All contracts on the London Metal Exchange’s US hot-rolled coil forward curve saw gains the week ended Oct. 16, as limited availability in the physical market continued to support HRC prices. Despite all contracts registering gains, the two- and three-month contracts saw the most significant increases and contributed to the forward curve’s steep backwardation. The spread between the frontmonth and fifteen-month contract widened from $63/st the week prior to $75/st amid continued expectations of lower HRC spot prices in 2021.
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