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    CRU

    October 15, 2021

    CRU: Futures Now Pricing in Further, More Significant Price Declines

    Written by Josh Spoores

    By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor

    Over the past five weeks since we last reviewed the CME Group’s HR coil futures market, there has been a renewed surge in volatility. Spot prices of physical HR coil have clearly plateaued, yet more likely started a new downtrend, and futures prices have started to move lower in a rapid manner. Granted, physical HR coil prices today are only lower by $18 /s.ton from our Sept. 8 assessment, yet the forward curve has moved at a much faster rate.

    Josh Spoores

    Josh Spoores joined CRU in 2012 as Principal Analyst and editor of CRU’s Steel Sheet Monitor and Steel Sheet Market Outlook. During that time, Mr. Spoores forecast prices, demand, production and trade of sheet and plate products for both Canada and the US for CRU's Steel Sheet & Plate Market Outlooks. Today, he heads up steel analysis and forecasting for the Americas region. Prior to joining CRU, he was a Senior Marketing Analyst at Severstal North America, founder of Steel Reality, a forward-looking market analysis firm using a models-based approach for flat rolled and plate steel. He was also the Market Research Manager at Majestic Steel USA, one of the largest flat rolled service centres in the USA. He has a BSc in Business Administration from Bowling Green State University.

    Read more from Josh Spoores

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