Analysis
November 14, 2025
CRU outlook: Divergent regional sheet price trends will persist in the near term
Written by Juliana Guarana
This news item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
Global sheet markets face divergent trajectories into year-end, with Asian (excl. India) markets under pressure from oversupply. This, while Western markets experience temporary support from supply constraints.
Domestic sheet prices in China will remain rangebound in the coming weeks, due to the slowdown in downstream demand amid the winter lull period. Construction activity is declining in northern China as cold temperatures set in, and elevated inventories will continue to weigh on spot prices.
Similarly, in Southeast Asia, sheet prices will remain rangebound in the near term, given weak end-use demand and inventory pressure. Sheet prices will also remain under pressure in Japan due to sluggish demand in key export destinations amid increased competition from low-priced Chinese offers.
In contrast, improved demand from key end-use sectors will push Indian domestic sheet prices higher in the coming weeks. However, high supply availability will limit gains.
In Europe, sheet prices are likely to continue rising in the near term, given ongoing concerns about tighter import supply. However, as there is no prospect of a material improvement in end-use demand in the region, sheet prices could pause their run-up before the end of the year.
Likewise, stronger order rates in November will push domestic sheet prices in the US higher in the coming weeks. Still, if US buyers continue to book volumes at mills ahead of current demand, this price uptrend may be temporary. End-use demand remains challenged by the weakness across the manufacturing and construction sectors.
