US HRC #steel forward curve has been correcting for about a month, but near term prices (highlighted in white) showing more resilience than further out.
Got to keep in mind that with tariffs still in place there's a floor price here...possible it has four digits.
Got to keep in mind that with tariffs still in place there's a floor price here...possible it has four digits.
Not sure if an analogous dynamic could play out in prime #scrap too...busheling forward curve 1st contract flattening but out months continue to decline.
Coking #coal beginning to inflect lower, not terribly dissimilar to the trend we saw in #steel two tweets ago.
But ultimately, the floor is set be #Dalian coking #coal prices, which are consolidating around the $400/tonne level 12 months out.
That represents UPSIDE for the current met coal forward curve, not downside.
Still BOOLISH.
That represents UPSIDE for the current met coal forward curve, not downside.
Still BOOLISH.
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