Hot-rolled coil prices in the United States dipped despite buyers still struggling to find spot tons at competitive prices.

There were gains across the board for the London Metal Exchange base metals this morning, Wednesday January 20, with a weaker US Dollar Index and a firm commitment on further stimulus in the United States pushing copper and aluminium up by 1.2% and 1% respectively.

Hot-rolled coil prices in the United States held steady while buyers continued to struggle in their quest for spot tonnage at the domestic mills.

Hot-rolled coil prices in the United States slipped from an all-time high to just under $57 per hundredweight ($1,140 per short ton) on Friday January 15, but remain poised to rebound amid tight supply, Fastmarkets understands.

Trade groups representing different segments of the aluminium industry appealed to the incoming United States presidential administration to take contrary actions on the Section 232 aluminium tariffs.

Buyers have started withdrawing from the spot market in key importer Vietnam in the week to Friday January 15 due to growing sentiment of a price downtrend, market sources told Fastmarkets.

The London Metal Exchange base metals failed to hold on to the excitement from US President-elect Joe Biden’s speech overnight, with zinc and nickel the hardest hit and copper once again falling below $8,000 per tonne on Friday January 15 and most of complex trading in negative territory.

Hot-rolled coil prices in the United States have reached their highest level in at least 60 years, Fastmarkets has learned.

Mills in Bangladesh purchased three bulk cargoes in the last week, with prices easing gently, sources told Fastmarkets on Thursday January 14.

After strong gains on the London Metal Exchange on Tuesday January 12, when prices closed up with gains averaging 1.8%, prices were for the most part little changed this morning, with nickel the main mover.