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United KingdomIn Q1 2025, Hot Rolled Coil (HRC) prices increased in the UK, USA, and India compared to Q4 2024, supported by tighter supply, improved demand, and trade policy measures. Market sentiment in these regions was cautiously optimistic, with buyers returning and mills pushing for higher offers amid expectations of further economic recovery. In contrast, China’s HRC prices declined from $512/MT in Q4 2024 to $506/MT FOB Shanghai, in Q1 2025, reflecting a 1.2% quarter-on-quarter drop. This decrease was driven by weak domestic demand, ongoing challenges in the property sector, and heightened export competition due to yuan devaluation and global trade barriers. While infrastructure and automotive sectors in China showed some resilience, they were insufficient to offset the drag from real estate, keeping overall market conditions subdued and prices under pressure.
In Q4 2024, the global Hot Rolled Coil (HRC) market witnessed mixed trends in Q4 2024, with regional disparities shaping the overall dynamics. In China, HRC prices experienced a decline driven by sluggish domestic demand, an oversupply scenario, and reduced construction activity due to seasonal factors. Similarly, India saw a downward trend in HRC prices as weak downstream demand and increased imports exerted pressure on domestic producers. Contrarily, the USA reported an upward trend in HRC prices, fueled by robust demand from the automotive and construction sectors, alongside rising input costs and supply chain constraints. Meanwhile, the United Kingdom recorded a decline in HRC prices, influenced by reduced manufacturing output and economic uncertainties dampening steel consumption. These regional fluctuations reflect the diverse economic and industrial conditions impacting the global steel market.
In Q3 2024, the global market for Hot Rolled Coil (HRC) experienced a notable downturn in China, decreased construction activity and muted manufacturing output, coupled with high inventory levels, led to a significant reduction in domestic HRC prices. Similarly, India witnessed subdued demand from infrastructure projects and automotive sectors, compounded by weaker export opportunities, which pressured HRC prices downward. In the United States, the slowdown in industrial activities, paired with elevated interest rates and reduced downstream demand, resulted in a bearish market sentiment for HRC. Meanwhile, the United Kingdom grappled with inflationary pressures and sluggish economic recovery, further dampening demand for steel products. This combined global trend underscores the impact of macroeconomic challenges and sectoral slowdowns on the HRC market, signalling a period of consolidation for producers and stakeholders.
In Q2 2024, the global Hot Rolled Coil (HRC) market witnessed a mixed trend across key regions, reflecting varying economic and industrial conditions. In China, a decline in demand was driven by weakened manufacturing activity and subdued construction growth, leading to a downward price trend. Similarly, the United States experienced a reduction in HRC prices due to lower consumption from the automotive and construction sectors amid economic uncertainties. The United Kingdom also faced a decreasing trend, with subdued demand and increasing import competition pressuring domestic mills. Conversely, India stood out with a notable increase in HRC demand, supported by robust infrastructure development, strong automotive production, and a government push for industrial expansion. This divergence in regional dynamics highlights the complex interplay of macroeconomic factors and sector-specific developments shaping the global HRC market.
In Q1 2024, the global Hot Rolled Coil (HRC) market exhibited mixed regional trends. China experienced a significant increase in HRC prices, driven by robust domestic demand, government infrastructure projects, and a rebound in manufacturing activities post-pandemic restrictions. In contrast, India’s HRC prices declined due to subdued demand from key sectors like automotive and construction, coupled with elevated inventory levels and competitive export pressures. Meanwhile, the United States witnessed a notable price uptick fueled by strong downstream demand in the construction and automotive sectors, supported by federal infrastructure spending. Similarly, the United Kingdom experienced an upward trend in HRC prices, attributed to steady demand recovery and a weakened pound, which made exports more competitive. These regional dynamics highlight the divergent market forces shaping the global HRC industry in early 2024.
