Spot market prices for US domestic hot dipped galvanized and Galvalume coil have continued to erode since our last report a week ago, although pace at which prices are falling appears to have slowed.
“Instead of seeing another big drop, last week's spot market price range has widened," a source pointed out, noting that current base-price US domestic HDG and Galvalume prices are trending at $66-$69 cwt. ($1,455-$1,521/mt or $1,320-$1,380/nt), FOB mill, against a range of at $67-$69 cwt. ($1,477-$1,510/mt or $1,340-$1,380/nt), FOB mill, a week ago.
As in previous weeks, deals below this range have been heard based on volume. Lead times are trending at 4-5 weeks.
"I can't say if we're scratching the bottom or if we're at the bottom," a final source said, "but I think we're very very close."