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India
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United KingdomQ1 2025
In Q1 2025, Cold Rolled Coil (CRC) prices rose in the UK, USA, and India, but declined in China. In China, CRC prices settled at USD 575/MT, FOB Shanghai marking a drop from the previous quarter, reflecting persistent market weakness and oversupply as against at USD 580/MT, FOB Shanghai in last quarter. Meanwhile, the UK and US markets experienced price increases, supported by improved demand and tighter supply. In the US, CRC prices climbed significantly in early 2025, buoyed by domestic demand and protective tariffs. The UK market also saw firmer prices, with buyers returning and producers maintaining higher offers. India’s CRC prices increased due to robust demand from the automotive and infrastructure sectors. Across these regions, positive market sentiment and supply constraints contributed to price gains. However, China’s market remained under pressure from weak domestic consumption and high production.
In Q4 2024, CRC prices in last quarter 2024 fell which 7% price rise in China. The market remained under pressure from oversupply, and fluctuating raw material costs, which capped any significant price rebounds. In India, domestic demand supported some price stability, especially from infrastructure projects, but competition from imports and global trade uncertainties kept prices relatively flat. Despite some recovery, the overall market remained cautious due to ongoing economic concerns and supply-demand imbalances.
In Q3 2024, Prices in the third quarter showed decline in major economies. Domestic CRC prices fell in India by 4% in Q32024, in China by 9%, USA by 11% and the United Kingdom by 2% as against fourth quarter 2023. Sluggish demand from key sectors like automotive and construction, coupled with an oversupply of steel, put downward pressure on prices. High interest rates reduced investment and financing, leading to slower economic activity.
Additionally, a decline in crude steel production, fluctuating raw material costs, and price cuts by major steelmakers to clear excess inventory further reinforced the bearish sentiment. In both developed and emerging economies, crude steel manufacturing declined in Q3 2024. This reduction was partly due to higher operational costs, particularly from energy prices and raw materials costs. The slowdown in steel production, in turn, led to a decreased need for the CRC. These factors combined to drive a notable reduction in CRC prices during the quarter.
In Q2 2024, Global CRC prices showed a drop in Q2 2024 after the volatility in Q1. However, regional markets experienced varied trends based on local demand and production conditions. The US and UK market saw a significant decline of 10% in prices, primarily due to weak demand and an oversupply of steel. Contributing factors include high interest rates, reduced production activity, and a drop in crude steel manufacturing. As a result, major steelmakers significantly adjusted their prices, further deepening the market’s bearish outlook. Prices in India edged down by 1% and from China by 9%, respectively.
In Q1 2024, CRC prices in global markets saw fluctuations during Q1 2024, with prices increasing slightly in some regions due to strong demand and continued recovery in key industries like automotive and construction. However, some regions also experienced price corrections due to overproduction or slower demand. In Europe, CRC prices showed a 10% increase, mainly due to higher energy prices, the cost of raw materials, and a reduction in steel production capacity. Indian and Chinese market edged down on a quarterly basis in Q1 2024.
Q1 2025
In Q1 2025, CRC prices showed a modest recovery, rising to $683/MT, a 1.2% increase over the previous quarter. This uptick was supported by a gradual revival in demand from the automotive and infrastructure sectors, as government spending on public projects picked up post-monsoon. Downstream industries began restocking in anticipation of improved business activity. Mills, having reduced inventories in the previous quarters, were able to hold prices firmer. Export demand also showed slight improvement, with Indian CRC becoming more attractive to buyers in the Middle East and Africa. Overall, market sentiment turned cautiously optimistic, with expectations of further recovery in the coming quarters.
Q4 2024
CRC prices were in downward trajectory in Q4 2024, averaging $675/MT, a 3.9% drop from Q3. The market struggled with persistent oversupply as mills maintained high production rates despite weak demand. Year-end inventory clearance sales further pressured prices. Demand from key sectors like automotive and white goods remained sluggish, and export opportunities were limited due to global oversupply and competitive offers from other Asian producers. Mills focused on cash flow management and reducing stock levels, but the overall market mood remained pessimistic, with little hope for a near-term recovery.
Q3 2024
In Q3 2024, CRC prices fell more sharply to $702/MT, marking a 4.5% quarter-on-quarter decline. The onset of the monsoon season led to a significant slowdown in construction and infrastructure activities, further dampening demand. The automotive sector also faced headwinds, with manufacturers reporting lower sales and inventory build-up. Imports remained steady, adding to the supply glut. Mills adopted aggressive pricing strategies to clear inventories, but this only accelerated the price decline. Market sentiment was bearish, and many buyers opted to wait for further corrections before making significant purchases.
