Prices have now slid to low levels. While demand remains weak, we finally believe that destocking is coming to an end outside the automotive sector, and there may be a small uptick in orders in May and June. EAF mills will be the first to benefit, given the continued closures in the integrated market. This should push up scrap prices, and with margins close to cost, this will be passed straight through to higher steel and HDG prices. Fundamentally, however, demand for galvanized steel in North America will remain weak and any price bounce is likely to be limited in both duration and scope.
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