SteelOrbis sources have confirmed that as of earlier today, spot market prices for US domestic HSS tubing have been reduced by an astonishing $10 cwt. ($220/mt or $200/nt), FOB mill.
“We’ve all known this was coming,” a source said. “The downward death spiral of HRC pricing was bound to impact tube pricing at some point. I’m just surprised that HSS prices were able to hold on as long as they did.
As such, current HSS prices are now being heard at approximately $87 cwt. ($1,918/mt or $1,740/nt), FOB mill.
Sources say it’s “just a matter of time” before the next downward revision is announced.