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During the third quarter of 2022, the Hot-Rolled Coil Prices witnessed a downward trend in the US market owing to the lower raw material costs. According to market participants, falling feedstock prices were added to the downward pressure. The ongoing decline in Hot-Rolled Coil (HRC) pricing in the United States (US) continued till September, though more significant buys and mill resistance appear to be influencing the market to establish a floor price. Furthermore, buyers were not restocking HRC in warehouses and stated that they could purchase additional tonnes based on demand. Market participants were divided on whether HRC pricing had reached a bottom, with many pointing to the August scrap trade as a leading indicator. According to manufacturers, most buyers are wary of placing large orders. They were concerned about further price reductions. Thus, the discussions for HR Coil (3 mm) prices for Ex-US Midwest (USA) settled at USD 868/MT.
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