With the ongoing pricing downticks seen for hot rolled coil (HRC), those buying and selling HSS believe it's just a matter of time before softening starts being seen within their marketplace, and the sentiment holds for both buyers and producers. Several industry sources, on both sides of that coin, have indicated the strong belief that a more firm $1.00 cwt. to $2.00 cwt. ($22/mt to $44/mt or $20/nt to $40/nt) spot price correction could take place by the end of the week.
Looking offshore, import tonnages of HSS tubing arriving in June are down from May. According to June 30 data published by the US Department of Commerce, Import Administration, total import tonnage of structural pipe and tube thus far for June was reported at 33,051 mt (license data), compared to 58,695 mt (preliminary census data) for May. The most significant offshore importer of structural pipe and tube for the current month is Korea, at 5,889 mt as of June 30.
In terms of current offerings to the US, Turkish offers for HSS tubing have declined by about $2.00 cwt. ($22/mt or $20/nt) since our last report, and are now being offered in the approximate range of $39.00 cwt. to $41.00 cwt. ($860/mt to $904/mt or $780/nt to $820/nt), duty-paid, FOB loaded truck to US Gulf ports. Previously seen offers out of Korea, reported as being in the approximate range of $40.50 cwt. to $41.50 cwt. ($893/mt to $915/mt or $810/nt to $830/nt), duty-paid, FOB loaded truck to the West Coast, may still be available, however traders are reporting activity out of Korea has been relatively silent.