The price of hot-rolled coil (HRC) in the US Midwest market continued to rise this week, with an increase of nearly 2% from last week. In addition, Nucor Steel also increased its HRC price this week, with a weekly increase of about 2.2%. Even the offers of many steel mills, including Cleveland-Cliffs Inc., are higher than those of Nucor Steel.

However, market participants pointed out that spot demand was weak in the summer, and purchasing volume did not pick up significantly.

Although the market is concerned with oversupply, many mills' production lines are about to be shut down, which will help balance the market and promote price trends in the future.

A local distributor said that the mills’ delivery is still short at present, and it was heard that buyers have begun to replenish inventory. It is expected that a better supply and demand situation will be achieved in September-October.