HRC Futures Market Takes Off

After a quiet couple of weeks, the futures market has recently come to life over the last three days, and is starting to show some bullish signals. The shaded region in the chart below shows the tight trading range from Aug. 28 to Sept. 18 (Monday). The lines below also represent futures settlements on 9/21 (solid), 9/20 (dashed), and 9/19 (dotted). The takeaway is clear, market participants believe that if we have not already seen the floor in spot pricing, we soon will.