HRC Futures: Uneven Trading Before the Storm

BUS futures have been under some selling pressure this last week, with the front month trading last at $430/GT. Initial expectations for the Sep’23 BUS settle was down $20 per gross ton (GT), but further selling interest has left the market down an additional $15/GT. At these lower levels we are seeing more inquiries on the buy side. We will have to see what a possible UAW strike does to the supply/demand. Presumably, the stampers have been active as the auto manufacturers have been preparing for a possible interruption.

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