US domestic hollow structural sections tubing prices have been declining for several weeks; as of earlier this week, prices had softened from the mid-January range of $52-$54 ($1,146-$1,191/mt or $1,040-$1,080/nt), ex-mill, to $51-$52 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt), ex-mill.
Current prices are almost on par with prices during late January 2018, when the HSS spot market transaction price was reported at $50.50 cwt. ($1,113/mt or $1,010/nt), ex-mill.
A lot of the softening, sources note, has been linked to falling substrate costs. Scrap prices fell during the January buy cycle, and US HRC prices have fallen sharply since their peak in August of last year.
This week, however, Nucor announced a sweeping $2.00 cwt. ($44/mt or $40/nt) price increase, which applied to flat rolled steel and tubular products.
The question as to whether the increase will force prices upward, or if it was announced as a means of preventing further price erosion, has yet to be seen.