Hot-rolled coil prices in the United States continue to hit record highs, with further upside expected, Fastmarkets understands.

The United States' copper scrap market has been thrown out of balance since the price for the red metal surged above the $4 per lb on Comex this week.

Hot-rolled coil prices in the United States have risen yet again to an all-time high after buyers perceived that the tight availability of spot material likely will not loosen up before domestic mills begin a series of maintenance outages.

For a fourth trading day in a row, copper’s three-month price on the London metal Exchange rose to a new year-to-date high on Tuesday February 23, while the rest of the base metals traded slightly lower than where they were on Monday, when they all reached fresh 2021 highs.

Chile’s Corfo on Friday February 19 filed an arbitration process with the International Chamber of Commerce against United States-based lithium miner Albemarle for allegedly underpaying royalties on its lithium sales, Corfo confirmed to Fastmarkets on Monday February 22.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up significantly across the board this morning, Monday February 22, with all base metals on the LME setting fresh multi- month or year highs.

Century Aluminum sees United States President Joe Biden’s reinstatement of Section 232 tariffs on the United Arab Emirates (UAE) as a signal of his support for the tariff program implemented by his predecessor, an interpretation shared by many in the US aluminium market.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part firmer this morning, Friday February 19, on the back of expectations for stronger demand from a widespread recovery and due to the underlying momentum.

China’s metals industry returned from holiday to find metal prices were higher and it would appear have chased prices higher, with all the base metals on the London Metal Exchange and Shanghai Futures Exchange showing gains this morning, Thursday February 18.

With China still on holiday, base metals prices on the London Metal Exchange have been consolidating this morning, Tuesday February 16, even though broader markets remain upbeat.