Steel scrap prices have risen again across all major consumer markets over the past week, driven by solid demand and constrained supplies.

Surging scrap and steel markets around the world are providing much support to ferrous scrap import prices in Vietnam, sources told Fastmarkets in the week to Friday December 18.

Hot-rolled coil prices in the United States continued to climb toward $50 per hundredweight ($1,000 per short ton), with little spot availability and relatively long lead times maintaining record-high prices, according to market participants.

Hot-rolled coil prices in the United States continued to test 12-year highs following a wave of quietly announced but successful mill increases, market participants said.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally firmer this morning, Wednesday December 16, with prices holding up in high ground, backed by optimism that vaccines will lead to stronger recoveries next year, while the weaker dollar and concerns about inflation were also supportive.

Hot-rolled coil prices in the United States retreated slightly, one day after soaring to a 12-year high, while spot market supply might be insufficient to serve the needs of manufacturers potentially for months.

Stainless steel producer Outokumpu has upgraded its guidance for the fourth quarter of 2020 following better-than-expected sales, the Finnish company said on Tuesday December 15.

German metals distributor Klöckner & Co has improved its earnings forecasts for the fourth quarter and full year of 2020 due to the ongoing steel market recovery, the company said on Tuesday December 15.

Hot-rolled coil prices in the United States have surpassed $930 per short ton, reaching levels not seen in well over a decade.

Base metals prices on the London Metal Exchange were mainly firmer this morning, Monday December 14, following the pullback from highs at the end of last week, but the base metals on the Shanghai Futures Exchange were mainly weaker while they followed Friday’s weakness on the LME.