Current situation:
- NYMEX domestic hot-rolled coil steel prices were $582 per ton ($574 per ton in the last update).
- Producer prices for steel pipe and tube were down .7% month-over-month in July (flat last month). Year-over-year, prices are 5.9% lower (.9% lower Y/Y last month).
Key factors that could affect supply or price:
- After a year-long price depression that saw the market bottom out to a 52-week low in May, carbon steel has finally started to creep up in price. Pipe mills have passed through increases that have resulted in very small net increases. After earnings misses by the largest producers, look for mills to strive for the most current and future increases to stick.
