Global ferrous scrap prices continued on an upward trend due to supply tightness and strong demand by steelmakers in the week ended Friday November 27.

Vietnamese scrap buyers have continued sourcing import cargoes amid supply tightness and stable demand in the week to Friday November 27, market sources told Fastmarkets.

Markets were generally buoyant this morning, Thursday November 26, with more certainty on the horizon than of late, helped by US president-elect Joe Biden’s transition to the White House and with a rollout of the vaccines now insight, if things go according to plan.

Base metals prices on the London Metal Exchange were mixed this morning, Wednesday November 25, as were those on the Shanghai Futures Exchange, but overall they seem to be consolidating in high ground, with copper having set a fresh high for the year at $7,360 per tonne earlier this morning.

Hot-rolled coil prices in the United States have risen to their highest in almost exactly two years after more buyers perceived that a true steel shortage is intensifying for the end of 2020 and the beginning of the first quarter of 2021.

Hot-rolled coil prices in the United States have surged on confirmed buying activity and incredibly thin spot availability, prompting at least one electric-arc furnace (EAF) coil producer to quietly communicate a base price increase to customers, Fastmarkets has learned.

The base metals were mixed this morning, Monday November 23, but the underlying trends remain bullish following recent fresh highs in most of the metals.

Scrap supply tightness and continued purchasing of billets by China have continued to drive Vietnamese import prices up in the week to Friday November 20, market sources told Fastmarkets.

US copper scrap exporters are waiting to see how China’s new regulations affect the flow of scrap metal to the Asian country, which could have a significant impact on domestic copper scrap prices.

Hot-rolled coil prices in the United States have shot above $37 per hundredweight ($740 per short ton) for the first time in nearly two years on a supply-chain squeeze potentially made worse by rising Covid-19 infections, market participants said.