US domestic HSS mills last week announced they would be raising spot market prices on all US domestic hollow structural sections tubing by $1.50 cwt. ($33/mt or $30/nt), effective with all new orders.
Sources close to Steel Orbis have reported that the increase has since gained full acceptance. Prior to the increase, prices were being heard at $50.50 cwt. ($1113/mt or $1010/nt) ex-mill, but today, HSS mills are holding the line at $52.00 cwt. ($1146/mt or $1040/nt), ex-mill.
“Mills are holding firm for small stock replacement buys,” a source said, adding that buyers who are looking to book sizeable tons “still have some wiggle room when it comes to pricing.”
Another source indicated that mills will not quote firm without an escalation clause into April, as prices are expected to continue to climb due to still-firming US HRC prices.