What are US Midwest domestic hot rolled coil steel futures?

US Midwest Domestic Hot-Rolled Coil Steel Futures are widely traded on the New York Mercantile Exchange (NYMEX). Futures contracts for hot-rolled coil steel are financial instruments that allow producers, large consumers, and speculators to offset or assume the risk of a price change of holding a quantity of hot-rolled coil steel over time.

What are futures contracts for hot rolled coil steel?

Futures contracts for hot-rolled coil steel are financial instruments that allow producers, large consumers, and speculators to offset or assume the risk of a price change of holding a quantity of hot-rolled coil steel over time. Hot rolling, the process used to make hot rolled steel, involves rolling steel at high temperatures.

What is hot rolled steel used for?

Hot rolled steel is used in various applications such as agricultural equipment, automobile parts, construction materials, and railroad equipment. HRC Steel decreased 321.04 USD/T or 29.37% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.