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Hot Rolled (HR) Sheet Price Trend and Forecast

UNSPC code: 30102205
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⟳ Weekly Update
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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing
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hot rolled (hr) sheet Price Trends by Country

usUnited States
gbUnited Kingdom
deGermany
cnChina
inIndia

Global hot rolled (hr) sheet Spot Market Prices, Trend Analysis and Forecast

Price Watchâ„¢ provides real-time price assessments and price forecasts for Hot Rolled Sheet across top trading regions:

Europe Hot Rolled Sheet (HRS) Pricing Analysis

Hot Rolled Sheet (HRS) Regional Coverage Hot Rolled Sheet (HRS) Grade and Country Coverage Hot Rolled Sheet (HRS) Pricing Data Coverage Explanation
Asia-Pacific Hot Rolled Sheet (HRS) Pricing Analysis HRS IS 2062 2.5–8 mm Ex-Mumbai, India Weekly Price Update on Hot Rolled Sheet Real-Time Domestic Ex-Mumbai Prices in India
HRS SS400 2.75 mm FOB Prices at Shanghai Port, China Weekly Price Update on Hot Rolled Sheet Real-Time Export Prices from Shanghai Port, China to Global Markets
North America Hot Rolled Sheet (HRS) Pricing Analysis HRS A1011 1.8 mm Ex-Alabama, USA Weekly Price Update on Hot Rolled Sheet Real-Time Domestic Ex-Alabama Prices in USA
Europe Hot Rolled Sheet (HRS) Pricing Analysis

 

 HRS S235JR 2–3 mm FD Prices at Sheffield, UK Weekly Price Update on Hot Rolled Sheet Real-Time FD Prices in Sheffield, UK
HRS S235JR 2 mm EX Ruhr, Germany Weekly Price Update on Hot Rolled Sheet Real-Time Domestic Ex-Ruhr prices in Germany

 

Hot Rolled Sheet Price Forecasts & Market Foresight Q3 2026

Outlook: Mildly Bearish

Confidence: High

Hot Rolled Sheet prices are expected to remain mildly bearish globally during Q3 2026, weighed down by adequate steel supply, cautious purchasing activity, and moderate raw material cost movements. Asia, led by China and India, is likely to witness mild price corrections amid competitive market conditions and comfortable inventories.

Europe may see gradual price recovery supported by improving industrial demand, while North America is anticipated to maintain a bullish trend, driven by resilient domestic consumption, infrastructure spending, and balanced supply fundamentals.

Global Hot Rolled Sheet Market Overview by Region (July–September 2026)

Country Grade/ Incoterm Outlook
China SS400 2mm FOB Shanghai Mildly Bearish
Germany S235JR 2 mm EX Ruhr Mildly Bullish
USA A1011-2mm EX Alabama Bullish
India IS2062 2mm EX-Mumbai Mildly Bearish
United Kingdom S235JR 2 mm FD Sheffield Mildly Bullish

*Hot Rolled Sheet Forecast represents an analytical assessment based on information available at the time of publication. Actual market prices may vary due to unforeseen operational, regulatory, geopolitical, or economic developments.

Explore the Complete Price Watch™ Hot Rolled Sheet Forecast

Access comprehensive Hot Rolled Sheet market intelligence, including a 3-Month Rolling Forecast, 12-Month Price Forecast, forward price curves, country-wise market outlooks, procurement insights, and monthly forecast updates.

Explore Price Watch™ Hot Rolled Sheet Forecasts

What’s Included

The 3-Month Forecast (Updated Monthly)

It reflects changes in iron ore, coking coal, and steel scrap costs, energy prices, steel mill operating rates, maintenance shutdowns, inventory levels, trade flows, freight rates, demand from construction, automotive, and manufacturing sectors, government trade policies, and geopolitical developments affecting the global Hot Rolled Sheet market.

The 12-Month Forecast (Published Annually)

It provides a strategic outlook based on expected capacity additions, supply-demand balances, feedstock economics, macroeconomic conditions, industrial production trends, trade policies, seasonal demand patterns, and long-term supply chain developments, supporting procurement, budgeting, and strategic planning.

Our Proprietary Hybrid Forecasting Model Evaluates:

  • Feedstock & production economics
  • Plant operating rates & outages
  • Inventory and supply-demand balance
  • Regional trade flows & freight
  • Import-export dynamics
  • Macroeconomic & geopolitical developments

 

Track Hot Rolled Sheet Supply Disruptions in Real Time

As geopolitical risks continue to reshape global supply chains, stay ahead of the events that drive price movements by monitoring plant shutdowns, maintenance turnarounds, force majeure events, logistics bottlenecks, trade restrictions, and operational disruptions before they impact Hot Rolled Sheet markets.

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Rolled Sheet Price Trend Q2 2026

In Q2 2026, the global Hot Rolled Sheet market has remained on an upward trend, supported by stronger trade protection measures, higher production costs, and steady demand from manufacturing and infrastructure sectors. India, the USA, Germany, and the UK have recorded notable quarterly price gains as governments strengthened import controls and domestic steel policies.

