Hot-rolled coiled prices in the United States held essentially flat to begin February.

Base metals prices on the London Metal Exchange were up across the board this morning, Monday February 1, this despite weaker-than-expected manufacturing purchasing managers’ index (PMI) data out of China over the weekend.

Global ferrous scrap prices have yet to hit the buffers in their downward plunge. Buyers in Asia were holding back from purchases in the week ended Friday January 29, swooping in only for low-priced cargoes, but demand from China could support prices in the near term.

Taiwanese scrap buyers are swooping on import cargoes offered at low prices by traders desperate to offload materials amid the constant prices falls during the week to Friday January 29, markets sources told Fastmarkets.

Ongoing tight supply amid strengthening end-market demand has boosted the price for hot-rolled coil in the United States.

Hot-rolled coil prices in the United States were largely steady at the start of the week, although some are questioning when the recent run in the market might end.

Hot-rolled coil prices in the United States again edged lower, even as buyers have continued to struggle to find spot tonnage at the domestic mills.

There remained a dearth of interest for imported ferrous scrap in key buyer market Vietnam due to the sharp price downtrend in the week to Friday January 22, market sources told Fastmarkets.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part down on Friday January 22, after having been up across the board a day earlier, while markets generally seem to be taking a breather after the enthusiasm the US presidential inauguration brought.

Hot-rolled coil prices in the United States have eased somewhat after soaring to a record high one week ago.