Latest Steel Price Trends
Reference Prices for the week ending June 29th look like this:
Hot rolled coil – prices up $15 per ton ($.75/cwt) to $1,089 per ton($54.45/cwt). Over the past four weeks HR coil has increased $2 per ton ($.10/cwt) or 0.2%.
Cold rolled coil – prices went down $4 per ton ($.20/cwt) to $1,155 per ton ($57.75/cwt). Over the past four weeks CR coil has decreased $16 per ton ($.80/cwt) or -1.4%.
Galvanized coil – prices remained flat (no change) this past week and remain at $1,221 per ton ($61.05/cwt) for .060 X 48″ G90 CS/B. A note here – The Steel Index is showing galvanized coil in Turkey to now sell for $66.25/cwt in their domestic market or, +$5.20/cwt higher than here in the U.S.
Stock Levels in North America showed a significant increase from the previous week. 35% of the respondents are now reporting “increased” inventory vs. only 15% last week.
Steel Demand Outlook for the Next Three Months in North America showed a significant move towards “decreasing” or “strongly decreasing” demand. Close to 60% of the respondents believe demand will decrease. Of all respondents only 10% forecast an increase in demand.
Delivery Lead Times -shot up on Cold Rolled to 8.0 weeks – which leads me to believe last week’s number was incorrect (6.5 weeks). Hot Rolled remained about the same at 6.0 weeks and Galvanized moved from 7.6 to8.6 weeks – this number will need to be reviewed again next week as galvanized lead times have been averaging in the 7 week lead time for a number of weeks and I find it hard to believe in the current market galvanized lead times are starting to extend. (Source: The Steel Index)