Galvanized Plain Sheet Prices During the second quarter of 2023
In June 2023, the US spot market for Galvanized Plain Sheet witnessed an overall price decline, primarily driven by the deteriorating economic conditions within the country and an increase in inventory levels. At the outset of the second quarter, there was a glimmer of hope as prices remained high in April. However, production cuts were evident in April when Nucor Yamato, a joint venture between US Nucor and Japanese Yamato Kogyu, temporarily shut down operations from April 9th to 16th. Nucor mill increased Galvanized Plain Sheet prices slightly as lead times decreased from 8-10 hours to 8-9 hours. In the latter half of the second quarter, prices took a downward trajectory. Mounting economic uncertainties, exacerbated by the debt crisis following the collapse of major US banks, cast a pessimistic shadow over the market sentiment.