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    September 9, 2021

    HRC Futures: Are You Ready for Some Hot Rolled!

    Written by David Feldstein

    Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein.

    Since Aug. 25, the last day of the SMU Steel Summit, the October CME HRC future has rallied from $1,845 to $1,900 along with continual increases in physical HR indices. In the chart below, the red line represents total open interest across the 36 months of HR futures and the yellow dotted line is the 22-day moving average.  Open interest has started to rebound, now at 662,000 short tons, after appearing to have peaked at the end of May.

    David Feldstein, SMU Contributor

    David Feldstein

    SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space since 2012. Feldstein earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. He can be reached at davefeldstein@gmail.com.

    Read more from David Feldstein

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    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.