Q1 2025
In Q1 2025, the Indian HRC market showed early signs of stabilization, with prices inching up to $613/MT Ex-Mumbai a marginal 0.3% increase from the previous quarter. This slight improvement was supported by renewed buying from infrastructure and manufacturing sectors as government spending picked up and downstream industries began restocking. Mills, having reduced inventories in the previous quarters, were able to hold prices firmer. Export demand also showed slight improvement, with Indian HRC becoming more attractive to buyers in select markets. While the recovery was modest, market participants grew more optimistic, anticipating further improvement in demand and pricing in the coming quarters as economic activity picked up post-monsoon.
Q4 2024
HRC prices continued their downward trend in Q4 2024, averaging $611/MT, a further 1.3% decline from the previous quarter. The market was weighed down by persistent oversupply, as mills maintained high production rates despite weak demand. Year-end inventory clearance sales and aggressive pricing strategies were common as producers aimed to reduce stock levels before closing their books. Export opportunities remained limited due to global oversupply and competitive offers from other Asian producers. The overall sentiment was cautious, with most buyers only purchasing on a need-basis and avoiding large-volume commitments.
Q3 2024
In Q3 2024, prices fell sharply to $619/MT, a significant 7% quarter-on-quarter drop. The onset of the monsoon season led to widespread construction delays, sharply curtailing demand from one of the steel industry’s largest sectors. The automotive industry also reported weaker sales, compounding the demand slump. At the same time, Indian mills faced stiff competition from lower-priced imports, especially as neighboring Asian countries increased their exports. Mills aggressively cut prices to move inventory, but buyers remained hesitant, anticipating further declines. The overall mood was bearish, with many market participants adopting a wait-and-watch approach.
Q2 2024
HRC prices in India rebounded to $666/MT in Q2 2024, up nearly 2% quarter-on-quarter. This recovery was fueled by the resumption of infrastructure and construction projects as the weather improved, and a modest uptick in automotive production. Export opportunities also improved, particularly to Southeast Asia and the Middle East, as Indian mills leveraged competitive pricing. Restocking activity by downstream industries contributed to the price rise, and mills maintained firmer offers. Market sentiment turned cautiously optimistic, with participants hopeful that demand would continue to strengthen through the quarter.
Q1 2024
In Q1 2024, India’s HRC prices averaged $653/MT, marking a notable 5.2% decline from the previous quarter. This drop was primarily driven by a seasonal slowdown in demand following the festive period, especially from the construction and automotive sectors, which are major consumers of HRC. Stockists and end-users were cautious, often delaying purchases in anticipation of further price corrections. The market also faced pressure from increased import competition, as global prices softened and made foreign material more attractive. Mills responded by offering discounts and flexible payment terms to stimulate buying, but overall sentiment remained subdued, with many participants focusing on inventory management and cost control.
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These events underscore the HRC 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 HRC pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
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A hot rolled coil (HRC) is a type of steel product produced through a process where steel is heated above its recrystallization temperature and then rolled into thin sheets or coils. This process involves passing the heated steel through a series of rollers to reduce its thickness and shape it into long, flat products. The result is a versatile and widely used material in various industries, including construction, automotive, and manufacturing.
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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 (%) | ≤ 0.25 (varies slightly by grade) |
| Yield Strength (MPa) | 235 – 275 (minimum) |
| Tensile Strength (MPa) | 400 – 550 |
| Elongation (%) | ≥ 20 (for a gauge length of 200 mm) |
| Hardness (HRB) | 50 – 70 (typical) |
| Density (g/cm³) | 7.85 |
| Modulus of Elasticity (GPa) | 200 |
| Melting Point (°C) | ~1425 – 1540 |
| Thickness (mm) | 1.6 – 25.4 (common range, varies by supplier) |
| Width (mm) | 600 – 2100 |
| Surface Finish | Hot rolled, with mill scale (standard), optional pickled & oiled finish available |
| Weldability | Excellent (low carbon content ensures good weldability) |
| Formability | Good |
| Corrosion Resistance | Low (prone to rust without surface treatment or coating) |
| Thermal Conductivity (W/m·K) | ~50 at 20°C |
| Electrical Conductivity (% IACS) | ~5 – 7 |
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