For the Quarter Ending March 2025
North America
In Q1 2025, the grey cast iron market in North America, particularly in the USA, reflected a positive shift, with a quarter-ending price of USD 2,793/MT for Grey Cast Iron Plate DEL San Diego. This represents a notable increase from the stability observed in Q4 2024, indicating strengthening market conditions.
Throughout January, grey cast iron prices remained stable, supported by firm demand from steel mills and a slight increase in raw steel production. Despite challenges in the manufacturing sector, including rising input costs and labor shortages, there were signs of renewed optimism among buyers, bolstered by a rebound in the construction and automotive sectors.
In February, prices experienced a slight increase driven by significant price adjustments made by Nucor for steel products, influencing raw material costs, including grey cast iron. This upward trend continued into March, with a 1% rise as vehicle sales surged by 9.8%, reflecting increased demand amidst mixed trends in the construction sector. The quarter-ending price for Grey Cast Iron Plate demonstrating the market's response to evolving dynamics. However, participants face challenges including fluctuating input costs, ongoing labour supply issues, and the need for adaptive strategies to navigate this competitive landscape moving forward.
Europe
In Q1 2025, the grey cast iron market in Europe, particularly in Germany, exhibited a dynamic landscape, culminating in a quarter-ending price of USD 2,793/MT for Grey Cast Iron plates FD-Konigsbronn. This price reflects a modest increase compared to the stability observed in Q4 2024, signalling a shift as market conditions began to evolve. Early January showed a mixed price environment influenced by weak market conditions and uncertainty surrounding imports, impacting buyer confidence amid seasonal declines in purchase activity. As the quarter progressed, by late February, prices rose by 0.8% due to heightened demand from the steel sector and increasing ferrous scrap prices driven by limited material availability, especially in the context of rising exports to Turkey. March further solidified this upward trend with a 1% increase attributed to strengthening demand for steel products such as HRC and HDG, even as the construction sector faced challenges. The overall sentiment was buoyed by optimism surrounding government-led infrastructure programs, despite warnings of potential geopolitical impacts and declining iron ore imports. The quarter-ending price for Grey Cast Iron highlighting the ongoing volatility and balancing act between rising demand and supply constraints that market participants must navigate moving forward.
APAC
In Q1 2025, the grey cast iron market in the APAC region, particularly in China, exhibited a complex environment characterized by an ending price of USD 1,491/MT for GB-T9349 GI Iron Ex Shanghai. This reflects a noticeable increase compared to the stability observed in Q4 2024, although the overall trend within Q1 indicated a slight decline in prices, particularly towards the end of March. The onset of the quarter saw a stable market, with prices rising by 0.6% in January owing to a rebound in pig iron production and stable iron concentrate prices. However, pressures emerged mid-quarter as demand exhibited weakness, evidenced by a 1% decline in prices in February. Factors contributing to this include weakening domestic consumption, particularly in the steel sector, and competition from declining iron ore prices. Despite deadlock in downstream demand, March further revealed a 1.5% drop in grey cast iron prices as steel producers scaled back output anticipating regulatory cuts to alleviate overcapacity in the market. The heightened uncertainty from global trade tensions, including the introduction of new U.S. tariffs, compounded cautious purchasing behaviour among market participants.
For the Quarter Ending December 2024
North America
In Q4 2024, the Grey Cast Iron market in North America has shown signs of stability amid fluctuating economic conditions. Prices remained unchanged during this period, reflecting a consistent demand backdrop even as the broader manufacturing sector faced challenges. Despite the stable price environment, the sector continues to grapple with a decline in production output and new orders for the fifth consecutive month, attributed to supply chain disruptions and rising input costs.
The U.S. manufacturing sector exhibited signs of slight recovery as the Manufacturing Purchasing Managers’ Index showed improvements, although it remains below neutral, indicating persistent contraction. Demand from construction and automotive sectors remained moderate, though the construction industry faced hurdles due to high mortgage rates, leading to reduced activity in residential projects.
As we close the quarter, the price for Grey Cast Iron Plate DEL in San Diego stands at approximately USD 2,592/MT. This stability in pricing occurs amid cautious buyer behaviour and challenges such as increased inventory levels and import competition, particularly from Brazilian pig iron. Market participants must navigate these dynamics to maintain stability and responsiveness in the coming months, as the outlook for 2025 suggests potential improvements in demand conditions.