China has posted only a modest increase as sufficient domestic supply and weak property activity have limited stronger price growth despite stable manufacturing conditions. The Hot Rolled Sheet Price Chart has reflected firm price momentum across most major markets during April and May. By June, regional trends have become more mixed.

China has seen prices ease because of seasonal demand weakness and ample supply, while India, the USA, Germany, and the UK have continued to register monthly gains supported by trade measures and resilient domestic market sentiment. The Hot Rolled Sheet Price Index has indicated that policy support and supply discipline remain the key drivers of global price movements during the quarter.

China: Hot Rolled Sheet Export prices FOB Shanghai, China; Grade- SS400 2mm

In Q2 2026, Hot Rolled Sheet Price Trend in China has increased by 1.35% compared with Q1 2026, supported by higher raw material costs and steady mill production during April and May. Manufacturing activity remains stable as China’s June manufacturing PMI improves to 50.3, while production and new orders return to expansion. However, the property sector continues to weaken, limiting construction related steel demand.

Steel mills maintain high operating rates and domestic supply stays sufficient, which caps further price gains. Hot Rolled Sheet Price in China remains supported through most of the quarter but faces pressure from soft downstream consumption. In June 2026, Hot Rolled Sheet Prices in China decline by 0.98% from May as seasonal demand slows and oversupply weighs on the market.

India: Hot Rolled Sheet Domestic traded prices EX-Mumbai, India; Grade- IS2062 2mm

In Q2 2026, Hot Rolled Sheet Price Trend in India has increased by 9.15% compared with Q1 2026, supported by strong domestic steel demand and trade protection measures. Construction, infrastructure, and manufacturing activity continue to support finished steel consumption, while India’s finished steel demand rises by 8.3% during April to June.

The government also initiates an anti-dumping investigation into hot rolled flat steel imports from China, Japan, and Russia, strengthening market sentiment for domestic producers. Hot Rolled Sheet Price in India remains firm as mills maintain healthy production and stable order books. In June 2026, Hot Rolled Sheet Prices in India rise by 0.15% from May, reflecting a balanced market despite seasonal monsoon demand slowing slightly.

USA: Hot Rolled Sheet Domestic traded prices EX Alabama, USA; Grade- A1011-2mm

In Q2 2026, Hot Rolled Sheet Price Trend in the USA has increased by 8.18% compared with Q1 2026, supported by tighter domestic supply and stronger trade protection measures. The US government strengthens Section 232 steel tariffs in April and further adjusts the policy in June to encourage the use of domestically produced steel. These measures reduce import competition and keep domestic steel prices elevated.

Manufacturing activity also improves during May, supporting steady demand from industrial buyers. Hot Rolled Sheet Price in the USA remains firm as mills maintain pricing power and order books improve. In June 2026, Hot Rolled Sheet Prices in the USA rise by 3.58% from May as tariff driven supply tightness continues to support the market.

Germany: Hot Rolled Sheet Domestic traded prices EX Ruhr, Germany; Grade- S235JR 2 mm

In Q2 2026, Hot Rolled Sheet Price Trend in Germany has increased by 12.72% compared with Q1 2026, supported by higher production costs and stronger trade protection across the European Union. The EU approves new steel safeguard rules in June, cutting import quotas and raising duties on excess imports to protect domestic producers from global overcapacity.

Higher energy costs and raw material prices also keep steel values elevated through most of the quarter. Hot Rolled Sheet Price in Germany remains firm despite mixed demand from manufacturing and construction. In June 2026, Hot Rolled Sheet Prices in Germany increase by 1.57% from May as tighter import controls continue to support domestic market sentiment.

UK: Hot Rolled Sheet Domestic traded prices FD Sheffield, UK; Grade- S235JR 2 mm

In Q2 2026, Hot Rolled Sheet Price Trend in the UK has increased by 12.47% compared with Q1 2026, supported by tighter trade policies and improving domestic market confidence. The UK government announces a new steel trade measure that takes effect from July 2026. It reduces tariff free import quotas by 51% and applies a 50% duty on imports above the quota to protect local steel producers from global oversupply.

This strengthens buying sentiment and supports mill pricing through the quarter. Hot Rolled Sheet Price in the UK remains firm despite moderate demand from manufacturing. In June 2026, Hot Rolled Sheet Prices in the UK increase by 1.29% from May as market participants prepare for tighter import controls.

 

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Hot Rolled (HR) Sheet Price Trend Analysis: Q1 2026

Hot Rolled (HR) Sheet Price Trend Q1 2026

Between January and March 2026, hr sheet price trend of hot rolled steel in the world generally moved up because of higher production costs (coking coal, iron ore, scrap, and energy) as well as a limited amount of available hot rolled steel in some domestic markets due to reduced import competition.

In addition, increasing geopolitical tensions from the current Iran-Israel conflict and the closure of a major shipping lane (the Strait of Hormuz) have caused an increase in transportation (including freight and insurance) and energy costs, which has contributed to higher prices of hot rolled steel.

Lastly, an increase in the amount of new building construction and demand for new vehicles and machinery from the construction, automotive, and manufacturing industries has caused an increase in the demand for hot rolled steel, and therefore has contributed to higher prices.

