Turkish deep-sea scrap import prices edged up further on Wednesday March 31 on news of a fresh US cargo, market participants told Fastmarkets.

Market sources believe hot-rolled coil prices in the Northern European domestic market will remain on an upward trend into the second quarter despite reaching a new peak this week, with steelmakers widely seen as having in the upper hand in current market conditions that have shown no signs of easing.

Base metals prices on the Shanghai Futures Exchange were weaker on Wednesday March 31, while they track the movement of three-month prices on the London Metal Exchange on Tuesday, but LME prices have found support this morning.

Turkish deep-sea scrap import prices edged up on Tuesday after firm offers from the Baltic Sea region, although many mills were looking to achieve further rebar sales in the export and domestic markets before purchasing more scrap, sources said on March 30.

Tin market participants say they saw the record-breaking squeeze coming, but in pandemic-time trading, how does it get back to normal?

Teck Resources has agreed to supply China's largest zinc smelter with zinc concentrates from its Red Dog mine this year, diversifying the market for what is one of the world's biggest exporters of the metal.

Apart from aluminium, base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were firmer this morning, Tuesday March 30, with broader markets also firmer having partially shook off, for now, contagion worries from last week’s hedge fund troubles.

The 2021 annual benchmark negotiations for lead and zinc concentrate treatment charges (TCs) continue, with aggressive bids and offers reportedly being pushed by major miners and smelters.

Mexico will remain a net importer of finished steel and is facing a challenge, with its scrap deficit expected to swell by 2025, a McKinsey & Co executive said.

Asia will soon be hit by a “steel tsunami”, a veteran trader in Vietnam told Fastmarkets recently, with a combination of factors expected to keep prices high into the second and third quarters of 2021.