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.

Even with Chinese market participants on holiday, base metals prices on the London Metal Exchange have for the most part been bullish on Monday February 15, with the exception of zinc.

Hot-rolled coil prices in the United States have fallen by nearly $20 per short ton ($1 per hundredweight) one day after reaching an all-time high, while buyers weighed the risks of purchasing material at these levels.

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.