Prices for cold-rolled coil in the United States strengthened for the first time in five weeks, while galvanized prices held steady, after a series of mill price increase announcements and indications that demand from the automotive sector is rebounding.
Fastmarkets' weekly price assessment for steel cold-rolled coil, fob mill US climbed to $34.50 per hundredweight ($690 per short ton) on Thursday June 18 from $34 per cwt on June 11. The assessment had been flat since May 7, when it jumped $1.50 per cwt ($30 per ton) following a round of mill price increase announcements. Fastmarkets' price assessment for steel hot-dipped galvanized (base) steel coil, fob mill US was unchanged at $33.50 per cwt on Thursday after declining for the previous two weeks. Lead times were still mostly four to six weeks for cold roll and four to seven weeks for coated items, but they are starting to stretch out, according to market participants. Sheet mill sources said automaker resumptions are proving to be fruitful and, in response, large-volume steel buyers are inquiring about stocking up in...