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    Analysis

    July 8, 2026

    CRU: HR coil futures fall while open interest eases back from record

    Written by Josh Spoores

    This item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.

    Over the past nine consecutive months, from November through July, CRU’s monthly HR coil benchmark gained an average of $37 per short ton (st) per month. During that time, futures prices were slow to price in the uptrend before rising at a faster pace in Q2’26 (see chart). Last month, the futures market priced in a peak of just over $1,200/st for August and September. Yet over the past few weeks these futures prices have sold off with the market pricing in an average of $1,164/st for August and September as of close on July 6. 

    Josh Spoores

    Josh Spoores joined CRU in 2012 as Principal Analyst and editor of CRU’s Steel Sheet Monitor and Steel Sheet Market Outlook. During that time, Mr. Spoores forecast prices, demand, production and trade of sheet and plate products for both Canada and the US for CRU's Steel Sheet & Plate Market Outlooks. Today, he heads up steel analysis and forecasting for the Americas region. Prior to joining CRU, he was a Senior Marketing Analyst at Severstal North America, founder of Steel Reality, a forward-looking market analysis firm using a models-based approach for flat rolled and plate steel. He was also the Market Research Manager at Majestic Steel USA, one of the largest flat rolled service centres in the USA. He has a BSc in Business Administration from Bowling Green State University.

    Read more from Josh Spoores

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