The prospect of more than 5 million tons of additional flat-rolled steel production starting up in the United States by the end of this year has convinced some market participants that the current run of all-time record-high sheet prices must come to a screeching halt by summer.

With Greater China on holiday, base metals trading on the London Metal Exchange has been quiet this morning, Friday February 12, with prices little changed and trading volumes light - but so far prices are holding up in high ground.

Confirmed deals have driven hot-rolled coil prices in the United States over $59.50 per hundredweight ($1,190 per short ton), to an all-time high.

Hot-rolled coil prices in the United States continued to hover around $59 per hundredweight despite some reports of lower transactions.

The Coalition of American Metal Manufacturers and Users (CAMMU) is calling on United States President Joe Biden to end the Section 232 steel and aluminium tariffs, a position that puts it at odds with groups representing domestic steel producers.

China has further diversified the list of countries supplying heavy scrap (HS) imports, with recent deals from both South Korea and Singapore, market participants told Fastmarkets on Wednesday February 10.

Hot-rolled coil prices in the United States slipped from an all-time high while market participants debated whether the rally had run its course.

With the exception of tin, base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were firmer this morning, Tuesday February 9, as were the precious metals and oil, while the US dollar continued with its recent pullback.

Spot hot-rolled coil prices in the United States remained stable to begin the week.

The United States Court of International Trade (CIT) upheld Section 232 tariffs on steel imports, ruling against steel consumers who argued that former President Donald Trump imposed the duties incorrectly.