Hot-rolled coil prices in the United States have surged on confirmed buying activity and incredibly thin spot availability, prompting at least one electric-arc furnace (EAF) coil producer to quietly communicate a base price increase to customers, Fastmarkets has learned.

US copper scrap exporters are waiting to see how China’s new regulations affect the flow of scrap metal to the Asian country, which could have a significant impact on domestic copper scrap prices.

Hot-rolled coil prices in the United States have continued to climb amid an ongoing supply squeeze and robust overall market fundamentals, Fastmarkets has learned.

Improving demand for finished and semi-finished steel products across the major outlets has increased scrap prices in the major markets over the week to Friday November 13.

Fast-rising costs for container freight on a number of major shipping routes are causing disruption in trade flows for minerals and metals alike, sources told Fastmarkets on Thursday November 12.

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.