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.
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 Q3, the global market for Hot Rolled Coil (HRC) experienced a notable downturn in Q3 2024, driven by synchronized declines across key regions. 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.
InQ4, 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, fuelled 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.
