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    David Feldstein, SMU Contributor

    HR Futures: Nascent rally in HRC futures settles above 6-week downtrend

    Written by David Feldstein


    David Feldstein is the President of Rock Trading Advisors. Rock Trading Advisors is a National Futures Association Member Commodity Trade Advisory. It provides commercial clients with price risk solutions in ferrous, energy, and interest rate derivatives markets.

    The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.

    David Feldstein, SMU Contributor

    David Feldstein

    Read more from David Feldstein

    Latest in Mexico

    Court turns to creditor consortium after AHMSA auction bid falls through

    The leading bidder for bankrupt Mexican steelmaker Altos Hornos de Mexico (AHMSA) failed to provide the required earnest money guarantee to confirm its $1.4 billion bid for the steelmaker and its Minera del Norte (MINOSA) mining assets. The court will now consider selling the assets to a consortium of creditors. After the bankruptcy auction on Sept. 25, the court overseeing the proceedings granted the leading bidder, Construcciones e Ingenierías Electromecánicas SA de CV (CIESA), ten days to provide a bid bond of $56.3 million. The Oct. 13 deadline passed without any prequalified bidders, including CIESA, providing the required amount. In fact, the court said CIESA deposited only 5,000 Mexican pesos (US$271).

    US steel imports reach 15-month high in August, rise further in September

    Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.

    Price on Trade: Milwaukee Framework is a step forward on steel excess capacity

    Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.