For the Quarter Ending June 2025
North America
• The Grey Cast Iron Price Index in the USA increased by 9.9% quarter-over-quarter in Q2 2025. The rise was attributed to strong automotive demand and buyer anticipation of tariff impacts, which encouraged forward buying.
• The Grey Cast Iron Production Cost Trend remained under pressure. Rising input costs, including those driven by Nucor's price hikes and higher coking coal and iron ore prices, continued to influence supplier margins.
• The Grey Cast Iron Demand Outlook improved, led by increased vehicle sales and stable construction sector needs despite high interest rates.
• Domestic mills maintained steady capacity utilization (~78%) amid tight scrap supply and tariff protections, allowing price discipline to hold.
Why did the price of Grey Cast Iron change in July 2025 in North America?
• The Grey Cast Iron Spot Price in July 2025 is estimated to have remained stable at USD 2,980/MT (delivered to San Diego), after slight firming in June.
• Demand from infrastructure and automotive segments stayed consistent, but new spot inquiries slowed as earlier Q1 forward buying reduced immediate needs.
• The Grey Cast Iron Price Forecast signals continued steadiness barring a major shift in policy or scrap input volatility.
• The Grey Cast Iron Demand Outlook remains cautiously positive with suppliers holding firm on offers and inventory levels in check.
APAC
• The Grey Cast Iron Price Index in China decreased by 2.3% quarter-over-quarter in Q2 2025. This was due to oversupply conditions and cautious domestic demand.
• The Grey Cast Iron Production Cost Trend softened slightly, driven by subdued iron ore prices and stable scrap availability.
• The Grey Cast Iron Demand Outlook weakened amid a cautious industrial environment and muted construction activity.
• Export activity showed limited recovery, with Southeast Asian markets not absorbing excess Chinese inventory effectively.
Why did the price of Grey Cast Iron change in July 2025 in China?
• The Grey Cast Iron Spot Price in July 2025 likely remained under slight downward pressure as inventories stayed elevated and mills offered competitively for export.
• Domestic buyers continued to delay orders awaiting stronger signs of policy support and a pickup in infrastructure activity.
• The Grey Cast Iron Price Forecast remains soft unless capacity rationalization or government stimulus boosts local demand.
• The Grey Cast Iron Demand Outlook is flat, with limited signs of restocking or industrial acceleration in early Q3.
Europe
• The Grey Cast Iron Price Index in Germany increased by 8.7% quarter-over-quarter in Q2 2025. The rise was driven by limited local supply, higher energy input costs, and strong sentiment around mechanical and plant engineering sectors.
• The Grey Cast Iron Production Cost Trend rose consistently, underpinned by energy inflation, constrained scrap availability, and elevated logistical overheads.
• The Grey Cast Iron Demand Outlook showed moderate resilience in mechanical engineering, with infrastructure sentiment improving slightly.
• Domestic mills kept offers firm as import options remained limited and buyers adjusted to higher cost structures.
Why did the price of Grey Cast Iron change in July 2025 in Germany?
• The Grey Cast Iron Spot Price in July 2025 edged down slightly to USD 2,905/MT (FD-Königsbronn), amid subdued summer demand and softening automotive sector pull.
• Construction and industrial procurement remained cautious, and buyers delayed purchases hoping for better visibility.
• The Grey Cast Iron Price Forecast indicates mild downside pressure into Q3 unless procurement sentiment rebounds.
• The Grey Cast Iron Demand Outlook remains muted in the short term, though infrastructure optimism could provide later support.
For the Quarter Ending March 2025
North America
• The Grey Cast Iron Price Index in North American market showcased an increase during Q1 2025, and by the quarter-ending Grey Cast Iron Spot Price stood at USD 2,793/MT (Plate DEL San Diego).
• Why did the price of Grey Cast Iron Change in April 2025? During early April 2025, prices of Grey Cast Iron increased, driven by improving construction activity and robust recovery in demand from the downstream automotive sector.
• January prices remained stable amid firm demand from steel mills and modest growth in raw steel output.
• In February, the market saw upward pressure due to pricing actions by Nucor and rising raw material costs, which influenced the Grey Cast Iron Production Cost Trend.
• March concluded with a 1% price rise, supported by a 9.8% jump in vehicle sales, though labor and input costs remained challenging.