In contrast to other large markets that production and cost pressures outweighed the softness of demand for hot rolled, modest increases in hr sheet price trend occurred because of the tremendous oversupply of hot rolled sheet and poor level of domestic demand within the People’s Republic of China.

China: Hot Rolled (HR) Sheet Export prices FOB Shanghai, China; Grade- SS400 2mm

According to Price-Watchâ„¢ , in Q1 2026, Hot Rolled (HR) Sheet prices in China increased marginally by approximately 0.50% compared with Q4 2025, supported mainly by firmer upstream raw material costs, particularly iron ore and coking coal.

The hr sheet price trend in China remained relatively balanced throughout the quarter, as mills maintained disciplined pricing strategies despite subdued downstream demand conditions. Controlled production levels and a slight improvement in global steel market sentiment also contributed to mild upward support.

Seasonal restocking activity following the Lunar New Year strengthened procurement momentum during March, while firmer international hr sheet price trend provided additional market confidence. Geopolitical tensions in the Middle East further influenced the market indirectly through higher freight and insurance costs, which increased overall transaction expenses and supported domestic pricing.

However, disruptions to certain export flows also increased local supply availability, preventing sharper price gains. In March 2026, hr sheet price trend in China rose by around 0.54% month-on-month, reflecting cautious restocking and stable market fundamentals despite ongoing oversupply concerns.

India: Hot Rolled (HR) Sheet Domestic traded prices EX-Mumbai, India; Grade- IS2062 2mm

In the first quarter of 2026, the price of Hot Rolled Sheets in India rose by about 5.37% from the fourth quarter of 2025 due to higher upstream costs and a more favorable domestic market environment. The hr sheet price trend in India remained positive throughout the quarter, primarily due to increasing coking coal and energy prices, which caused steel manufacturers to incur greater production costs.

Further amplifying pressure on costs have been the results of the ongoing Iran – Israel conflict that has caused global oil prices to continue moving higher, as well as all manufacturers’ overall manufacturing costs to increase.

Safeguard duties on steel imports reduced the quantity of lower-priced foreign material entering the market and positively influenced domestic pricing abilities while helping local mills. Demand has been strong for Hot Rolled Sheets from both infrastructure and automotive sectors, contributing to a healthy level of procurement activity during the quarter.

Also adding pressure to the costs associated with Hot Rolled Sheet prices have been the disruptions to key shipping channels such as the Strait of Hormuz that had the variable effect of increasing freight and insurance charges as well as total transaction costs.

In March 2026, the Hot Rolled Sheet price trend in India increased by about 3.17% month over month, continuing to be buoyed by strong demand, limited imports, and significant restrictions on supply.

USA: Hot Rolled (HR) Sheet Domestic traded prices EX Alabama, USA; Grade- A1011-2mm

In Q1 2026, Hot Rolled Sheet prices in the USA increased sharply by approximately 12.13% compared with Q4 2025, supported by tight domestic supply conditions and rising production costs. The hr sheet price trend in the USA remained strongly upward throughout the quarter, as production curtailments and scheduled mill maintenance reduced available supply and strengthened producers’ pricing power.

Higher coking coal and energy prices further intensified cost pressure, while the ongoing Iran–Israel conflict disrupted major shipping routes such as the Strait of Hormuz, driving up crude oil, freight, insurance, and logistics costs across the steel supply chain.

Stringent import tariffs also limited the inflow of lower-priced foreign steel, reinforcing domestic market firmness. Demand from construction and automotive sectors remained stable, supporting continued procurement activity despite elevated prices.

In March 2026, Hot Rolled Sheet prices in the USA rose by around 3.72% month-on-month, reflecting sustained cost-side pressure, controlled imports, and ongoing supply chain disruptions.

Germany: Hot Rolled (HR) Sheet Domestic traded prices EX Ruhr, Germany; Grade- S235JR 2 mm

In Q1 2026, Hot Rolled Sheet prices in Germany increased by approximately 7.18% compared with Q4 2025, supported by rising energy, freight, and raw material costs across the European steel sector. The hr sheet price trend in Germany remained firmly upward throughout the quarter, as disruptions around the Strait of Hormuz and the ongoing Iran–Israel conflict pushed global oil and gas prices higher, increasing both production and logistics expenses.

Freight and insurance costs also rose significantly, adding further pressure to transaction pricing. Tight European supply conditions strengthened market fundamentals, particularly as operational delays at mills in France and Spain reduced regional availability and enhanced domestic pricing power. Higher scrap and iron ore prices further reinforced cost-side pressure during the quarter.

Demand from automotive, machinery, and construction sectors remained steady, while reduced import competition under EU trade measures supported firmer local pricing. In March 2026, Hot Rolled Sheet prices in Germany rose sharply by around 5.18% month-on-month, reflecting tighter supply conditions and sustained industrial demand.

UK: Hot Rolled (HR) Sheet Domestic traded prices FD Sheffield, UK; Grade- S235JR 2 mm

In Q1 2026, hr sheet price trend in the UK increased by approximately 6.01% compared with Q4 2025, supported by elevated upstream costs and tighter domestic supply conditions. The Hot Rolled Sheet price trend in the UK remained firmly upward throughout the quarter, as steelmakers faced rising coking coal, scrap, and energy costs.

