Hot Rolled Coils Prices Trend in the second quarter of 2023 | ChemAnalyst

Chemanalyst24 Aug, 2023Business

The US Hot Rolled Coil prices showed an overall declining price trend in the second quarter of 2023, despite of increasing price trend in the initial phase of the quarter, i.e., April. In the first month of the second quarter, the price of Hot Rolled Coil inclined in the US spot market as the local mills maintained a high base price that helped in maintaining a positive market sentiment for domestic and overseas buyers. The delivery time was reduced to 7-8 weeks from the previous 7-9 weeks. This led to a decline in the local inventory levels and hiked the price of HRC in the US spot market. Meanwhile, in H2, the market sentiment for the Hot Rolled Coil plunged as the economic instability increased amid the debt crisis caused by the failure of major banks across the USA.