Current situation:
- NYMEX domestic hot-rolled coil steel prices were $715 per ton for November futures ($668 per ton in the last update).
- Producer prices for steel pipe and tube were up 1% month-over-month in October (down 0.8% last month). Year-over-year, prices are 2.7% lower (7.3% lower Y/Y last month).
Key factors that could affect supply or price:
- Carbon steel pipe has seen the steepest increases in several years over the last 3 months. U.S. plants still have some capacity, but inventories have fallen. It is unlikely that pricing has peaked yet. Lead times are and will continue to be a problem into second quarter next year.
