The most commonly heard spot price transaction range for
US domestic hollow structural sections (HSS)
tubing has softened by $1.00 cwt. ($22/mt or $20/nt) since our last report two weeks ago, which brings the current average spot market transaction range to $49-$50 cwt. ($1080-$1102/mt or $980-$1000/nt) ex-mill; however, some SteelOrbis sources have reported that deals below that range are available on a “quiet basis” to high volume buyers.
“Steel prices in general shot up pretty far, pretty fast. There’s definitely room for some adjustment,” one source said. “I don’t think anyone thought $50-$51 cwt. ($1102-$1124/mt or $1000-$1020/nt) ex-mill was sustainable in the long term.”
“Demand is still good but at this point, the price pressure is more about what’s going on with hot rolled [coil] than anything else,” another source said.
US domestic HRC prices have been on a downtrend since early April, when the top range of prices peaked at $34.00 cwt. ($750/mt or $680/nt), ex-mill. Since that time, the top range of
US HRC prices have softened by approximately $2.00 cwt. ($44/mt or $40/nt).