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    Analysis

    November 12, 2026

    CRU: Futures contract reaches record open interest as prices rise

    Written by Josh Spoores

    Open interest on CME Group’s hot-rolled (HR) coil futures contract typically builds throughout the month before dropping at the end of the month alongside contract settlement. Analysis in this report is based on an early month view of this open interest as well as prices. Notably, open interest for the HR coil contract is currently at a record high of 849,240 short tons (st) or 42,462 contracts. Open interest is up 13.8% month over month (m/m) and 66% higher from the 511,480 st of open interest a year ago. 

    We have found that open interest often rises alongside higher physical prices and that has proven true in this current market environment. Physical prices continue to rise, supported by not only rising demand and domestic production issues, but also on government-restricted imports. This last leg of support is the one that can suddenly change and quickly affect the supply in the market as well as prices.  

    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.

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