Hot-rolled coil spot prices in the United States have surpassed $35 per hundredweight for the first time since March 2019.

Though confirmed deals lowered hot-rolled coil prices in the United States on Friday November 6, the spot market may well hit $35 per hundredweight ($700 0per short ton) soon due to limited availability and rising raw material costs, according to sources.

Market participants in China are increasingly confident that Chinese authorities will revive steel scrap imports into the country in 2021 following the release of new domestic scrap classification standards.

Steel Dynamics Inc (SDI) isn’t worried about a flood of new flat-rolled electric-arc furnace (EAF) steelmaking capacity because it will be offset by the closure of older integrated mills, the company’s top executive said.

Import scrap buyers in Taiwan failed to keep prices stable in the week to Friday October 23 after the bellwether market in Turkey reported price increases, sources said.

Recycled copper and aluminium that meet China’s standards for renewable metals instead of solid waste can be freely imported into the country starting from November 1, according to the Chinese Ministry of Ecology and Environment.

China will release new standards for steel scrap imports by the end of 2020, the National Standard Formation Committee said at a recycled raw materials conference in Shanghai.

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