CME HRC futures exploded higher last week after an aggressive buyer paid as high as $530/st in May and June and $525/st in Q3 last Wednesday a day after NLMK formally increased prices $40/t. Many questions circulated through the futures trading community about the 40 point jump. Was it due to liquidation by a clearing firm or risk manager? Was it about the expected jump in scrap prices? Most importantly, would there be more buyers to follow?