Futures
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Iron Ore and Scrap Futures: Busheling Higher – Ore Softens
Written by Bradley Clark
October 24, 2013
TSI Iron Ore: Market Soften As Rebar Slides
Iron ore prices have been fairly volatile over the past week as conflicting data and information coming out of China as moved the needle in opposite directions. The upshot to all of this intraday volatility is that prices remain fairly unchanged on a week-on-week basis. With rebar prices softening in China overnight iron ore has followed suit down to close about 1.3 percent down from yesterday’s close. The Q1 still is trading around $124 and Q2 $118 and Q3 at $115. Volumes remain very strong with millions of tons trading this week.
U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Prices Rocket Up
The busheling futures market has shot up this week as it is becoming more evident that Midwest prime will be up $30-40 this month. After settling at $385 per ton the November and December futures contracts have been bid as high as $420 in the market as traders look to lock in prices before next month’s jump in pricing. While volumes remain low, the talk of a big move in the physical market has brought out several new market participants looking to trade the busheling futures contract. Hopefully a continued increase in volatility will help to spark more trading on this contract as it moves past its first year anniversary.
Again, there have been no reported trades this past week.
Bradley Clark
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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.