Hot-rolled coil prices in the United States retreated after opening the year at their highest level since August 2008, with buyers bracing for more price increases due to strong automotive-related demand and soaring ferrous scrap costs.

The American steel industry isn't happy with recent changes to the way the United States Commerce Department administers the Section 232 tariff exclusion process.

The three-month tin price on the London Metal Exchange crossed the $21,200-per-tonne mark while copper edged above $7,900 per tonne during morning trading on Tuesday January 5, with a weak dollar continuing to offset worries about new lockdowns in Europe and the Georgia run-off election in the United States.

Hot-rolled coil pricing in the United States rose further on the first business day of the year, with market participants awaiting this month’s ferrous scrap settlement for direction amid limited spot availability of HRC.

Delivery and sales from leading US-based electric vehicles (EVs) manufacturer Tesla showed strong growth over the course of 2020 despite the economic setbacks and logistic disruptions triggered by the global spread of Covid-19 and its economic consequences, according to data released by the company on Saturday January 2.

The new year has started with optimism in the air and base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up by an average of 1.8% and 1.4% respectively this morning, Monday January 14.

Bangladeshi steelmakers are likely to re-enter the market soon for purchases of deep-sea scrap cargoes due to low inventory levels, sources told Fastmarkets on Thursday December 31.

An increase in the number of physical scrap cargoes offered in key import market Vietnam in the the week to Thursday December 31 has dampened sentiment, market sources told Fastmarkets.

The price increases for imported containerized ferrous scrap into Taiwan eased in the week to Thursday December 31 amid a year-end holiday lull.

Hot-rolled coil prices in the United States were stable on Wednesday December 30 compared with recent days.