These pressures were further intensified by the ongoing Middle East conflict, which disrupted shipping activity around the Strait of Hormuz and pushed global oil and LNG prices higher, increasing freight and insurance expenses across the supply chain.

Import quotas and reduced inflows of lower-priced foreign steel strengthened the pricing power of domestic producers, while steady demand from construction, automotive, and manufacturing sectors supported consistent procurement activity.

Broader inflationary pressure across the UK economy also contributed to higher production and operating costs for mills. In March 2026, Hot Rolled Sheet prices in the UK rose sharply by around 3.77% month-on-month, reflecting continued supply tightness and persistent cost-side pressure.

Hot Rolled (HR) Sheet Price Trend Analysis 2025

Hot Rolled (HR) Sheet Price Trend Q1 2025

In Q1 2025, Hot Rolled Sheet 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 HR sheet prices declined by 1.2%. 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 Q1 2025, the Indian HR sheet market showed early signs of stabilization, with prices inching up to 0.3% 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 HR sheet 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.

Hot Rolled (HR) Sheet Price Trend Q2 2025

According to PriceWatch, in Q2 2025, Hot Rolled Sheet prices in China declined by 2.63%. This drop was primarily driven by a combination of escalating trade tensions, increased domestic production, and weak export demand. The Asian steel market entered Q2 under the shadow of a deepening US-China trade dispute, with new tariffs and protectionist safeguards creating uncertainty for both buyers and sellers.

Chinese HR sheet output surged in Q1, leading to oversupply in the domestic market and intensifying competition among exporters. Export opportunities were further constrained by high US tariffs and reduced quotas in the EU, forcing Chinese mills to seek alternative, often lower-margin, export markets. As a result, prices came under pressure, with market participants expecting further declines unless significant production cuts are implemented to restore balance.

The US HR sheet market experienced a rise in prices reflected a 6.75% increase in Q2. This upward movement was fueled by tight domestic supply, robust restocking, and successful price hikes by major US mills. The US steel sector benefited from strong demand in infrastructure and manufacturing, while import competition remained limited due to ongoing trade barriers and tariffs.

Mills capitalized on these conditions by announcing multiple price increases, which buyers accepted amid concerns over future supply bottlenecks and rising raw material costs. The market’s bullish sentiment was reinforced by a stable economic outlook and government infrastructure initiatives, allowing prices to reach their highest levels for the year.

In the UK, HR sheet prices increased a 3.57% in Q2. The price uptick was supported by steady demand from automotive and manufacturing sectors, higher input costs, and cautious supply management by mills. While overall demand remained moderate, UK and European producers benefited from improved sentiment and limited supply availability, particularly as buyers faced challenges securing urgent HR sheet supplies due to force majeure conditions in the region.

The market also saw some upward pressure from new import taxes and regulatory changes, which encouraged buyers to secure material in advance of potential further price increases. Despite these factors, buyers remained cautious, wary of overcommitting amid ongoing economic uncertainty.

According to PriceWatch, Indian HR sheet prices rose by 3.03% in Q2 2025. The Indian HR sheet market saw this moderate price increase due to strong domestic demand, especially from infrastructure and manufacturing, as well as government policy support. Early in the year, prices faced mild corrections due to increased imports and global trade volatility, but as Q2 progressed, domestic policy interventions and robust infrastructure spending provided a floor for prices. Additionally, the rupee’s slight depreciation contributed to higher USD-denominated prices, making Indian HR SHEET more attractive in export markets. Looking ahead, continued fluctuations are expected, but domestic consumption and policy support are likely to keep prices relatively stable. 

Hot Rolled (HR) Sheet Price Trend Q3 2025

In Q3 2025, the global Hot Rolled Sheet market showed a mixed trend, with significant regional variations. Hot rolled sheet price trend fluctuated by 1-2% during the July-September 2025 period, reflecting the uneven demand and supply dynamics across different regions.

While some areas experienced slight price increases due to higher raw material costs and regional demand upticks, others saw minor price declines driven by overcapacity or weakened market sentiment. This mix of factors contributed to the overall volatility in prices during the quarter.

USA: Hot Rolled Sheet Domestically traded prices EX Alabama, USA, Grade- A1011-2mm.

In Q3 2025, the Hot rolled sheet price trend in the USA declined by 0.58% compared to the previous quarter, reflecting slightly softer demand from the construction, automotive, and industrial manufacturing sectors.

Downstream buyers moderated procurement amid steady inventory levels and relatively stable raw material costs, including iron ore and coking coal. Although domestic mills maintained consistent production, competitive import offers and cautious purchasing behavior from manufacturers applied mild downward pressure on prices.

Producers focused on managing output and inventories to prevent oversupply, resulting in a slightly bearish market sentiment throughout the quarter, while overall market fundamentals remained relatively balanced.

Hot rolled sheet prices in the USA declined by 0.34% in September 2025, primarily due to subdued demand from the construction, automotive, and appliance manufacturing sectors amid slower industrial activity.

