Current average spot market prices for US domestic HSS tubing are lower versus previous assessments, as limited demand prompts steel mills to continue to compete with each other for whatever limited new business is available, market insiders told SteelOrbis this week.
HSS prices are assessed at $52.50-$54.50/cwt. ($1158-$1202/mt or $1050-$1090/nt) FOB mill, down from earlier $60.50 cwt ($1,334/mt or $1,210/nt) FOB mill assessments.
“Prices are very soft and there are deals out there,” one market insider told SteelOrbis this week.
HSS market contacts said that pricing in the tube markets continues to be influenced by movement in the flat steel markets which have continued to decline on limited demand since early April.
In the flat rolled market this week, US domestic spot HRC prices are assessed at $35.00/cwt., ($772/mt or $700/nt), down from an average $35.50/cwt., ($783/mt or $710/nt) seven days ago. Lead times for HRC are reported at about 3-4 weeks, market contacts told SteelOrbis.
As finished steel demand continues to falter, Steel maker Nucor dropped its Consumer Spot Price (CSP) -the price it charges its customers for hot rolled coils at all of its producing mills- by $5/nt ($6/mt) to $715/nt ($788/mt) FOB mill, the steel announced to its customers June 17.
This week’s HRC dip follows a more substantial decline on June 10, when the steel maker reduced its CSP by $60/nt ($66/mt), to $720/nt ($794/mt) FOB mill, a 7.69 percent week-on-week drop. This week’s CSP represents the lowest price offered by Nucor since the index was released in early April.