As of 23:00 on December 30, 2025, the hot-rolled coil main continuous futures contract closed at 3283 yuan/ton, down 7 yuan or 0.21% from the previous trading day. The trading range on the day was 3276-3292 yuan/ton, with a trading volume of 92,156 lots. Throughout 2025, the hot-rolled coil futures market generally showed a narrow fluctuation trend, and the price fluctuation range was significantly narrower than that in 2024, mainly affected by multiple factors such as the macroeconomic environment, the supply-demand relationship of the industrial chain and policy orientation.
In the spot market, the price center of hot-rolled coils moved down compared with the previous year in 2025, and downstream demand showed structural differentiation. Among them, the demand in traditional fields such as construction machinery and shipbuilding was stable, while the demand in emerging fields such as new energy and high-end equipment manufacturing maintained rapid growth, driving the sales of high-strength and thin-gauge hot-rolled coils. On the supply side, the capacity utilization rate of major domestic steel mills remained in a reasonable range, the industry concentration continued to improve, and the market share of leading enterprises such as Baowu and Shagang further expanded.

Looking forward to 2026, the market pays great attention to the supply-demand pattern of hot-rolled coils. On the demand side, with the continuous efforts of national stable growth policies, infrastructure investment is expected to recover, which will support the demand for hot-rolled coils; but at the same time, the transformation and upgrading of the manufacturing industry will also drive demand to develop in a high-end and personalized direction. On the supply side, some new production capacity plans to be put on the market, which may intensify market competition. The industry expects that the hot-rolled coil market will continue the narrow fluctuation trend in 2026, and the price trend needs to closely monitor changes in supply and demand and fluctuations in raw material prices.