Steady domestic production and comfortable inventory levels further limited price recovery, while export demand remained moderate amid global economic uncertainty. Overall, the hot rolled sheet market in the USA during Q3 2025 reflected a mild downward trend, with expectations of gradual stabilization in Q4 as downstream demand and infrastructure projects begin to strengthen.

UK: Hot Rolled Sheet Domestically traded prices FD Sheffield, UK, Grade- S235JR 2 mm.

In Q3 2025, the Hot rolled sheet price trend in the UK showed a 1.92% decrease compared to Q2 2025, reflecting a softening market sentiment. The decline has mainly been driven by weaker demand from downstream sectors such as construction, automotive, and industrial machinery, along with elevated inventory levels among distributors and stockists.

Global steel prices experienced moderate corrections due to easing raw material costs, particularly iron ore and coking coal, which further influenced domestic pricing and contributed to the slightly bearish market conditions.

Hot rolled sheet prices in the United Kingdom declined by 0.46% in September 2025, mainly due to subdued demand from the construction, automotive, and manufacturing sectors amid slower industrial activity.

Adequate domestic supply and moderate imports from European markets further contributed to the downward pressure on prices. Overall, the hot rolled sheet market in the UK during Q3 2025 exhibited a slightly bearish trend, with expectations of gradual stabilization in Q4 as downstream demand and infrastructure-related consumption improve.

Germany: Hot Rolled Sheet Domestically traded prices EX Ruhr, Germany, Grade- S235JR 2 mm.

In Q3 2025, the Hot rolled sheet price trend in Germany showed a 2.27% decrease compared to Q2 2025, reflecting a softening market sentiment. The decline has primarily been driven by reduced demand from downstream sectors such as automotive, construction, and heavy engineering, coupled with higher inventory levels among distributors and stockists.

Global steel prices experienced moderate corrections due to easing raw material costs, particularly iron ore and coking coal, which further impacted domestic pricing and reinforced the slightly bearish market conditions throughout the quarter.

Hot rolled sheet prices in Germany declined by 0.47% in September 2025, primarily due to softening demand from the automotive, construction, and machinery manufacturing sectors amid slower industrial activity.

Steady domestic production and comfortable inventory levels, along with competitive imports from neighbouring European countries, further pressured prices. Overall, the hot rolled sheet market in Germany during Q3 2025 reflected a mild downward trend, with expectations of gradual stabilization in Q4 as downstream demand and industrial activity pick up.

China: Hot Rolled Sheet Export prices FOB Shanghai, China, Grade- SS400 2mm.

During Q3 2025, Hot rolled sheet price trend in China increased modestly by 0.12% when compared to Q2 2025, and the pricing trend exhibited a general tendency for stability. The market sentiment has moderately been optimistic as steady demand, reflecting downstream construction and manufacturing development, persisted.

On the other hand, raw material pricing such as iron ore and coking coal did not fluctuate out of a bounded range, contributing to the prevailing sentiment at the end of Q3. The steel mills have been operating controlled production schedules that supplied enough product while maintaining price stability.

HR sheet prices in China fell 0.8% in September 2025 primarily due to downstream demand weakness from the construction and manufacturing sectors as seasonal consumption began to decline. There has been little support from export markets as global demand has been subdued and uncertainty has been rampant. Overall, the HR sheet market in China demonstrated balanced fundamentals and the start of mild price growth but had moderate levels of resilience entering Q4 2025.

India: Hot Rolled Sheet Export prices EX-Mumbai, India, Grade- IS2062 2mm.

According to Price-Watch, In Q3 2025, the Hot rolled sheet price trend in India experienced a 3% decline from Q2 2025, indicating a weakening market sentiment. A decline in demand from downstream sectors including construction, automotive and capital goods, coupled with high stockist inventory levels led to softening demand.

Global steel prices also had a slight correction due to easing raw material prices, especially iron ore and coking coal, impacting local prices as well. Hot rolled sheet prices in India decreased in September 2025 by 0.15% due to tepid demand from key consuming sectors like construction and automotive along with stable supply from local steelmakers.

Increased imports from China and South Korea contributed to inbound pressure on local mills, creating competitive pricing. Despite steady production, the overall HR sheet market for Q3 2025 remained weak as there has been potential for a minor recovery in Q4 due to anticipated growth in infrastructure spending and demand during the festival season.

Hot Rolled (HR) Sheet Price Trend Q4 2025

In Q4 2025, the global Hot Rolled Sheet market continued to show regional differences in price movements. The United States led the upward trend, reflecting strong demand and constrained supply. Germany and the United Kingdom saw moderate price gains, indicating relatively stable market conditions in Europe.

Conversely, China and India experienced price declines, influenced by softening demand and local supply pressures. Overall, the market remained volatile, shaped by regional dynamics, raw material costs, and production capacities as it moved toward the end of the year.

China: Hot Rolled Sheet Export prices FOB Shanghai, China; Grade- SS400 2mm

According to Price-Watchâ„¢ , in Q4 2025, the price trend of hot-rolled sheet in China declined by 2.30% compared to Q3 2025, reflecting softer market fundamentals amid weakening downstream demand. The construction sector remained under pressure due to continued real estate sluggishness and slower infrastructure project execution, while manufacturing activity showed only modest improvement, leading to cautious procurement by end users. Seasonal winter slowdowns further dampened spot transactions, particularly toward year-end.

