Steel Products
HRC Futures Markets End July with Open Interest of 25,420 Tons
Written by John Packard
August 12, 2013
Written by: Andre Marshall, CEO Crunch Risk, LLC
The month of July ended with a decent week in hot rolled coil (HRC) steel futures with 1119 contracts trading or 22,380 net tons. Open interest on the CME at the end of the month was 1,271 contracts or 25,420 tons.
The market saw some hedge buying come in for
the balance of this year during the last week of the month and there was a little activity as well in June 2014/August 2014. Settlements are fairly similar to last week’s (week of July 22nd) with September moving up about $5 as it rolled into the 2nd month position. We are starting to see more sellers looking for opportunities in the fourth quarter (Q4), but not quite yet ready to reach to lower bids. We came in at $642 on CRU down $1 per ton as latest round of increases appear to have failed to motivate many to move off the fence. Even with USS Lake Erie Works still out, we are at or above production levels we had when prices were materially lower so it will be interesting to see how next month’s orders go. August scrap negotiations may give us a few clues to the next move in the market.
John Packard
Read more from John PackardLatest in Steel Products
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]
Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.
CRU: US stainless prices to rise on expanded S232 tariffs
Stainless prices in the US market will rise, following price increases by major US producers. Our base case scenario incorporates higher US prices in the near term, despite the initial negative reaction by the market. US stainless prices will go up in 2025 H2 and will stay elevated in 2026 as tariffs on stainless […]
Galvanized steel demand unsteady amid lingering buyer fatigue: HARDI
Uneven demand for galvanized steel in June reflects a market that remains mired in uncertainty, according to industry sources.
OCTG industry salutes Customs for catching trade crooks
The US OCTG Manufacturers Association is commending US Customs for intercepting another Thai company's attempt to illegally transship Chinese oil pipe to the US.