Analysis
January 18, 2026
CRU outlook: Further upside for US and EU sheet prices in the coming weeks
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.
Sheet prices in China will remain under pressure from high inventories, while in India, prices are expected to remain near current levels. In the EU and the US, sheet prices are likely to continue rising as increased protectionism will limit imports.
Domestic sheet prices in China are likely to remain under pressure in the coming weeks. Pre-Chinese New Year (CNY) restocking is expected to commence later than usual this year as the CNY holidays fall later in the calendar (Feb. 15-23).
Additionally, sheet inventories at most traders continue to exceed historical levels. And, the export license management system is expected to partially redirect exports back to the domestic market, further inflating inventories.
In Southeast Asia, sheet prices are expected to reach their lowest point in February due to the regional holidays (e.g., Tet). Any price increases should come after the Tet and CNY holidays, when regional demand recovery is anticipated.
In India, price direction in the coming weeks will be dictated by the impact of the upcoming government budget announcements on market confidence. Further stimulus to the manufacturing sector is expected to sustain prices near current elevated levels. Nevertheless, local supply will grow, particularly for HR coil, as we move towards February, and that will exert some downward pressure on domestic prices.
In Europe, the combination of CBAM and the proposed post-safeguard system will continue to support domestic sheet prices over the near term due to anticipated higher import costs. However, subdued regional demand is likely to limit the scale of price increases in the short term.
In the US, sheet prices will continue to move higher in the near term, as domestic demand has picked up seasonally while imported sheet products have fallen to historically low levels due to increased protectionism.
