Prices
January 11, 2024
HRC futures: Ferrous indexes do not reflect future price expectations
Written by Jack Marshall
After a holiday period that saw HR futures volumes somewhat muted in December, the first week of January brought with it increased interest reflected in higher volumes.
The increased futures interest also brought additional volatility in futures along the curve. While the HR index the last four weeks has been fairly pegged at just shy of $1,100 per short ton (st), the futures curve experienced strong selling pressure in the nearer futures dates. For example, the settlements from Dec. 11, 2023, to Jan. 10, 2024, saw HR Feb’24 and HR Mar’24 futures decline by $156/st and $176/st.
