In our last report two weeks ago, US HSS spot market prices were still holding at an official price of $79 cwt. ($1,742/mt or $1,580/nt), FOB mill, although sources close to SteelOrbis indicated that mills had been increasingly willing to negotiate on price.
This week, sources have confirmed that spot market prices have been revised downward to approximately $75 cwt. ($1,653/mt or $1,500/nt), FOB mill. They have also indicated that at least one mill is offering discounts up to $3.50 cwt. ($77/mt or $70/nt) below that level.
It’s further believed that softness in HRC pricing, coupled with the still-significant spread between HRC and HSS prices, will likely spur another official downward price revision for tubing in the upcoming weeks.