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Volumes on US exchange operator CME Group's north European hot-rolled coil (HRC) futures contract continue to climb, surpassing US HRC volumes in recent days.
The north European contract saw 1,151 lots trade on 5 December, equating to 23,020t, while the US contract saw 1,104 lots clear, equating to 22,080 short tons, or 20,030t. North European HRC traded 855 lots on 1 December, versus 797 lots on the US contract.
There have been a number of 10,000t trades in recent days, the highest single monthly clip since the European contract launched in March 2020.
In December so far, 46,520t have traded. October was the highest ever month for volume, with over 120,000t trading. Monthly volumes have surpassed 100,000t for four months in a row, with almost 850,000t trading over the year to date, compared with 277,020t in the whole of 2021.
CME's north European contract traded just over 1.2mn t in its first 33 months — March 2020-November 2022. The US contract traded 871,480st, equating to 790,593t, in its first 33 months, after it launched in October 2008.
The north European HRC contract cash settles against the Argus daily northwest EU HRC index.
argusmedia
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