For the past 2 weeks sources close to SteelOrbis had projected that another HSS tube price increase was just around the corner.
Chatter of a possible increase started to permeate the marketplace approximately 2 weeks ago, when Nucor and Cleveland Cliffs indicated they’d established new minimum HRC base pricing of $45 cwt. ($992/mt or $900/nt) for hot rolled coil.
Eight days later, both mills announced yet another increase, indicating that their minimum HRC base price was revised upward to $50 cwt. ($1,102/mt or $1,000/nt).
Not surprisingly, SteelOrbis have confirmed that several domestic tube mills have indicated plans to raise HSS spot market pricing by a minimum of $4.00 cwt. ($88/mt or $80/nt), FOB mill. Sources have also indicated they fully expect this increase will be accepted, which will bring the average spot market price to $76.50 cwt. ($1,687/mt or $1,530/nt), FOB mill.