The prospect of more than 5 million tons of additional flat-rolled steel production starting up in the United States by the end of this year has convinced some market participants that the current run of all-time record-high sheet prices must come to a screeching halt by summer.

China increased refined and unrefined copper imports by over 31% year on year in 2020, whereas scrap inflow shrank significantly, reflecting the import policy change for waste products that came into force at the end of the year.

China has further diversified the list of countries supplying heavy scrap (HS) imports, with recent deals from both South Korea and Singapore, market participants told Fastmarkets on Wednesday February 10.

Fastmarkets is launching a new daily China ferrous scrap import price assessment on Monday February 8 after a month-long consultation.

Chinese steelmakers have been actively bidding for Japanese import scrap cargoes at prices above the China domestic market level in recent days, sources have told Fastmarkets.

Hot-rolled coil prices in the United States have remained in the $57- to $58-per-hundredweight ($1,140- to $1,160-per-short-ton) range, with most market participants indicating that the market has not yet reached its tipping point.

Hot-rolled coiled prices in the United States held essentially flat to begin February.

Global ferrous scrap prices have yet to hit the buffers in their downward plunge. Buyers in Asia were holding back from purchases in the week ended Friday January 29, swooping in only for low-priced cargoes, but demand from China could support prices in the near term.

Taiwanese scrap buyers are swooping on import cargoes offered at low prices by traders desperate to offload materials amid the constant prices falls during the week to Friday January 29, markets sources told Fastmarkets.

Hot-rolled coil prices in the United States again edged lower, even as buyers have continued to struggle to find spot tonnage at the domestic mills.