Domestic tube mills’ attempt to raise spot market prices by $2.00 cwt. ($44/mt or $40/nt), seems to have come and gone without much fanfare. As with last week, although mills are still “mostly quoting” new orders at $42-$43 cwt. ($926-$948/mt or $840-$860/nt), deals at $40 cwt. ($882/mt or $800/nt), ex-mill, are still available to certain customers.
The stall-out in the price increase is attributed to several factors, including lackluster demand, nearly sideways domestic scrap prices during this month’s buy cycle, and neutral pricing within the domestic HRC market.