US HRC prices decreased by 5% Q-o-Q, driven by insufficient demand that failed to sustain the tariff-induced price surge in Q1. US HRC prices are expected to continue falling in Q3’25 due to weak demand, likely worsened by seasonality, and a lack of fundamental support for the current elevated price levels.

EU HRC prices increased by 3% Q-o-Q, supported by tightened steel safeguard measures that limited import availability. EU HRC prices are expected to stay broadly flat in Q3’25 with ongoing import restrictions supporting the market while demand remains soft.

CN HRC prices declined by 6% Q-o-Q, with sluggish domestic construction investment and lower raw material costs. CN HRC prices are expected to remain mostly flat, with the potential for a slight decline caused by weak demand, tariffs, and anti-dumping duties continuing to cap price recovery.