US ferrous futures continue to march higher

摘要

New York—Hot-rolled coil and busheling scrap prices recovered from last week's pause and pushed back to 2021 highs on March 2, as spot material is sold out domestically and with long lead times for imports, domestic prices continued their trajectory higher, triggering some short-covering in the front of the curve and the rolling of hedges further out. This comes after a week where both HRC and raw material prices took a short pause from their recent rallies across the entire curve.