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.

Hot-rolled coil prices in the United States held steady while more service centers tried and failed to enter the spot market for January 2021 shipments, with some buyers now unable to supply customers with enough tonnage to fulfill downstream needs.

Hot-rolled coil prices in the United States have continued to climb amid an ongoing supply squeeze and robust overall market fundamentals, Fastmarkets has learned.

Russia-based steelmaker NLMK's US subsidiary has reached a settlement with the United States government on a lawsuit regarding Section 232 tariffs on steel imports.

After the outbreak of the global pandemic, governments around the world sought measures to relieve the economic pressures of imposed lockdowns, mainly in the form of stimulus packages.