US hot-dipped galvanized (HDG) pricing strengthened this week due to supply tightening, while cold-rolled coil (CRC) prices continued to fall. HDG prices increased by $20/short ton (st) to 880/st, while CRC prices fell by $20/st to $860/st ex-works. Repeatable HDG price offers ranged between $850-900/st, with some mills pushing prices up to $950/st. Lead times remained flat at 8.5 weeks for galvanized, with some producers reporting limited availability for the remainder of 2023.
CRC pricing fell by $20/st to $860/st as repeatable offers fell to a range of $840-880/st and demand remained limited. Cleveland-Cliffs and Nucor were both said to be offering at $750/st. Lead times jumped to 7.2 weeks from 5 weeks as mills were said to be booking into mid/late November. Downstream demand has not increased, with much of the longer lead times from service centers looking to restock their inventories with at least some material after running lean for most of the year.
The HRC import ddp Houston assessment was flat at $680/st as Asian markets paused for holidays. The US plate was flat at $1,470/st ex-works on limited trades, with lead times falling to 5.5 weeks from six weeks as the market starts booking November tons.
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