Contributor: Joshua Toney

Joshua Toney

Joshua Toney brings nine years of diverse experience in the ferrous market to this column. He began in the physical markets with DJJ (a Nucor company), trading scrap and ferrous metallics across the US. At Marex he serves as Head of Ferrous Metals Trading North America. His physical trading experience and derivatives expertise provides readers with a comprehensive perspective on market dynamics and risk management strategies in the HRC and ferrous supply chain.

HR Futures: Major trade developments lift the ferrous complex

Headline risk has returned to the ferrous complex, with both hot-rolled coil (HRC) and busheling ferrous scrap (BCH) markets surging in response to fresh trade restrictions.

HR Futures: What’s next for HRC and busheling prices?

Since the publication of our last market update on Dec. 10, several notable developments have shaped the landscape

HR futures: Volatility, tariffs, and global shifts - What's next for prices in 2025?

Import arbitrations expressed via futures may become enticing as coil price spreads expand. The spread market in CME US hot-rolled coil (HRC) is currently navigating a period of volatility, with prices fluctuating post-election, leaving traders uncertain about the market's direction.