The base metals on the London Metal Exchange were mainly stronger this morning, Monday January 18, aided by some strong economic data in China, including gross domestic product (GDP) that showed growth of 6.5% year on year in the fourth quarter, which was stronger than the 6.2% expected and up from 4.9% in the third quarter.

After a rapid rise of domestic steel prices across Europe in the second half of 2020, market sources have been voicing concerns that the situation will echo the scenario in 2008 of a price spike quickly followed by a sharp fall.

Hot-rolled coil prices in the United States slipped from an all-time high to just under $57 per hundredweight ($1,140 per short ton) on Friday January 15, but remain poised to rebound amid tight supply, Fastmarkets understands.

Trade groups representing different segments of the aluminium industry appealed to the incoming United States presidential administration to take contrary actions on the Section 232 aluminium tariffs.

Buyers have started withdrawing from the spot market in key importer Vietnam in the week to Friday January 15 due to growing sentiment of a price downtrend, market sources told Fastmarkets.

The London Metal Exchange base metals failed to hold on to the excitement from US President-elect Joe Biden’s speech overnight, with zinc and nickel the hardest hit and copper once again falling below $8,000 per tonne on Friday January 15 and most of complex trading in negative territory.

The base metals on the London Metal Exchange were mainly weaker this morning, Friday January 15, while those on the Shanghai Futures Exchange were mainly firmer in line with the stronger Chinese fundamentals.

Annual zinc ingot supply contracts in Northern Europe and Italy have been negotiated for 2021 at markedly lower premiums than in previous years.

Hot-rolled coil prices in the United States have reached their highest level in at least 60 years, Fastmarkets has learned.

Mills in Bangladesh purchased three bulk cargoes in the last week, with prices easing gently, sources told Fastmarkets on Thursday January 14.