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In the first quarter of 2023, Hot Rolled Coil prices in the US market surged due to the increasing prices of raw materials and the rise in hand-to-mouth trading activities. Domestic mills raised offer prices, resulting in buyers' skepticism after several rounds of mill price hikes. Even after formally raising prices by USD 450/MT between the end of November and the 21st of February, mills continued to receive higher flat steel spot offers. The price increases were led by Nucor, followed by Cliffs, US Steel, NLMK USA, and others. However, by the end of the quarter, HRC prices showed stagnancy, breaking six weeks of increases, as mills issued no new formal price hikes, and buyers began examining their order books. Although southern mills were booked until August, longer lead times did not appear to increase demand or allow mills to book higher-priced spot tonnes. Buyers reviewed their order books to determine their next moves and managed inventories by reducing contract purchases as the price cycle moved downward. As a result, HRC (3 mm) for Ex-US Midwest was fixed at USD 1150/MT.

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