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    Market Segment

    February 9, 2023

    HRC Futures: $800/Ton Ceiling Smashed as Spot Market Tightens

    Written by Michael D'Angelo

    Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton University. Mike can be reached at mdangelo@marex.com for comments/questions.

    CRU’s weekly Midwest HRC index climbed to $782 per ton ($39.10 per cwt) this week, continuing the uptrend to the highest level since September after several producers announced price hikes last week including Cleveland-Cliffs, NLMK USA, Nucor, and ArcelorMittal.

    Michael D'Angelo

    Mike D’Angelo is a researcher and trader at Marex who has been active in the metals markets for 2 years. In his role, D’Angelo performs fundamental and quantitative analysis which directly leads to actionable trading/risk management strategies across the base, precious and ferrous metals derivative spaces. Before joining Marex, he received a BA in economics with a minor in finance from Princeton University. Mike can be reached at mdangelo@marex.com for comments/questions.

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