Most US flat steel import prices drop sharply

A free-falling domestic flat-rolled steel market has sent more pressure to the foreign mills that are shipping their steel products to the docks in the United States, resulting in further declines on prices of most imported flat steel products.

US hot-rolled coil prices crashed below $23 per hundredweight ($460 per short ton) this week despite an expected increase in ferrous scrap prices in May. 
Lead times remained short at most domestic mills, with some still struggling to close out their May order books, sources told Fastmarkets. Lead times for cold-rolled products have fallen to within a month, and those for galvanized stand at six to seven weeks, according to market participants. 
Even with prices for hot band at their lowest point in more than four years, buyers were still hesitant to purchase material due to unclear outlooks for steel underlying demand.  

Because the Covid-19 pandemic is unprecedented, sources said that the chance of a V-shape recovery for the US economy remains low. And until automotive plants...

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