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CME Group Clears First HRC Steel Option Trades
The CME Group advised Steel Market Update (SMU) that the exchange had traded its first U.S. Midwest Domestic Hot-Rolled Coil (HRC) Steel Index Options. According to the CME 1,000 contracts were traded which is equivalent to 20,000 net tons of HRC.
Our understanding from market sources within the industry is the trade was a $575 put option at $10 which traded for the month of December.
A number of counterparties were involved in the trade including Jefferies Bache & Macquarie Futures USA and Cleveland based service center Flack Steel.
"We are very excited to have brokered the first cleared HRC option and believe that this is a great example of the innovation that is taking place within the steel sector," said Nick Webb of the Jefferies Bache Metals team in Chicago. "With the growth of products like this being offered in the marketplace, we as brokers are better able to add value to all levels of the ferrous supply chain."
Jeremy Flack, president of Flack Steel said of the trade, “As representatives of the physical side of the business and proponents of the benefits of using ferrous derivatives to mitigate price risk, we are encouraged by this trade as it shows the gathering and growing liquidity and understanding of ferrous derivatives in our industry."
SMU Note: Jeremy Flack, president of Flack Steel is one of our speakers on October 8th at our 3rd Annual Steel Summit Conference in Rosemont, IL.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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