Hot-rolled coil prices in the United States have moved above $50 per hundredweight ($1,000 per short ton) for the first time since early September 2008 thanks to a continuing supply shortage.

Nickel’s three-month price on the London Metal Exchange was down by 1.6% during morning trading on Tuesday December 22, with the rest of the complex mostly trading lower given the spread of a new variant of Covid-19 across Europe.

Base metals prices on the Shanghai Futures Exchange were down across the board this morning, Tuesday December 22, as were most of the metals on the London Metal Exchange, with the exception of tin.

Hot-rolled coil prices in the United States have climbed above $49.50 per hundredweight ($990 per short ton), while buyers have voiced concerns that the rapid run-up in prices may mean a potential inventory devaluation in the future.

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.