US HRC dropped by 24% Q-o-Q due to subdued short-term demand. Long-term growth will be driven by the Inflation Reduction Act, focusing on renewable construction. Uncertainty persists regarding potential interest rate cuts, prompting market participants to exercise caution.

EU HRC prices stayed flat, dropping by 1% Q-o-Q, with expectations of stability persisting in the upcoming quarter. EU steel prices have stabilized via strategic production cuts, while growth projections are tempered by competition from cheaper Asian sources.

CN HRC dropped by 6% Q-o-Q and is now stabilizing. Prices are anticipated to remain at low levels due to sluggish domestic demand. Production has risen from the typically slower holiday seasons. Despite weak domestic demand, net exports have surged by 37% Y-o-Y.