Steel Products
Hot Rolled Futures Rise Slightly During the Summer Lull…
Written by Bradley Clark
August 16, 2013
It seems that the August month has brought with it a true summer lull. Trading volumes have been very low in the HRC futures market the past couple of weeks as many traders seem happy to sit on the sideline and await what the Autumn has to bring.
The forward curve has risen ever so slightly over the past week as the physical market seems to be holding for the time being. However, there is definitely a feeling of the market coming off being a question of ‘when’ rather than ‘if’. For now the curve remains backwardated with Q4 trading between $620-628 per ton and the cal 14 value around $617.
It is hard to say much more as prices are relatively unchanged, bids and offers in the market are more indicative than firm this week and little news in the underlying market have conspired to create a wait and see atmosphere in the Futures space.
Bradley Clark
Read more from Bradley ClarkLatest in Steel Products
Steel caucus pushes US trade officials to maintain strong S232 program
The bipartisan Congressional Steel Caucus is pushing for US officials to maintain a robust Section 232 program as they negotiate trade deals with America's trading partners.
Active rig count declines in US, Canada
Oil and gas drilling activity slowed in the US and Canada this past week. An unfamiliar trend after both regions saw repeated gains of late.
Plate market buzzes with rumors of secret deals from mills
Carbon steel plate market participants suspect that this week’s modestly softer prices are the result of quietly negotiated prices between plate purchasers and mills.
HR Futures: Forward curve shifts lower, structure maintains
Scraping lower-quartile $800s on nearby futures is bringing limited trading ideas for CME hot-rolled coil (HRC) at present.
Nucor drops HR spot price to $865/ton
Nucor has lowered its hot-rolled (HR) spot price by another $10 per short ton (st) this week.