March Market Minute 2024

As we head into April, homebuilder sentiment is looking stronger, according to the National Assn. of Home Builders, natural gas prices have declined due to warmer winter conditions, and non-residential construction continues to be buoyed by investment in infrastructure projects.

Metal remains at the heart of all these sectors and more. Here is your pulse of the metals market.

Prices, Scrap Rates, and Import Dynamics, Oh My!

Sheet and Plate Prices
Sheet prices continue to decline, with spot prices for hot-rolled coil (HRC) hovering around $800 per ton.

While plate CRU prices remain historically high compared to HRC, the gap has widened once more, currently at $456 per ton above HRC. This spread marks a resurgence from last year when it reached as high as $700 per ton.

Scrap Rates
Busheling scrap prices declined significantly by $30 per ton in February, and further decreases are anticipated in March.

Import Dynamics
Import offers are largely perceived as non-competitive due to anticipated arrival times and potential domestic price declines.