Futures
![Jakc Marshall, SMU Contrubutor](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/jack-marshall-769x1024.jpeg)
Mark Novakovich joins Crunch Risk, Jack Marshall retiring
Written by Andre Marshall
April 2, 2024
Jack Marshall, a beloved member of the Crunch Risk team, has decided to retire.
Jack started his career on the CME floor in 1983, working as a clerk. He then became part of the Chicago origination/trading team in forex at Bank of America, where he worked for 23 years.
Jack joined me at Crunch Risk in 2013 and has been an integral member ever since. He was also instrumental in building out SMU’s coverage of steel and scrap futures.
Jack has built numerous close friendships in the steel and scrap industries, which he hopes to maintain. He is going to spend more time traveling with friends and family – including more time with his grandkids. We wish him the best in his next chapter!
With Jack retiring, Mark Novakovich is joining Crunch Risk effective April 2024. He has nearly 20 years’ experience working in physical and financial commodity markets in various roles – including risk management, logistics, and trading.
Most recently, Mark worked for S&P Global’s commodity division in sales and product development. He was responsible for creating price benchmarks and financially settled futures contracts.
Crunch Risk looks forward to having Mark as our new team member and we are excited for the expertise and perspective he brings to our clients.
Andre Marshall
Read more from Andre MarshallLatest in Futures
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/09/HRC-Futures.png)
HR futures: Shifting risk profiles, emerging opportunities
Summer is here, and a familiar sentiment has hit the hot-rolled coil (HRC) futures market. Prices continue to decline in both the spot market and the futures market, with expectations of sub-$800 prices for the remainder of the year.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/09/HRC-Futures.png)
HR futures complex slips from June
The CME steel futures complex saw a slight decrease in activity from levels seen at the end of June. This has coincided with a notable decline in flat prices for the nearby futures contract, now August HRC, which is lower by $81 per short ton (st) since last writing on June 13. It settled at $672/st on July 17.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/09/HRC-Futures.png)
HR futures: Bottom to prices?
A month ago, when we last presented this column, there was a surprising amount of optimism in the presumably imminent reversal of the downtrend in hot-rolled steel prices in the second half of this year.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/09/HRC-Futures.png)
HR futures: ‘Gimme Shelter’
This chart of the rolling second-month CME hot-rolled coil (HRC) future dating back to the start of 2022 has been as volatile as a herd of “Wild Horses.”
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/09/HRC-Futures.png)
HR futures: Market changes gears
For the first time in weeks, activity in the futures market broke out of the recent “front grinds lower” pattern to provide new insight into the dynamics of the steel industry.