US hot-rolled steel prices have increased by US$10/short ton, finally reaching the US$700/short ton level.

The US is currently the only market with rising prices. The price increase in the US is due to stronger restocking efforts in the spot market, but some downstream industries report that end-user demand remains weak.

Major steel-consuming industries like automotive and construction continue to face weak demand and bleak outlooks. Additionally, with the Federal Reserve expected to lower interest rates by just 25 basis points in September, it's hardly boost demand.