In a letter to customers late Friday, Atlas Tube, Nucor Tubular, and Hanna Steel all announced that prices for all mechanical, HSS and piling products will increase by $3.75 cwt. ($83/mt or $75/nt), effective immediately with all new orders. On Monday, Bull Moose Tube followed suit.
Sources attribute the increase announcement to rising HRC costs and the widespread expectation that US domestic scrap prices will increase in December.
If accepted in the market, the HSS increase would bring prices into the range of $51.25-$52.25 cwt. ($1,130-$1,152/mt or $1,025-$1,045/nt) FOB mill, against $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) FOB mill a week ago.
Current prices are up substantially from early August, when HSS tubing prices bottomed at $39 cwt. ($860/mt or $780/nt), delivered.