DANIEL DODERER ON BACKWARDATION IN STEEL MARKET UPDATE

Backwardation in the steel market has narrowed, with steel futures sharply correcting, down 11% from February’s peak to $828. Daniel Doderer discusses this in the latest Steel Market Update, highlighting spot prices remaining higher than futures, creating potential volatility. This suggests prior bullishness may have been overdone. With steady open interest and uncertain fundamentals, it’s unclear if this is a pause or the start of a broader downturn.