The term \"hot coil\" in futures trading refers to a specific type of commodity futures contract, which is primarily focused on hot-rolled coil steel products. Hot-rolled coil steel is a widely traded and important industrial material used in various sectors such as construction, manufacturing, and infrastructure development. The futures contract for hot coil allows market participants to speculate on the future price of hot-rolled coil steel, offering a mechanism for hedging risks and managing price fluctuations in the industry.