Hot-rolled coil prices in the United States have slipped for the first time in almost two weeks, but whether the dip represents the start of a new trend or just noise amid a chorus of optimism about stronger demand in 2021 remains unclear.

Steel service centers and other processors are finding surprising opportunities during the Covid-19 pandemic, and 2021 demand appears poised to exceed expectations for metals consumption, panelists said at Fastmarkets' 2020 Steel Success Strategies Online conference this week.

Hot-rolled coil prices in the United States climbed for the eighth consecutive business day while tight supply continued to bump up against rising demand.

There are reasons to believe the worst is over for a domestic steel market rattled by the Covid-19 pandemic, Nucor Corp president and chief executive officer Leon Topalian told attendees of Fastmarkets’ Steel Success Strategies Online conference on Monday October 26.

Hot-rolled coil prices in the United States climbed for the seventh day in a row, mostly due to low availability of material and inventories.

Import scrap buyers in Taiwan failed to keep prices stable in the week to Friday October 23 after the bellwether market in Turkey reported price increases, sources said.

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Base metals prices on the London Metal Exchange were weaker this morning, Thursday October 22, this after a day of general strength on Wednesday that saw copper prices climb, intraday, back above $7,000 per tonne.

Hot-rolled coil prices in the United States have remained steady above $33.50 per hundredweight ($670 per short ton); meanwhile, market activity has slowed, with buyers waiting to purchase more material amid expected additional increases and rising offer prices.

Hot-rolled coil prices in the United States have crossed the $33.50-per-hundredweight ($670-per-short-ton) threshold, and most signs indicate that they will continue to march upward, market participants said.