Last week, SteelOrbis reported that spot market prices for US domestic HDG and Galvalume had softened by about $2.00 cwt. ($44/mt or $40/nt). This week, however, prices have shifted course.
Spot market pricing for both products has improved by roughly $1.50 cwt. ($33/mt or $30/nt) since our last report a week ago, which brings the current range to $54.50-$56.50 cwt. ($1,202-$1,245/mt or $1,090-$1,130/nt), FOB mill.
Lead times continue to hover at about 6-7 weeks.
Sources continue to report that while activity is “decent,” it’s “not spectacular,” and many question whether this week’s uptick is linked to a true increase in demand, or whether it’s linked to customers wanting to restock because they feel the market is at or close to the bottom.
“I can’t say whether this is the start of a trend, or whether this is a sign that things are starting to improve,” a source said. “On the other hand, it still sounds like mills’ order books aren’t great, and that they may try to take scrap prices down again next month based on lagging demand for finished steel.”