Prices
November 21, 2013
HRC Futures Pull Back as Market Appears Toppy…
Written by Bradley Clark
After weeks of ascending prices, the hot rolled coil (HRC) futures market has taken a breather in the last couple of days. Prices have retreated by about $5-10/ton down the curve as a weaker than expected Wednesday brought in several new sellers to the market.
November and December periods remain well bid around $660 but, as you move further down the curve, offers are reaching down. Q1 has traded at $650 and is offered over there while Q2 and Q3 are offered at $637 and Q4 at $630. The calendar year 2014 contract traded at $640 with an offer to repeat. As spot prices remain firm, the shift to more bearish sentiment on paper indicates some in the market think prices may be a bit toppy.
