Key Takeaways

• The published CSP Hot Rolled base price moved higher for the fourth consecutive week, and the cumulative move since the run began has now crossed a threshold that changes the math on deferred buying.
• Domestic mill production fell to its lowest weekly tonnage since March even as year-to-date output remains well ahead of last year, a combination that points in two directions at once.
• Zinc closed at its highest level since June 2022, and the impact on Galvanized extras is opening a spread against Hot Rolled.

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