Q2 2024
CRC prices dipped further to $735/MT in Q2 2024, a 1.08% decrease from the previous quarter. The market was characterized by continued weak demand, especially from the infrastructure sector, where project execution was slow due to funding delays and monsoon preparations. Export competitiveness was also challenged by lower-priced offers from China and Vietnam, making it harder for Indian mills to secure overseas orders. Domestic buyers delayed purchases, expecting additional price drops. Mills attempted to support prices through production cuts, but oversupply persisted, keeping the market under pressure throughout the quarter.
Q1 2024
During Q1 2024, prices softened to $744/MT, reflecting a 1.6% quarter-on-quarter decline. The post-festive season typically sees a lull in demand, and this was evident as automotive and construction activity slowed. Stockists held higher inventories, leading to reduced fresh bookings. Additionally, the global steel market was subdued, with export orders from traditional markets such as Europe and the Middle East declining. Mills responded by offering discounts to stimulate demand, but buyers remained cautious, anticipating further price corrections. The overall sentiment was bearish, with market participants focusing on inventory management rather than aggressive procurement.
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These events underscore the CRC market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable CRC pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
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A cold rolled coil (CRC) is a type of steel product produced by further processing hot rolled coil (HRC) through a process where the steel is cooled to room temperature and then passed through rollers to achieve the desired thickness and surface finish. Unlike HRC, the cold rolling process is done at room temperature, which increases the strength, hardness, and surface smoothness of the steel. This results in a product with superior dimensional accuracy and a more polished finish, making it ideal for applications in industries like automotive, appliances, and construction.
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Carbon Content (%) | 0.02 – 0.12 |
| Thickness (mm) | 0.25 – 3.0 |
| Width (mm) | 600 – 2050 |
| Yield Strength (MPa) | 180 – 450 |
| Tensile Strength (MPa) | 270 – 600 |
Applications
The pricing of Cold Rolled Coil (CRC) is influenced by a range of raw materials, market, economic, and geopolitical factors. Here is a detailed breakdown of the key factors:
1. Raw Material Costs
Hot Rolled Coil (HRC): CRC is made from HRC, so HRC price is the most direct input cost.
Iron ore and coking coal prices: These influence the cost of steel production upstream.
Scrap metal prices (if using EAF method): Affects steelmaking input cost.
2. Manufacturing and Processing Costs
Energy and labor costs: CRC production involves more processing than HRC (pickling, rolling, annealing), making it more energy- and labor-intensive.
Plant utilization and efficiency: Higher plant utilization can reduce per-unit costs, impacting price competitiveness.
3. Global and Domestic Demand
Automotive industry: CRC is widely used in car bodies—automotive demand has a major impact.
Consumer durables: Appliances (refrigerators, washing machines) drive CRC consumption.
Construction: Especially in interior finishes and light structural components.
4. Supply Conditions
Production levels and capacity utilization: Overcapacity can depress prices; tight supply pushes prices up.
Maintenance shutdowns or outages: Temporary reductions in output can lead to price spikes.
5. Import-Export Trends
Import duties and tariffs: Trade barriers (anti-dumping duties, safeguard measures) can increase the price of imported CRC or protect domestic prices.
Global supply chain: Disruptions (e.g., shipping delays, geopolitical tensions) can influence availability and cost.
6. Government Policies & Regulations
Environmental regulations: Tighter emission norms can raise production costs.
Subsidies or tax incentives: May artificially reduce pricing pressures in certain markets.
7. Inflation and Interest Rates
Higher inflation or borrowing costs can reduce end-user demand and slow construction or manufacturing, which lowers CRC demand.
Feedstock prices have a direct and significant impact on cold rolled coil (CRC) prices, as CRC is produced by further processing hot rolled coil (HRC), which itself is derived from raw materials like iron ore, coking coal, and scrap metal. When feedstock prices such as HRC rise due to increased costs of iron ore or coal, the production cost of CRC also increases, pushing its market price higher. Conversely, a drop in raw material costs typically lowers CRC prices, assuming stable demand. As feedstock accounts for a major portion of CRC production expenses, fluctuations in these input prices are a primary driver of CRC price volatility in the market.
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