HRC Futures: $800/Ton Ceiling Smashed as Spot Market Tightens

Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton University. Mike can be reached at mdangelo@marex.com for comments/questions.

CRU’s weekly Midwest HRC index climbed to $782 per ton ($39.10 per cwt) this week, continuing the uptrend to the highest level since September after several producers announced price hikes last week including Cleveland-Cliffs, NLMK USA, Nucor, and ArcelorMittal.