Futures
December 3, 2020
HRC Futures: $1,334—Another New All-Time High
Written by David Feldstein
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein.
February’s service center data showing a decline in daily shipments and mill receipts helps to explain how last month’s winter storm that blanketed most of the country dealt yet another blow to the steel supply chain’s seven-month odyssey to overcome the steel shortage. February’s data also showed a resurgence in new orders to the mills for flat rolled in response to outages at a number of different steel mills. This latest surge sent the domestic mills’ backlog to a new all-time high. With daily hot rolled indices clearing $1,300, the April CME HRC future also traded to a new all-time intraday high of $1,334. Since last July, the April HRC future has increased by over 150%.
