Global prices for hot-rolled coil (HRC) recorded a month-on-month increase of 1–6% in March 2026, signaling a broader market recovery in the first quarter, with prices now 3–15% higher than late-2025 levels.
Europe Leads Price Growth
The European market emerged as the primary driver of growth. In Western Europe, HRC prices rose 5.9% to €715/t, the highest level since March 2024, while Italy saw prices increase 5.8% to €685/t.
The surge was largely driven by limited supply, production disruptions in countries such as Spain and France, and longer delivery times, which strengthened producers’ pricing power.
However, demand remained subdued, with buyers relying on existing inventories and making only limited spot purchases.
United States Maintains Upward Momentum
In the United States, HRC prices climbed 3.3% to $1,118.8/t, marking the highest level since February 2024 and standing 17.9% above the 2025 average.
The increase was largely influenced by producer actions, particularly ten consecutive weekly price hikes by Nucor, alongside supply constraints and delivery delays.
Unlike Europe, U.S. demand remained relatively strong, supported by active restocking and steady industrial activity.
China Market Remains Weak
In contrast, China recorded only 1% price growth, with export prices reaching $485/t FOB.
The market continued to face weak domestic demand, oversupply, and high inventories, particularly in eastern regions such as Shanghai.
While rising raw material costs provided some temporary support, overall market momentum remained limited, and export challenges—including high freight costs and geopolitical risks—further constrained growth.
Outlook Remains Mixed
In the near term, global HRC prices may stabilize, with limited upside potential due to weak demand in key regions and elevated inventory levels, despite ongoing supply-side constraints.
VietnamSteel by Hoa Sen Group
