Spot market prices for US domestic HDG and Galvalume coil have once again shifted downward, sources note, adding that prices have softened by about $2.00 cwt. ($44/mt or $40/nt) in the past seven days.
As such, the current spot market price transaction range is now being heard at approximately $53-$55 cwt. ($1,168-$1,213/mt or $1,060-$1,100/nt), FOB mill. (Similar to last week, discounts below the most commonly heard range are still said to be available based on volume.) This is the lowest that prices have been since mid December, 2020, and this week’s pricing is just $3.00 cwt. ($66/mt or $60/nt) above these products’ 2018 pre-pandemic highpoint. (In April 2018, the average spot market price for both HDG and Galvalume coil climbed to $50 cwt. ($1,102/mt or $1,000/nt), FOB mill, and hovered there for approximately 4 months.)
Also of note is that current prices reflect a 51% drop since October 2021, when spot market prices peaked at $109 cwt. ($2,403/mt or $2,180/nt), FOB mill.
Sources have also confirmed that despite this week’s price drop, lead times are still “relatively steady” and are still trending at approximately 6-7 weeks, depending on the mill of origin.
“Demand isn’t bad but it’s not great either,” a source said. “I don’t think [galvanized steel] prices have hit their floor just yet, but I suspect we’ll reach that point by the end of the month.”