Raw material costs, including iron ore and coking coal, fluctuated within a relatively narrow range, offering limited cost-push support to finished steel prices. Although domestic steel mills maintained controlled production schedules to prevent excessive inventory accumulation, supply levels remained adequate against subdued demand. Export activity provided only marginal support as overseas markets faced economic uncertainty and trade frictions.

In December 2025, HR sheet prices recorded a further 0.31% month-on-month decline, mainly due to reduced construction activity, slower manufacturing orders, and year-end inventory adjustments. Overall, the Q4 2025 hot-rolled sheet market in China reflected a mild downward correction within a broadly balanced supply-demand framework, signaling cautious sentiment heading into early 2026.

India: Hot Rolled Sheet Domestic traded prices EX-Mumbai, India; Grade- IS2062 2mm

In Q4 2025, hot-rolled sheet prices trend in India declined by 2.48% compared to Q3 2025, reflecting continued weakness in market sentiment amid subdued demand and ample supply. The downturn was primarily driven by sluggish off take from key consuming sectors such as construction, automotive, and capital goods, as project delays and cautious procurement limited fresh buying activity.

Elevated inventory levels among stockists, coupled with steady production from major domestic mills, further intensified competitive pricing pressures. Additionally, increased imports from countries such as China and South Korea weighed on domestic prices, while softer global steel trends and relatively stable raw material costs limited cost-push support.

In December 2025, HR sheet prices recorded a further 0.60% decrease, mainly due to year-end inventory adjustments, muted restocking activity, and persistent demand weakness across downstream industries. Overall, the Q4 market remained subdued, with expectations of gradual stabilization contingent on improved infrastructure spending and a pickup in industrial activity in early 2026.

USA: Hot Rolled Sheet Domestic traded prices EX Alabama, USA; Grade- A1011-2mm

In Q4 2025, hot-rolled sheet prices trend in the USA incline by 2.69% compared to Q3, supported by firmer demand from infrastructure, automotive, and heavy equipment sectors, tighter import flows, and steady domestic production. Buyers replenished inventories ahead of year-end projects amid stable raw material costs and moderate export activity, while mills-maintained pricing discipline and healthy capacity utilization, limiting downward pressure. In December 2025, prices jumped 5.27%, driven by stronger mill base prices, tighter spot availability, and renewed procurement ahead of seasonal shutdowns, reflecting improving demand and a cautiously bullish market sentiment after the softer Q3 trend.

UK: Hot Rolled Sheet Domestic traded prices FD Sheffield, UK; Grade- S235JR 2 mm

In Q4 2025, Hot Rolled Sheet prices trend in the UK showed a modest increase of 0.52 % compared with Q3, reflecting a cautiously firmer market as downstream demand from construction and automotive sectors picked up and distributors engaged in selective restocking. The 1.08 % rise in December was driven by seasonal demand, end-of-year infrastructure orders, and disciplined production among domestic and European mills, while global steel prices remained relatively stable. Overall, the market shifted from the slightly bearish trend of Q3 to a softly constructive tone, with expectations for gradual stabilization and potential moderate gains in early 2026 as industrial activity and infrastructure consumption improve.

Germany: Hot Rolled Sheet Domestic traded prices EX Ruhr, Germany; Grade- S235JR 2 mm

In Q4 2025, Hot Rolled Sheet prices in Germany rose 0.33 % compared to Q3 and gained 1.11 % in December, reflecting a modest recovery after a softer mid-year market. The increase was driven by cautious restocking ahead of year-end, tighter spot availability, and disciplined pricing by mills, while downstream demand from automotive, construction, and machinery sectors showed slight improvement.

Expectations of upcoming EU regulatory changes, including import quotas and CBAM measures, encouraged forward buying, and lean inventories among distributors reduced downward pressure on prices. Overall, Q4 indicated a slightly positive trend, with tentative stabilization and mild upward momentum expected to continue into early 2026.

Hot Rolled (HR) Sheet Price Trend Q1 2024

In Q1 2024, the global Hot Rolled Sheet market exhibited mixed regional trends. China experienced a significant increase in HR sheet prices, driven by robust domestic demand, government infrastructure projects, and a rebound in manufacturing activities post-pandemic restrictions. In contrast, India’s HR sheet 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 HR sheet 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 HR sheet industry in early 2024.

In Q1 2024, India’s HR sheet prices averaged, 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 HR sheet. 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.

Hot Rolled (HR) Sheet Price Trend Q2 2024

In Q2 2024, the global Hot Rolled Sheet 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 HR sheet 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 HR sheet 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 HR sheet market.

HR sheet prices in India rebounded 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 were able to maintain firmer offers. Market sentiment turned cautiously optimistic, with participants hopeful that demand would continue to strengthen through the quarter. 

Hot Rolled (HR) Sheet Price Trend Q3 2024

In Q3 2024, the global market for Hot Rolled Sheet 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 HR sheet prices.

Similarly, India witnessed subdued demand from infrastructure projects and automotive sectors, compounded by weaker export opportunities, which pressured HR sheet 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 HR sheet.

