Spot market prices for US domestic base-price HDG and Galvalume coil have ticked down slightly since our last report a week ago, as the price range for both products has widened by approximately $1.00 cwt. ($22/mt or $20/nt) on the bottom end.
Consequently, this week’s prices are trending at approximately $45-$47 cwt. ($992-$1,036/mt or $900-$940/nt), FOB mill, against approximately $46-$47 cwt. ($1,014-$1,036/mt or $920-$940/nt), FOB mill, on Oct. 31. Sources close to SteelOrbis have said they’re aware of several smaller-ton spot market transactions that have taken place slightly above this range.
The situation within the US domestic coated steel market is largely similar to what’s been reported for the past several weeks— not only are lead still hovering at approximately 6 weeks, but service centers throughout the US say they’re reluctant to build inventory amidst uncertain market conditions. Also, of note, is that service centers in Texas are actively trying to lower their existing inventory levels as a means of mitigating their year-end inventory taxes.
“The market is soft, we are where we are, and I don’t expect much is going to change in the short-term,” a source said.
Current prices are at their lowest point since late-November 2020. Historical pricing data is listed in the chart below.
