Although many market players had expressed hope that resumption of US auto production would be a much needed shot in the arm for domestic flat rolled steel products, the United Autoworkers Union president is pushing back, saying that an early May restart could be dangerous for employees.
"At this point in time, the UAW does not believe the scientific data is conclusive that it is safe to have our members back in the workplace," the union said in a statement.
If General Motors, Ford and Fiat Chrysler Automobiles do decide to delay production restarts, that would hinder recovery for the US flat rolled steel market.
Demand for galvanized products, sources note, has continued to remain “mostly stable,” although pricing is still getting hammered. Spot market prices for HRC and CRC coil are also under pressure.
This week, domestic HRC prices are still trending in the range of $24-$25 cwt. ($529-$551/mt or $480-$500/nt), ex-mill, although as with last week, some sources have reported deals up to $1 cwt. ($22/mt or $20/nt) below that range.
US CRC prices, which were heard in the range of $33-$35 cwt. ($728-$772/mt or $660-$700/nt), ex-mill, one week ago, “are now more accurately at $32-$34 cwt. ($705-$750/mt or $640-$680/nt), ex-mill.
Base HDG coil has also revised downward, week-over-week, from an average of $35 cwt. ($772/mt or $700/nt), ex-mill, to a range of $33-$34 cwt. ($728-$750/mt or $660-$680/nt), ex-mill, although deals below that range have been heard in the marketplace. Base price Galvalume coil price points are similar to what’s being heard for base price HDG.