Hot Rolled Futures: Where is the next Support Level for HRC?

The following article is written by Spencer Johnson of FC Stone LLC. With six years of experience, Spencer provides his customers strategic and tactical advice on protecting themselves against commodity price volatility in the steel markets. Spencer will rotate weekly futures articles with Andre Marshall of Crunch Risk, LLC. Spencer can be reached at spencer.johnson@intlfcstone.com.

Since we began our articles for Steel Market Update back in July of this year, HRC prices have continued to sink to lower in each of our updates, with no rebounding activity to speak of. It has really been something amazing to behold, but we are just recording the pain many of our readers are dealing with (assuming they have unhedged inventory!). The month of November managed to keep the losing streak intact and then some, with major declines seen across all forward months.