US import HDG market “sees end to downward pressure”

Although spot market prices for US import HDG and Galvalume coil have remained “mostly stable” within the past seven days (with some SteelOrbis sources reporting hearing of a handful of Galvalume orders that are up by $1.00 cwt. ($22/mt or $20/nt) since our last report), it’s believed that the coronavirus-induced downward price pressure may have come to an end.

“The mills booked a lot of orders at deeply discounted pricing, which helped pad their order books and extend lead times,” a source said. “Lots of those offers have sold out. China, for example, bought everything that wasn’t nailed to the floor.”

Although it’s not immediately clear whether offshore pricing is set for an upswing, what is agreed, is that prices are unlikely to fall further.

Current offer prices are listed in the chart below.