CME & LME EAF conversion curves diverge on cloudy finished products outlook Nearby strength continued to characterize the LME EAF segment on Wednesday, when the spot market for both instruments rose further and paper market traders bet this rally will be sustained. But CME US HRC futures remained well offered, particularly at the front end, … Continue reading Daily Futures Update 12/02/2020

Sellers unload on Q2-20 US HRC futures, LME Scrap curve still rising Scrap futures markets continued to move higher on Tuesday with reports that several EAF steelmakers need to cover shorts, but all other steel futures curves struggled to find a bid. The LME Rebar futures curve continued to lag, while sellers unloaded Q2-20 US … Continue reading Daily Futures Update 11/02/2020

Forward EAF margin squeeze continues on poor finished products outlook LME Scrap futures continued to rise on Monday, despite more concerning news about the still escalating Coronavirus outbreak over the weekend and some very pessimistic moves from other financial markets. Reports of a series of new deep sea scrap bookngs by Turkish mills has paper … Continue reading Daily Futures Update 10/02/2020

Scrap futures Contango stretches further while finished products tend to more bearish posture Scrap futures ended the week on a bullish note, with both LME Scrap and CME busheling climbing further into Contango. But instruments corresponding to finished products were much more of a mixed bag and this had a significant impact on EAF conversion … Continue reading Daily Futures Update 07/02/2020