Much to the surprise of no one,
US domestic hollow structural sections (HSS) producers have rescinded their previously announced $2.00 cwt. ($44/mt or $40/nt) price increase, which leaves the most commonly reported transaction range unchanged in the past 14 days. However, although sources close to SteelOrbis say the bulk of deals are taking place at approximately $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) ex-Midwest mill, others are indicating they’re hearing of deals as much as $1.00 cwt. ($22/mt or $20/nt) below that range in certain regions of the county. “That increase was doomed from the start,” according to one Midwest service center source, who says that recent price softening for hot rolled coil was going to make HSS increase a hard sell.
In terms of offshore offers from
Turkey and
Korea, futures offers from both countries are still available into the
US at approximately $37.50-$38.50 cwt. ($827-$849/mt or $750-$770/nt) DDP loaded truck
US Gulf coast ports. Trader sources have said that Korean mills have indicated they’ll be offering increased size ranges, although the move is simply an effort to better serve their
US customer base.