China's looming presence as a new buyer in the Asian seaborne scrap market has sparked concerns of tight supply in the region, including in Taiwan, sources told Fastmarkets this week.

Confirmed purchasing activity and extraordinarily volatile raw material costs have propelled hot-rolled coil prices in the United States past $54 per hundredweight.

Hot-rolled coil prices in the United States rebounded on Wednesday January 6, but talk of lower deals remained in the market.

Fastmarkets is proposing to launch a weekly import price assessment for steel billet on a cfr China basis.

Fastmarkets is proposing to launch a new daily China ferrous scrap import price assessment to enhance its growing editorial coverage of the Asian market for the steelmaking raw material.

Hot-rolled coil prices in the United States retreated after opening the year at their highest level since August 2008, with buyers bracing for more price increases due to strong automotive-related demand and soaring ferrous scrap costs.

Hot-rolled coil pricing in the United States rose further on the first business day of the year, with market participants awaiting this month’s ferrous scrap settlement for direction amid limited spot availability of HRC.

Bangladeshi steelmakers are likely to re-enter the market soon for purchases of deep-sea scrap cargoes due to low inventory levels, sources told Fastmarkets on Thursday December 31.

An increase in the number of physical scrap cargoes offered in key import market Vietnam in the the week to Thursday December 31 has dampened sentiment, market sources told Fastmarkets.

The price increases for imported containerized ferrous scrap into Taiwan eased in the week to Thursday December 31 amid a year-end holiday lull.