Base metals prices on the London Metal Exchange were weaker this morning, Thursday October 22, this after a day of general strength on Wednesday that saw copper prices climb, intraday, back above $7,000 per tonne.

Hot-rolled coil prices in the United States have remained steady above $33.50 per hundredweight ($670 per short ton); meanwhile, market activity has slowed, with buyers waiting to purchase more material amid expected additional increases and rising offer prices.

A global boom in home appliance sales during the Covid-19 pandemic is causing a shortage in flat steel supplies in China, and in turn supporting prices, Fastmarkets has heard.

London Metal Exchange three-month base metals prices were trading up on the previous day’s close during the morning session on Wednesday October 21, boosted by hopes of an imminent US fiscal stimulus package and increased government-sanctioned Chinese infrastructure spending.

Half of the base metals prices on the London Metal Exchange have in recent days risen to multi-month highs, with copper reaching levels not seen since June 2018, and all of the metals are pushing higher this morning, Wednesday October 21.

Hot-rolled coil prices in the United States have crossed the $33.50-per-hundredweight ($670-per-short-ton) threshold, and most signs indicate that they will continue to march upward, market participants said.

Fastmarkets is proposing to amend the settlement criteria for its MB-AL-0001 aluminium P1020A (MJP) quarterly premium, cif Japan, $ per tonne.

Hot-rolled coil prices in the United States have continued to move higher, supported by tightening supply brought on by rising demand in face of still-constrained domestic production.

Fastmarkets publishes trade logs for its key price assessments and indices to bring more transparency into the markets it covers and the pricing process it applies.

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.