Hot Rolled Futures

Hot Rolled Coil (HRC) Steel Futures are used as a hedging tool for producers and users of steel and provide an index-based price discovery mechanism. In addition, they:

  • Offer hedging opportunities throughout the steel supply chain, from steel mills to steel service centers, distributors, merchants, and end-users.
  • Reflect the growing use of index-based pricing, in tandem with the increase in steel price volatility.
  • Provide price assessments based on actual spot transactions in the market, with all the data providers directly involved in buying and selling the relevant steel product on the spot market.

Things to know about the contracts

  • Financially settled
  • Based on the index price of US Midwest Domestic Hot-Rolled Coil Steel
  • Traded electronically only, on CME Globex

About HRC Steel

Steel is one of the most ubiquitous of commodities yet the hardest to set specifications and prices for. There is not a single global price for steel since there are many different physical and chemical properties relating to steel and more than 3,500 finished steel products. This is primarily because steel is not an element on the periodic table, as is gold or copper, but an alloy of iron and carbon. Nearly all the world’s steel is a carbon-based alloy, comprising greater than 90 percent iron and less than 2 percent carbon, with the balance being made up of additives for strength and finish.

Below is a chart showing the forward curve for HRC, with an additional line showing what the futures prices were four weeks ago. There is also a tab to view the data behind this chart. This data is updated on Thursday evenings after daily prices have been finalized.

CME Hot-Rolled Coil Futures as of Sept. 7 (final)

  • CME HRC Futures Forward Curve Chart
  • CME HRC Futures Forward Curve Table

CME HRC Futures Forward Curve as of Sept. 7, 2023