US hot-dipped galvanized (HDG) and cold-rolled coil (CRC) prices have remained flat due to tightening supply and planned maintenance outages. HDG prices were steady at $860/short ton (st), while CRC prices fell by $25/st to $880/st. Repeatable prices were reported between $830-870/st, with some higher attempted offer levels at $900/st.
HDG lead times pushed out to 8-9 weeks from 7-8 weeks, indicating lead times into mid- to late-November. CRC pricing continued to fall as one buyer reported purchasing a little more than 200st at $880/st, with other price offer levels reported between $870-910/st.
US HRC prices stayed flat this week as mills firmed up their repeatable offers into the market. US HRC Midwest and southern were both flat at $670/short ton (st) ex-works, the first time since early August that prices remained flat. Repeatable levels tightened this week to $660-690/st, with at least one mill unofficially pushing to increase offers to $700/st.
Lead times extended to 5-6 weeks from 4-5 weeks as most steelmakers were said to be into the end of October. Canadian mills were said to still be offering into Chicago and Detroit at low-$600s/st delivered. More buyers reported that the bottom of the market could be in sight, with some saying mill breakeven points remain in a range at $600/st and above.
On the other hand, the scrap market is bearish as the targeted strike by the United Auto Workers (UAW) union against the Big 3 automakers continues. The HRC import ddp Houston assessment rose by $20/st to $680/st on higher offers from South Korea, the first increase since mid-July.
Plate prices fell by $20/st to $1,470/st ex-works as buyers reported lower offers from the mills. Imported plate prices continued to be competitive, and some downstream customers are working on switching their discrete plate purchases to coiled plate to take advantage of a price spread of hundreds of dollars.
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