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 HR sheet market, signaling a period of consolidation for producers and stakeholders.

In Q3 2024, prices fell sharply to 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. 

Hot Rolled (HR) Sheet Price Trend Q4 2024

In Q4 2024, the global Hot Rolled Sheet market witnessed mixed trends in Q4 2024, with regional disparities shaping the overall dynamics. In China, HR sheet 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 HR sheet prices as weak downstream demand and increased imports exerted pressure on domestic producers.

Contrarily, the USA reported an upward trend in HR sheet 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 HR sheet 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.

HR sheet prices continued their downward trend in Q4 2024, averaging 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. 

Technical Specifications of Hot Rolled (hr) Sheet Price Trends

Product Description

Hot-rolled sheet is a type of steel product made by heating steel to a high temperature (above its recrystallization point) and then passing it through rollers to achieve the desired thickness. The process of hot rolling allows the steel to be formed into sheets of various thicknesses, typically ranging from thin, flexible gauges to thicker, more rigid plates. This method results in a surface that may be rough or scaled due to the high temperatures involved, but it offers advantages such as improved strength, lower cost, and versatility for applications in industries like construction, automotive, and manufacturing.

Identifiers and Classification:

  • HS Code – 720810


Hot Rolled Sheet Synonyms:

  • Rolled steel
  • Hot rolled steel
  • Steel coil
  • Steel strip
  • Flat carbon steel


Hot Rolled Sheet Grades Specific Price Assessment:

  • HR Sheet SS400 2mm Price Trend
  • HR Sheet A1011-2mm Price Trend
  • HR Sheet S235JR 2 mm Price Trend
  • HR Sheet IS2062 2mm price Trend
  • HR Sheet S235JR 2 mm Price Trend


Hot Rolled Sheet Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 50-55 MT
  • Packaging Type (Product & Country Specific): Container


Incoterms Referenced in Hot Rolled Sheet Price Reporting

Shipping Term  Location  Definition 
FOB Shanghai  Shanghai, China  HR Sheet Export price from South Korea 
EX Alabama  Alabama, USA  Domestically Traded HR Sheet price in USA 
FD Sheffield  Sheffield, UK  Domestically Traded HR Sheet price in UK 
EX Ruhr  Ruhr, Germany  Domestically Traded HR Sheet price in Germany 
EX-Mumbai  Mumbai, India  Domestically Traded HR Sheet price in India 

*Quotation Terms refers to the quantity range specified for the HR Sheet being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for HR Sheet packing, ease of handling, transportation, and storage in industrial and commercial applications.

Key HR Sheet Manufacturers

Manufacturer 
Tata Steel Group 
JSW Steel 
SAIL 
China Baowu Steel Group Corp. 
Nucor Corporation 
United States Steel Corporation 
Thyssenkrupp Steel Europe 
POSCO 

Hot Rolled (hr) Sheet Industrial Applications

hot rolled sheet market share end use

Historically, several events have caused significant fluctuations in Hot Rolled (hr) Sheet prices

  • Global Economic Downturn (2019-2020): The global economic slowdown, particularly in sectors like steel and automotive, led to reduced demand for HR sheet, resulting in lower prices.
  • COVID-19 Pandemic (2019-2020): The global pandemic led to a significant decline in demand for HR sheet-intensive industries, such as steelmaking and automotive manufacturing, causing prices to plummet.
  • Global Supply Chain Disruption (2022): The war in Ukraine and other geopolitical tensions disrupted supply chains, leading to price volatility in various commodities, including HR sheet.

These events underscore the HR sheet market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.

Why Price Watchâ„¢?

Price Watchâ„¢ is your trusted resource for tracking global hot rolled (hr) sheet price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the hot rolled (hr) sheet market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, Price Watchâ„¢ keeps you fully informed of market dynamics.

In addition, Price Watch™ provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With Price Watch™, you gain a competitive edge in understanding all the elements that influence hot rolled (hr) sheet prices worldwide. Stay ahead of the curve with Price Watch’s™ reliable, accurate, and timely hot rolled (hr) sheet market data.

Track Price Watch'sâ„¢ hot rolled (hr) sheet price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Hot Rolled (hr) Sheet Market Price Trend published by Price Watchâ„¢ reflect prevailing spot market conditions, derived from independent research, verified trade inputs, and proprietary market intelligence as of the publication date. Prices are published on the specified Incoterm and represent indicative base market levels, exclusive of applicable taxes, VAT, duties, tariffs, and other statutory charges. Actual transaction values may vary depending on volume, credit terms, contractual structure, and other negotiated conditions. Market prices are inherently subject to volatility, liquidity dynamics, regulatory changes, and evolving trade activity. The information provided is for reference and benchmarking purposes only and does not constitute an offer, recommendation, or guarantee of transactional outcomes. Users should exercise independent commercial judgment and assess their specific contractual, regulatory, tax, and application requirements before making business decisions. Price Watchâ„¢ assumes no liability for decisions taken based on this information.

Commodity prices are influenced by a complex interplay of factors, including:

Production cost: Production costs directly influence commodity prices. When production expenses rise, such as through higher raw material or labor costs, commodity prices typically increase. Conversely, lower production cost leads to reduced prices of particular commodity.

