Import prices for containerized ferrous scrap into Taiwan continued on an uptrend in the week to Thursday December 24 amid limited supply and strong demand.

The new coronavirus strain found in the United Kingdom has raised fears of scrap supply shortages which could feed the runaway prices in Asia, market sources told Fastmarkets in the week to Thursday December 24.

Hot-rolled coil prices in the United States have moved above $50 per hundredweight ($1,000 per short ton) for the first time since early September 2008 thanks to a continuing supply shortage.

Steel scrap prices have risen again across all major consumer markets over the past week, driven by solid demand and constrained supplies.

Surging scrap and steel markets around the world are providing much support to ferrous scrap import prices in Vietnam, sources told Fastmarkets in the week to Friday December 18.

Renewed buying interest from consumers in South Korea and Taiwan has allowed another increase in Japanese export scrap prices over the past week, market participants told Fastmarkets on Wednesday December 16.

Spot import prices for containerized ferrous scrap into Taiwan hit a historical high in the week to Friday December 11, because of delays to shipments from the United States West Coast, sources told Fastmarkets this week.

Hot-rolled coil prices in the United States continue to hover near their highest levels since August 2018, with buyers preparing for still more increases from the domestic mills.

Hot-rolled coil prices in the United States have shot past $42.50 per hundredweight ($850 per short ton), and there is little on the horizon to stop them from hitting $45 per cwt or even $50 per cwt, market participants said.

Small and medium-sized steel mills in Bangladesh have been forced to re-enter the market for scrap at high prices, market participants said on Thursday December 3.