Prices for cold-rolled and galvanized steel coil climbed to new records after market participants said there is hardly any spot material and the duration of the shortage likely will persist longer than buyers had feared.
Fastmarkets' weekly price assessment for steel cold-rolled coil, fob mill US rose to $82 per hundredweight ($1,640 per short ton) on Thursday April 29 from $80 per cwt on April 22. The assessment has soared 164.5% since descending to its 2020 low of $31 per cwt in August.Fastmarkets' price assessment for steel hot-dipped galvanized coil (cold-rolled base), fob mill US jumped to $84 per cwt on Thursday from $80.50 per cwt a week earlier. That price has surged by 171% since hitting its August 2020 low.Inputs were received in a range of $78-91 per cwt for both CRC and HDG assessments. The high end of the range represented the freshest spot offers from at least one integrated mill confirming spot availability.Fastmarkets' price assessment for steel hot-dipped galvanized...