Europe
In Q4 2024, the Grey Cast Iron market in Europe experienced stability in pricing amidst challenging economic conditions. Prices remained steady in November and December, reflecting a cautious demand environment influenced by slowing activity in both the construction and automotive sectors. Notably, Germany's Manufacturing Index showed a marked decline, amplifying concerns over contracting industrial output and new orders. Demand dynamics have been mixed, as the construction sector shows signs of recession, particularly in residential and civil engineering projects, leading to a decline in new housing approvals. This situation has compelled manufacturers to adapt to a sluggish demand landscape, with a preference for domestic materials over imports becoming apparent. Conversely, some southern European mills have attempted to attract business with competitive pricing, though overall stability in Grey Cast Iron prices has persisted due to tight supply of imported raw materials. As the quarter concludes, the price for Grey Cast Iron plate FD-Königsbronn in Germany stands at USD 2,554/MT. Market participants are now navigating challenges such as fluctuating demand and regulatory uncertainties, which could hinder recovery efforts in 2025. A rebound in demand will be critical to reinforcing market stability as the industry seeks to adapt to evolving economic realities.
APAC
In Q4 2024, the Grey Cast Iron market in the APAC region, particularly in China, exhibited stability in pricing, reflecting balanced supply and moderate demand. Prices remained relatively unchanged throughout November and December, supported by steady demand from sectors like automotive, which showed significant growth with an 11.2% increase in passenger vehicle sales year-on-year. However, the construction sector faced headwinds, with overall activity declining despite a notable uptick in housing. The manufacturing landscape is marked by cautious optimism, as the NBS Manufacturing PMI fluctuated, signalling mild growth but raising concerns about potential slowdowns. Increased maintenance activities on blast furnaces led to a temporary drop in pig iron output, yet the overall supply remained stable, bolstered by a robust inventory of iron feedstock materials. As we conclude Q4, the price for GB-T9349 GI Iron Ex Shanghai stands at approximately USD 1,570/MT. Market participants face challenges such as volatility in iron ore prices and ongoing anti-dumping measures across various countries, which may impact trade dynamics. The need for strategic adjustments and close monitoring of market conditions is crucial as the industry anticipates a rebound in demand and potential production increases heading into 2025.
For the Quarter Ending September 2024
North America
In the Q3 of 2024, Grey Cast Iron prices in North America experienced a decline due to several key factors. Market stability was affected by consistent steel production and a stable iron supply, which helped prevent inventory build-up.
However, challenges emerged from weakening demand in the manufacturing sector, marked by fewer new orders and declining employment levels. Additionally, the high-interest-rate environment created further difficulties, resulting in increased financing costs and reduced investments. While there was a decrease compared to the same quarter last year, the quarter-on-quarter change also showed a decline, indicating an overall downward trend.
In the USA, the most notable price changes were observed, reflecting a slight decrease between the first and second halves of the quarter. The latest quarter-ending price stood at USD 2586/MT for Grey Cast Iron Plate DEL San Diego, USA, highlighting a consistent decreasing sentiment in the pricing environment. Overall, the quarter saw negative trends, with challenges in demand, employment, and economic conditions affecting Grey Cast Iron prices.
Asia-Pacific
In Q3 2024, the Grey Cast Iron market in the APAC region experienced a period of decreasing prices. This quarter has been marked by a slight decrease in prices compared to the same quarter last year, with a consistent negative trend evident in the market. Various factors have influenced these price declines, including a slowdown in industrial activities, reduced demand from key sectors like automotive and construction, and an oversupply of raw materials, notably iron ore.
In the last week of September, positive market policies have been announced, enhancing sentiment and pushing up futures prices. Nonetheless, high port inventory levels are limiting spot price growth, which has narrowed the gap between futures and spot prices. In the short term, iron ore futures may maintain their upward momentum, but the potential for spot price increases appears limited.
In China, which has seen the most substantial price changes, the market has been characterized by seasonality impacts, with prices following a downward trajectory. The correlation in price changes between the first and second half of the quarter remained consistent, reflecting a stable downward trend. The latest quarter-ending price for GB-T9349GI Iron Ex Shanghai in China stood at USD 1563/MT, showcasing the prevailing negative sentiment and challenging pricing environment in the region.
Europe
In Q3 2024, the Europe Region witnessed a stable pricing environment for Grey Cast Iron, with significant factors influencing market prices. The market remained stable due to consistent demand from steel mills, maintaining supply-demand equilibrium.
