CME north European HRC forward curve softens again

  • Wednesday, April 26, 2023
  • Source:ferro-alloys.com

  • Keywords:CME north European HRC
[Fellow]The curve is in a clear backwardation, with May trading on screen almost €50/t below the underlying Argus assessment, which stood at €834.25/t.
 
The north European hot-rolled coil (HRC) forward curve softened again today, on concerns from market participants regarding recent physical price fragility, despite a plethora of supply issues.
 
On the CME Group's north European contract, May traded at an €85/t premium to the fourth quarter, with the outright prices at €785/t and €700/t. Surprisingly, May then traded at the same premium to June, with the outright prices at the same levels.
 
Prices also retreated on screen, with April slipping by €10/t to €835/t, May shedding €12/t to €785/t, and June losing €13/t to reach €750/t. July dropped by €18/t to €730/t, August by €8/t to €720/t, and September by €13/t to €710/t.
 
The curve is in a clear backwardation, with May trading on screen almost €50/t below the underlying Argus assessment, which stood at €834.25/t.
 
Physical prices have lacked momentum, despite reduced domestic supply in recent weeks, and have mostly fallen since early April. The Argus northwest Europe HRC index has fallen by €16.50/t since 4 April, while the Italian index has shed €33/t over the same period.
 
Import offers are available at below €700/t for July-August arrival, into Antwerp and Italian ports. argusmedia
  • [Editor:kangmingfei]

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