US HDG market unmoved amidst election

Wednesday, 04 November 2020 14:04:21 (GMT+3)   |   San Diego
       

Spot prices and lead times for US domestic hot dipped galvanized and Galvalume coil continue to be stable, sources note, adding that the domestic steel market, “as a whole, seems to be taking a pause this week.”

“There’s a lot of focus on the election, and who the next president is going to be,” a source said. “I think a lot of us are focused on seeing how that shakes out.”

As far as the broad perspective of the coated steel market, sentiment is largely mixed. “There is zero consensus as to which direction this thing is going,” a Midwest-based source said. “In one camp, you have the people who think that prices are going to stay strong, if not go up, through the end of the year. There’s also a lot of people who think that prices are artificially high and that the market is due for a correction. I suppose at this point, I could pull out my tarot cards and you could try to read some tea leaves, and we’d both have an equal chance of being right.”

This week’s prices are listed in the chart below.
 

Product $/cwt $/mt $/nt Delivery Weekly change
US domestic HDG base price $41-$44 $904-$970 $820-$880 ex-mill neutral
           
           
US domestic Galvalume base price $41-$44 $904-$970 $820-$880 ex-mill neutral
           
           
0.019x41.5625 Gr80/AZ55 $51-$53 $1,124-$1,168 $1,020-$1,060 ex-mill neutral

Most Recent Related Articles

US HDG prices maintain their upward trajectory

US HDG prices keep climbing with no end in sight

US import HDG prices, import tonnages still strong

Uptrend in US HDG prices takes pause, for now

US import HDG prices hold steady after last week’s jump