Challenges in the automotive and construction sectors led to stagnant prices, despite fluctuations in other industries. In Germany, the most significant price changes were observed, reflecting overall trends in the region. The correlation in price changes showcased an increase from the same quarter last year, indicating resilience in the market. This challenging environment has resulted in a stark lack of buying, with stockists and distributors reporting empty inboxes, which is unusual for this time of year. Analysts have described the automotive market as bad and the construction market as terrible. Despite the bleak demand picture, premiums in the construction market have remained flat due to a tight supply environment.
However, compared to the previous quarter in 2024, prices remained flat, with no change, highlighting a steady pricing trend. The comparison between the first and second half of the quarter also showed no significant price variance, further emphasizing the stability in pricing. The quarter-ending price of USD 2549/MT for Grey Cast Iron plate FD-Konigsbronn in Germany underlines the consistent and stable pricing sentiment prevailing throughout the quarter.
For the Quarter Ending June 2024
North America
In Q2 2024, Grey Cast Iron pricing in North America experienced a stable period with various factors contributing to this steadiness. Globally, the market remained balanced, driven by consistent demand in both domestic and international fronts, particularly from Europe, Asia, and Canada. This quarter saw no drastic shifts in supply or demand dynamics that could disrupt the price equilibrium. The stability was further supported by sustained steel production levels, which maintained a steady demand for Grey Cast Iron.
Additionally, input cost inflation, although at its highest in over a year, was managed effectively by firms through strategic price adjustments, ensuring market prices remained steady. Focusing on the USA, which exhibited the most significant price changes, the overall trend during Q2 2024 was remarkably stable. Despite the pressures of higher input costs and shipping expenses, the price movement was minimal. Seasonality did not introduce significant variations, and the correlation in price changes suggested a consistent demand-supply balance.
However, from the previous quarter of 2024, the price changes remained flat at 0%, indicating a stable pricing environment. The first and second halves of the quarter showed no significant variances, further underscoring the stability. Concluding Q2 2024, the price for Grey Cast Iron Plate DEL San Diego stood at USD 2613/MT, reinforcing the sentiment of a stable and balanced market environment throughout the quarter. This indicates a stable pricing environment, neither overly positive nor negative, but reliably steady, ensuring predictability for industry stakeholders.
Asia-Pacific
Grey Cast Iron pricing in the APAC region remained relatively stable during Q2 2024, underpinned by balanced supply and demand dynamics. Market stability was driven by consistent production rates and steady demand from key sectors such as construction and automotive. While there were minor fluctuations, these were largely attributed to macroeconomic factors and industry-specific developments. No significant disruptions were observed, contributing to a stable market environment. Focusing on China, the market exhibited notable price changes, albeit within a stable range. Seasonal factors played a role, as the transition from spring to summer typically witnesses a modulation in industrial activity. The correlation between price changes and seasonal demand trends was evident, with the overall market maintaining stability despite periodic fluctuations. However, the percentage change from the previous quarter was a modest, indicating minimal volatility and a stable pricing environment. A comparison between the first and second half of the quarter reflected a 0% change, underscoring the consistent pricing throughout Q2 2024. The latest quarter-ending price for GB-T9349 GI Iron Ex Shanghai in China stood at USD 1585/MT, highlighting the sustained stability in the market. Overall, the pricing environment for Grey Cast Iron in the APAC region during Q2 2024 was stable, marked by a positive annual trend and minimal quarter-to-quarter fluctuations. The sector's resilience and steady demand projections contributed to this stable market sentiment.
Europe
In Q2 2024, the pricing environment for Grey Cast Iron in Europe has exhibited a consistent upward trend. This quarter has been marked by several impactful factors driving market prices higher. Elevated demand from key sectors such as automotive and infrastructure has significantly influenced prices. Moreover, logistical disruptions and supply chain bottlenecks have constrained supply, exerting upward pressure on prices. Competitive pressures, particularly amidst ongoing strikes and delivery delays, have further accentuated the price increase, alongside the general anticipation of higher costs due to supply challenges. Germany has experienced the most pronounced price changes in the region. Grey Cast Iron prices in Germany have been influenced by improved industrial activity and steady demand, particularly in the steel mills. These dynamics have led to price increase compared to the same quarter last year, reflecting robust year-on-year growth. Compared to the previous quarter in 2024, there has been a slight increase in prices, indicating a persistent upward trend. Within the quarter, a 1% price rise was observed between the first and second halves, underscoring the steady escalation. The latest quarter-ending price for Grey Cast Iron plate stands at USD 2572/MT FD-Konigsbronn in Germany. This steady increase highlights a positive pricing environment, driven by robust demand, supply constraints, and strategic industrial activities, positioning the market in a favourable light as it heads into the next quarter.
