After the price of hot-rolled coil (HRC) in the Asian market has been sluggish for several months, recent offers from China and South Korea reversed up. Market participants considered that the main reason was the US FED slowed down interest rate hikes, resulting in weakened US dollars, coupled with the rise in iron ore prices, and steel mills have raised offers to reflect costs.

In addition, the Chinese authority's lockdown measures have been loosened, which aggressively rescue real estate. Market participants expected that demand will improve in the future, so downstream distributors are also sticking to the bottom of prices.

However, actual demand is now still insufficient, and global funds manipulated the price fluctuation of raw materials. After the prices of raw materials return to a normal level, the HRC price may be revised downward again.