Sources tell SteelOrbis that the current spot market price for US HSS tubing is now at $66.50 ($1,466/mt $1,330/nt), FOB mill, which reflects a $5.00 cwt. ($110/mt or $100/nt) drop since our last report 2 weeks ago.
Similar to mid-February smaller mills are reportedly discounting below that level.
Mills’ most recent downward price revision is once again attributed to softness in the US HRC market. Sources also believe that further downward revisions are likely on the horizon, and that a subsequent announcement may come before the end of March.