The slow-erosion of US domestic hot rolled coil (HRC) prices may be cause for concern for players within the US domestic hollow structural sections (HSS) market, despite mills' attempts to push through a $2.00 cwt. ($44/mt or $40/nt) price increase earlier this month. The general speculation is that the announcement was less about firming the spot market and more about preventing a downward slide, but with so many people being on vacation this week due to the holidays, order activity, inquiries and bookings are at near-silent levels. The overall situation, however, is expected to become clearer after the first of the year.
In terms pf prices, ex-Midwest mill spot pricing has remained in the approximate range of $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt), unchanged in the past two weeks, while futures prices from Korean and Turkish mills have also remained lateral at $37.50-$38.50 cwt. ($827-$849/mt or $750-$770/nt), both DDP loaded truck US Gulf coast ports.