During the first week of July, the Hot Rolled Coil prices witnessed a plunging trend owing to the weaker demand and limited transactions in the European market amidst the higher raw material costs and rising inflation, which reduces consumption in the industry. As per domestic market players, the Hot Rolled Coil prices have already reached their lowest point and cannot be reduced further, with few customers keen to return to limited purchasing and would not suffer near-term depreciation. However, China's harsh weather conditions and interest rate hikes in the US and European markets have recently ushered Hot Rolled Coil prices to a decline in worldwide demand. However, despite a decrease in the requirement for raw materials, especially iron ore, the dry bulk market is backed by a rise in coal demand from European nations.

Buyers are attempting to achieve lower prices, while Northern European mills were hesitant to negotiate prices, trying to establish USD 900/MT ex-works Ruhr as a firm offer floor. According to buyers, prices were near the bottom, with demand for autumn orders expected to recover soon due to restocking. According to service centers, hot-rolled coil prices have fallen to the ground level, while demand will rebound in September, with market activity picking up again. Some buyers were willing to return to the market but were hesitant to do so without assurance that the Hot-Rolled Coil prices would not decline further in the near term. Customers have expressed an interest in ordering material, but there is still uncertainty about whether prices are genuinely at rock bottom. As the Hot Rolled Coil prices have dropped quickly, they want to avoid losses on future restocking.

Traders reported competitive import offers, excluding duties, with Japanese and South Korean material available at the higher end of import offers. As per ChemAnalyst, "The consensus in North Europe was that prices were near the bottom, with distributors returning in late July to restock for September. Buyers are requesting manufacturers to share that outlook, as evidenced by a general lack of announcements of production cuts. To conclude it, either production or demand must decrease."