Prices for cold-rolled and galvanized sheet in the United States weakened after the spread of coronavirus and financial-system volatility convinced market participants that inventory buys will dry up until American businesses can better measure health and economic outcomes.
Some sources said they spent more time this week assessing the impact of the broader economic events on their companies than they did transacting steel. Convincing buyers to order cold-rolled coil and galvanized material at previous pricing levels became more difficult for the mills, especially during a week when hot-rolled coil prices dipped.Fastmarkets' weekly price assessment for steel cold-rolled coil, fob mill US declined to $38 per hundredweight ($760 per short ton) on Thursday March 12 from $38.50 per cwt on March 5. Fastmarkets' price assessment for steel hot-dipped galvanized (base) steel coil, fob mill US fell to $38.50 per cwt on Thursday from $39 per cwt a week earlier....