Pittsburgh — Hot-dipped galvanized sheet prices have moved lower in the US as mills have stepped away from higher-priced offers, according to market feedback.
The weekly Platts TSI US HDG price assessment was calculated at $1,094.75/st Monday, down $10.50/st on week. The price includes a G90 coating weight extra.
Buyers reported that HDG substrate pricing at $1,040/st was no longer workable and that most offers have moved to $1,030/st or below.
A domestic trader put current spot pricing for galvanized substrate at $1,000-$1,020/st, excluding zinc coating extras, while a service center source said he was seeing offers this week at $1,000/st-$1,030/st.
The spot market for HDG has been slow, the domestic trader said. He was not expecting prices to see any upside, but also expected any further price erosion to be minimal in the near term as supply and demand seem to be in balance, he said.
Prices for sheet products have been moving slightly lower in recent weeks after HRC hit a peak of $920/st in early July.
The daily Platts TSI US HRC assessment was calculated at $903.50/st Monday, down 25 cents from Friday, while the daily Platts TSI US cold-rolled coil assessment was calculated at $1,012.25/st, unchanged from Friday.
A second domestic trader said he was not currently looking to buy spot material this week, but he recently bought spot HRC at $910/st.
The service center source said he bought spot HRC at $900/st last week, and while there has been some talk of sub-$900/st in the market, he was not seeing any offers at that level.
The combined Platts TSI price index uses a volume-weighted average calculation -- according to TSI's standard -- to determine value on an ex-works Indiana basis.
