Futures
Iron Ore & Scrap Futures Firming
Written by John Packard
November 7, 2013
TSI Iron Ore: Market Remains Firm
Iron ore prices have continued to be strong as Rebar futures have bounced off recent months lows last week and spot steel in China continues to go higher. Over the past couple of weeks iron ore prices have pushed up around $5/ton down the curve with Q1 trading around $130, Q2 $122 and the cal 14 at $121. Volumes remain very strong both in the physical market as well as the futures market as ore record level of ore has moved out of Australia’s Port Hedland in October. There is still some wariness in the market as to whether prices can top $140 this year before retreating. As always time will tell…
U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Prices Continue to Firm
The busheling futures market continues to go from strength to strength this past week as prices have continued their upward trend. The Nov and Dec have been bid as high as $450 / ton last week before pulling back to around $430. Dec and March traded small volume yesterday at $430 per ton, registering the first cleared trade in months which hopefully is a sign of good things to come as volatility looks to re-enter the physical market. Indications are that the market will settle up at least $30 dollars to $430 in November and possibly up again in December . The continued strength in finished steel prices plus the historically strong winter periods for scrap pricing have coincided to push prices higher.
Again, there have been no reported trades this past week.
John Packard
Read more from John PackardLatest in Futures
HR futures: Support fails as market slows ahead of election
After a relatively stable and boring September, CME hot-rolled coil (HRC) futures have been on the move lower thus far in October. Since Sept. 30, the November and December futures have declined $63 and $65, respectively, with the curve’s contango steepening.
CRU: Open interest in December HR futures contract surges
CRU Principal Analyst Josh Spoores shares insight into the hot-rolled coil futures market.
HR futures: How many ways to stay the same?
While the English language is vast, there is not an endless number of ways to say, “no major changes have transpired.” And if anyone has been tasked with talking about steel price changes in physical and futures US domestic steel market over the last four months, they are probably stretching their ability to its limit.
CRU: HRC futures market prices in rosy Q4’24 and 2025
CRU Principal Analyst Josh Spoores shares with SMU his analysis of the hot-rolled coil futures market.
HR futures: Higher on news of Cliffs furnace idling
It had been a relatively quiet and steady CME HRC futures market since the end of August. That was upended by Thursday’s news that instead of a two-week maintenance outage, Cleveland-Cliffs would hot idle the C-6 blast furnace at its Cleveland Works for an uncertain period of time. The CME October HRC contract, HRCV4, gained $22 per short ton (st) on the day to provisionally close at $744/st on Thursday. The first and second quarter futures strips of 2025 gained $25/st and $24/st to provisionally settle at $823/st and $829/st, respectively.