Hot-rolled coil prices in the United States have hit another all-time high, driven by supply shortages and strength in domestic ferrous scrap pricing.

Hot-rolled coil prices in the United States climbed again, surpassing the record high established the previous day, after market participants noted an acute shortage of spot-market material.

The hot-rolled coil price has hit a new high in the United States, moving above $62 per hundredweight.

Pakistan's government has said that Fastmarkets' import index for ferrous scrap will be used for customs valuations of ferrous scrap, according to an official ruling published on February 25.

Spot prices in the key Vietnamese scrap import market rebounded strongly during the week to Friday February 26, even though buyers with inventories were not actively purchasing due to high prices and the narrow scrap-billet spread, according to market sources.

Hot-rolled coil prices in the United States continue to hit record highs, with further upside expected, Fastmarkets understands.

The United States' copper scrap market has been thrown out of balance since the price for the red metal surged above the $4 per lb on Comex this week.

Market growth and decarbonization collide to create an unclear future for steelmaking

Hot-rolled coil prices in the United States have risen yet again to an all-time high after buyers perceived that the tight availability of spot material likely will not loosen up before domestic mills begin a series of maintenance outages.

Chinese steelmakers looking to replenish steel scrap stocks after returning from their new year holiday on Thursday February 18, have raised bid prices for both domestic and imported material, sources told Fastmarkets.