April Ferrous Metals Update

  • 14 May 2018
  • By and CME Group
  • Topics: Metals

April Ferrous Metals Update

  • U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) futures (HRC) set a monthly volume record in April. Monthly volume was 12,074 lots (241,480 short tons), an increase of 921% YoY. The HRC contract’s record volume in April was up 16% from the previous record set in January 2018.
  • U.S. Midwest Busheling Ferrous Scrap (AMM) futures (BUS) monthly volume was 1,487 lots (29,740 gross tons), 2nd all-time highest monthly volume.
  • The U.S. administration applied 25% tariffs on steel imports on March 23. The EU, along with Canada, Mexico, Argentina, Australia, Brazil and South Korea were excluded from the levy.
  • HRC volumes continued to be robust as market participants looked to manage their price risk on exchange using futures.
  • On-screen market makers expanded quote hours to quote from 8:00-11:00 a.m. Central Time.
  • Anglo American Plc announced it suspended Minas-Rio iron ore operations on March 29 in Brazil following a leak in the pipeline which carries iron ore in slurry form from the mine to an export terminal [Source: AngloAmerican].

Ferrous Futures Month-on-Month Change in Forward Curve and Open Interest


US Ferrous Volume Growth


Trade the spread between BUS U.S. Midwest Busheling Ferrous Scrap (AMM) Futures and HRC U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index Futures


Monthly Ferrous Volumes


If you have any questions or would like more information regarding this weekly communication, please contact metals@cmegroup.com.

About CME Group

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. Comprised of four exchanges - CME, CBOT, NYMEX and COMEX - we offer the widest range of global benchmark products across all major asset classes, helping businesses everywhere mitigate the myriad of risks they face in today's uncertain global economy.

Follow us for global economic and financial news.

CME Group on Twitter

CME Group on Facebook

CME Group on LinkedIn