Futures
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Iron Ore & Scrap Futures
Written by Bradley Clark
September 19, 2013
TSI Iron Ore: Prices Wobble in Signs Market is Cooling…
Iron ore prices have softened over the past couple of weeks, but are still holding the recent range above $130 per ton. Mixed news out of China regarding steel demand has cooled off buying for the time being as the market has failed to break through the recent ceiling on prices. The forward curve remains significantly backwardated with Q4 trading at $128, Q1 126 and cal 14 at $117, indicating that general market sentiment is that the question is when rather than if prices will retreat.
Volumes on SGX remain very strong.
U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Mid-Month Stagnation
There is very little to say about the busheling futures market as no trades have been reported and very few prices if any have been seen in the market. As has been the case over the past years, the middle of the month tends to be the quietest as the flow of information from the physical market is anemic. The initial sentiment is for prices on busheling to soften around $10 per ton in October unless a surge in demand from Turkey sucks up exports tons or domestic mills increase their purchases ahead of an expectation for an end of the year surge in production.
Again, there have been no reported trades this past week.
Bradley Clark
Read more from Bradley ClarkLatest in Futures
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HR futures: Trade case action official – It was already priced in?!
This month’s column on the markets could be a response to the question of last month, “Are the forward curve prices on Aug. 7 high enough to price in trade case risks?" The market’s answer has been a pretty resounding YES so far, I think.
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HR futures: Trying to form a bottom
On Aug. 14, the chairman of the world’s largest steel producer, China’s Baowu Steel Group, had some alarming news. He told staff at the firm’s mid-year meeting that conditions in China are like a “harsh winter” that will be “longer, colder and more difficult to endure than expected.”
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HR futures: Lack of good news leads futures lower
The front end of CME hot-rolled (HR) coil steel futures contracts had drifted lower when this article was filed on Thursday afternoon. And the back end of 2024 had also come under pressure. Despite staging a late-month rally at the end of July back into the low $700s per short ton (st) range, the lead […]
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HR futures: Forward premiums remain substantial. Are they substantial enough?
Another month for hot-rolled (HR) coil, and another disappointing one for the bulls. They are still holding onto hope that the bottom is here and still pointing to an imminent uptick in HR prices.
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HR futures: Trend reversal or bear market head fake?
Cleveland-Cliffs and Nucor each raised their respective hot-rolled coil (HRC) prices this week. Since last Wednesday’s settlement, the Midwest HRC futures curve has rallied as much as $63 in the September future.