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.

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.