynamics. In Brazil and South Korea, oversupply and tepid demand outweighed cost factors, pushing prices lower.
