The United States’ transition to new energy will require increased domestic mineral production, Energy Secretary Jennifer Granholm said on Tuesday March 9.

Base metals prices on the London Metal Exchange were weaker this morning, Monday March 8, but prices on the Shanghai Futures Exchange were mainly stronger while they caught up with the gains on the LME on Friday.

Hot-rolled coil prices in the United States have hit another all-time high, driven by supply shortages and strength in domestic ferrous scrap pricing.

Hot-rolled coil prices in the United States dipped day on day, but remain high due to an ongoing supply shortage and strong demand.

Hot-rolled coil prices in the United States climbed again, surpassing the record high established the previous day, after market participants noted an acute shortage of spot-market material.

Base metals prices on the London Metal Exchange were mixed this morning, Tuesday March 2, while on the Shanghai Futures Exchange they were mainly weaker.

The hot-rolled coil price has hit a new high in the United States, moving above $62 per hundredweight.

Spot prices in the key Vietnamese scrap import market rebounded strongly during the week to Friday February 26, even though buyers with inventories were not actively purchasing due to high prices and the narrow scrap-billet spread, according to market sources.

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.