• The Grey Cast Iron Demand Outlook improved with better sentiment from the automotive and construction sectors.
• Despite logistical and labor hurdles, the market reflected growing confidence, prompting a cautiously optimistic Grey Cast Iron Price Forecast for Q2 2025.
Europe
• The Grey Cast Iron Price Index in Europe also increased slightly in Q1 2025, with the quarter ending at USD 2,793/MT (Plate FD-Konigsbronn, Germany).
• Why did the price of Grey Cast Iron Change in April 2025? During the month of April 2025, prices were projected to increase, supported by firming demand from the steel sector and limited scrap availability.
• Early January saw mixed market conditions due to seasonal declines and uncertain import levels, which dampened buyer sentiment.
• By late February, prices rose 0.8% amid strong steel demand and a surge in ferrous scrap exports to Turkey.
• In March, the market recorded a further 1% price increase, backed by demand for HRC and HDG products despite headwinds in the construction sector.
• The Grey Cast Iron Spot Price reflected supply constraints and increasing input costs, particularly in scrap-based production.
• The Grey Cast Iron Production Cost Trend moved upward slightly due to elevated raw material costs and regional transportation challenges.
• A positive Grey Cast Iron Demand Outlook emerged with expectations of stronger public infrastructure investment and localized supply security.
• The Grey Cast Iron Price Forecast for Q2 indicates potential gains, contingent on geopolitical developments and iron ore supply stability.
APAC
• The Grey Cast Iron Price Index in APAC, particularly China, showed mixed trends, ending Q1 2025 at USD 1,491/MT (GB-T9349 GI Iron Ex Shanghai).
• Why did the price of Grey Cast Iron Change in April 2025? April 2025, Grey Cast Iron prices observed a decrease, as downstream steel demand remains weak and overcapacity concerns persist.
• January posted a 0.6% price increase due to stronger pig iron output and stable iron concentrate costs.
• February saw a 1% decline in prices driven by soft domestic demand and pressure from falling global iron ore prices.
• In March, prices dropped by 1.5% as steelmakers curtailed output in response to impending regulatory controls aimed at reducing overcapacity.
• The Grey Cast Iron Spot Price weakened toward the end of the quarter, reflecting reduced activity across steel and manufacturing sectors.
• The Grey Cast Iron Production Cost Trend remained under pressure due to lower raw material prices and government-imposed production caps.
• The Grey Cast Iron Demand Outlook remains fragile, impacted by global trade tensions, including new U.S. tariffs that hindered export sentiment.
• The Grey Cast Iron Price Forecast points to short-term downside unless policy support or construction demand significantly rebounds.
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.
Frequently Asked Questions (FAQs):
1. What caused Grey Cast Iron prices to rise in North America during Q2 2025?
The Grey Cast Iron Price Index in the USA rose by 9.9% quarter-over-quarter in Q2 2025. This was driven by strong demand from the automotive sector and anticipatory buying ahead of potential tariff shifts. Rising input costs—particularly due to coking coal, iron ore, and announced hikes from suppliers like Nucor—also contributed to the price increase.
2. Why did the price of Grey Cast Iron stay firm in North America in July 2025?
Grey Cast Iron Spot Prices remained stable at USD 2,980/MT (delivered San Diego) in July 2025, after slight increases in June. While demand from automotive and infrastructure projects held steady, new spot buying slowed as earlier Q1 forward purchases limited near-term requirements. Mills kept offers firm amid balanced inventories and steady capacity utilization.
3. Why did Grey Cast Iron prices decline in China in Q2 2025?
In China, the Grey Cast Iron Price Index fell by 2.3% quarter-over-quarter due to oversupply and subdued domestic demand. Soft industrial activity and a lack of effective inventory absorption from export markets, particularly Southeast Asia, kept prices under pressure despite stable production costs.
4. What led to the slight decline in Grey Cast Iron prices in Germany in July 2025?
Grey Cast Iron Spot Prices in Germany edged down to USD 2,905/MT (FD-Königsbronn) in July 2025 due to seasonal demand softness and weaker momentum from the automotive sector. While infrastructure sentiment showed potential, overall buyer hesitation and elevated cost structures limited price movement.
