Last week, SteelOrbis reported that the average ex-mill spot market price transaction range for US domestic hollow structural sections tubing had been reduced from $51.00-$53.00 cwt. ($1,124-$1,168/mt or $1,020-$1,060/nt), to $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt).
In the current week, with lead times still trending short, combined with the expectation that domestic scrap prices may tick down another $10-$15/gt during the May buy cycle has some concerned that further price corrections may be on the horizon.
“We’re watching scrap and we’re keeping an eye on what’s happing with hot rolled,” a source said, adding that service centers are being cautious with ex-mill buys until the landscape becomes clearer.