Price-Watch™ provides price assessments for Hot-rolled sheet across top trading regions:
Asia-Pacific
- HR Sheet SS400 2mm FOB Shanghai, China
- HR Sheet IS2062 2mm EX Mumbai, India
North America
- HR Sheet A1011-2mm EX Alabama, USA
Europe
- HR Sheet S235JR 2 mm FD Sheffield, United Kingdom
- HR Sheet S235JR 2 mm EX Ruhr, Germany
Note: In assessments structured as CIF [Importing Port] (Exporting Country), the country mentioned in brackets indicates the primary origin of supply (exporting country), while the named port refers to the destination port in the importing country. Other Incoterms (FOB, FD, EXW, etc.) should be interpreted in accordance with standard international trade definitions.
Hot Rolled 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-Watch™ , 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.


