Current situation:
- NYMEX domestic hot-rolled coil steel prices were $565 per ton ($582 per ton in the last update).
- Producer prices for steel pipe and tube were up 1.1% month-over-month in July (down .7% last month). Year-over-year, prices are 7.1% lower (5.9% lower Y/Y last month).
Key factors that could affect supply or price:
- Inventories are still strong and demand is flat. No changes since last report. August: 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.
