Sources close to SteelOrbis have confirmed that spot market prices for both US domestic HDG and Galvalume have continued to soften since our last report a week ago.
This week, pricing for base price HDG and Galvalume coil is being heard at approximately $85-$89 cwt. ($1,874-$1,962/mt or $1,700-$1,780/nt), FOB mill, against a range of $89-$91 cwt. ($1,962-$2,006/mt or $1,780-$1,820/nt), FOB mill, a week ago. Lead times continue to hold at approximately 6-7 weeks.
SteelOrbis sources continue to report that recent price softening was “inevitable” in that prices “shot up dramatically after Russia invaded Ukraine” out of concerns of global supply chain disruptions. In that there is no shortage of steel, and that supply chains for raw material, such as scrap and pig iron, have remained largely intact (adding that prices for both of those products are also undergoing downward revisions), that “price re-equilibration was bound to happen.”