During the third quarter of 2023, the Galvanized Plain Sheet prices in the US market increased, primarily due to limited inventories and the strong downstream automotive industry. After a slow start following the New Year’s holiday, demand began to pick up moderately, leading to increased customer inquiries and shipments at service centers. However, buyers were hesitant to stock up on steel products, given the short lead times. The January trade was dominated by mills with larger appetites, leading to increased regional competition. As flat-rolled steelmakers increased their purchasing programs, prime-grade prices rose. The combination of tight supply, rising demand, and a surge in export markets pushed prices higher. Mills booked slightly more than they could produce, implying that deliveries might be delayed until May. Some mills reportedly postponed new bookings while more made bookings for May. Confirmed orders were safeguarded until fully shipped. When mills announced a price increase, it was immediately effective on new orders. Steel mills succeeded in raising prices by USD 400/MT through a series of increases since the end of November. As a result, Hot Dipped Galvanised Sheet (1 mm) prices for Ex Midwest settled at USD 1301/MT.
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