Supply and Demand: The fundamental driver of commodity prices is the balance between supply and demand. When demand exceeds supply, prices tend to rise, and vice versa.

Economic Growth: Global economic growth, particularly in emerging markets, can increase demand for commodities, driving prices higher.

Geopolitical Events: Political instability, conflicts, and trade tensions can disrupt supply chains, affecting commodity prices.

Natural Disasters: Weather events such as droughts, floods, and hurricanes can impact the production and availability of certain commodities.

Speculation: Financial speculators can influence commodity prices through their trading activities.

Government Policies: Government policies, such as tariffs, subsidies, and regulations, can impact the production, consumption, and trade of commodities.

Many commodities are derived from feedstocks, which are raw materials used in their production. The price of feedstocks can significantly influence the price of the final commodity. For example, the price of crude oil affects the price of gasoline and other petroleum products. When feedstock prices rise, it typically leads to higher commodity prices as well.

Commodity prices can have a significant impact on inflation. When commodity prices rise, it can increase the cost of production for businesses, which may pass these costs on to consumers in the form of higher prices. This can lead to inflation, a sustained increase in the general price level of goods and services in an economy.

PriceWatch, a leading procurement intelligence firm, offers a comprehensive suite of tools and services to help you effectively track commodity prices.

Some of the key benefits of using PriceWatch include:

Real-time Data: Access to up-to-date market intelligence and data on commodity supply chains.

Expert Analysis: Insights from industry experts to interpret market trends and identify potential risks.

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Supplier Intelligence: Detailed information on suppliers, including their financial health, production capacity, and sustainability practices.

Hot rolled sheet is steel that has been processed at high temperatures, giving it a rough surface and enhanced malleability. It is widely used in construction, automotive, heavy machinery, and manufacturing. Its price impacts industries relying on raw steel for fabrication and production. Price-Watchâ„¢ tracks these prices to help businesses and consumers understand and stay updated with market trends.

Prices vary by thickness, width, grade, region, and market conditions. Hot rolled sheet prices are typically quoted per metric ton and fluctuate based on steel supply-demand dynamics, raw material costs, and currency exchange rates. Price-Watchâ„¢ provides real-time price assessments across global markets to help buyers and sellers make informed decisions.

Prices fluctuate due to changes in steel production, raw material availability, global demand, construction activity, and industrial manufacturing trends. Trade policies, logistics costs, and macroeconomic factors also influence market trends.

Major consumers include construction companies, automotive manufacturers, machinery and equipment producers, and other heavy industries. Price-Watchâ„¢ analyses demand patterns across these sectors.

Hot rolled sheet is produced by rolling steel at high temperatures above its recrystallization point. The steel is sourced from iron ore through steelmaking processes and rolled into sheets meeting industrial standards.

China is the world’s largest exporter, followed by countries like India, South Korea, Turkey, and Germany. Export volumes depend on domestic production policies, global steel demand, and trade conditions. Price-Watch™ tracks production levels, export flows, and trade patterns to help businesses understand global supply chains.

Supply generally meets demand, but temporary shortages may occur due to steel mill maintenance, raw material shortages, or spikes in construction and manufacturing activity. Price-Watchâ„¢ monitors these imbalances to alert the market about potential shortages or surpluses.

Hot rolled sheets are graded by steel composition, thickness, width, and surface finish. Specialized or higher-quality grades cost more due to stricter production standards. Price-Watchâ„¢ provides separate price assessments for each grade to ensure market transparency.

When demand rises, for example, from infrastructure projects or automotive production, prices typically climb. Suppliers may prioritize certain orders, and lead times can extend. Price-Watchâ„¢ captures these market dynamics in real-time.

Producing hot rolled steel is energy-intensive. Rising electricity, fuel, or raw material costs are often passed on to buyers. Regions with cheaper energy tend to have lower prices, a correlation that Price-Watchâ„¢ analyses in its price assessments and market reports.

Regional variations arise from local steel production capacity, import dependency, shipping costs, currency fluctuations, and industrial demand. Price-Watchâ„¢ tracks prices across all major regions to highlight these differences.

Forecasts depend on steel mill capacity, raw material costs, industrial demand, and macroeconomic factors. Price-Watchâ„¢ publishes detailed forecasts projecting price movements for the next 12 months based on supply additions, demand growth in key industries, seasonal patterns, and macroeconomic indicators. These forecasts help businesses anticipate market conditions and plan accordingly.

Yes. Accurate forecasts allow businesses to optimize purchasing, negotiate contracts, and manage inventories. If Price-Watchâ„¢ predicts a price increase, you might stock up or lock in long-term contracts at current rates, potentially saving costs.

Events such as steel export restrictions, mill shutdowns, raw material shortages, or economic shocks can cause supply shortages and price volatility. Price-Watchâ„¢ provides timely alerts when such events affect the market.

Price-Watchâ„¢ collects data from manufacturers, distributors, and buyers worldwide to publish regular price assessments, market reports, and forecasts. Our transparent methodology and comprehensive coverage make us a trusted source for understanding fair pricing and market trends in the Hot Rolled Sheet industry.

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