US hot-dipped galvanized (HDG) prices remained stable through the holiday weekend, while cold-rolled coil (CRC) prices fell. Ex-works HDG prices were at $920/short ton (st), while CRC prices fell by $10/st to $950/st. Hot-rolled coil (HRC) prices dropped by $30/st to $920/st in the Midwest and south.
Buying was slow around Labor Day, with a potential automotive strike by the United Auto Workers (UAW) union against some or all of the US Big 3 automakers potentially weakening HDG demand. The market has reduced its buying ahead of the 14 September contract deadline next week. Repeatable HDG offers ranged between $900-940/st, while CRC offers ranged between $940-960/st.
US HDG mill lead time widened to 5-7 weeks from six weeks, while CRC lead times fell to 4-7 weeks from 6-8 weeks. HRC prices fell this week as the market eyes a near-term bottom, with domestic assessments falling by $30/short ton (st) to $720/st ex-works. The current contract expires on 14 September.
Large tonnage discounts for transactions of 5,000-25,000st or more appear to be shrinking, with potential customers bidding at $660-670/st compared to $640/st a week ago. Sub-100st offers were reported from buyers between $760-780/st for 20-60st of material. Steel mills are trying to tighten their prices as tight inventories could lead to more buying and discussions continue in the market that mills are approaching their scrap conversion costs.
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