Current situation:
- NYMEX domestic hot-rolled coil steel prices were $502 per ton for August futures ($500 per ton in the last update).
- Producer prices for steel pipe and tube were down 3.6% month-over-month in June (down 0.8% last month). Year-over-year, prices are 7.8% lower (5.3% lower Y/Y last month).
Key factors that could affect supply or price:
- Steel pipe inventories have weakened, yet it still is outpacing demand, causing prices to stay depressed.
