Current situation:
- NYMEX domestic hot-rolled coil steel prices were $577 per ton for February futures ($585 per ton in the last update).
- Producer prices for steel pipe and tube were down .3% month-over-month in January (down 1.8% last month). Year-over-year, prices are 6.6% lower (7.1% lower Y/Y last month).
Key factors that could affect supply or price:
- The carbon steel pipe market has cratered recently. Hot-rolled coil increases haven’t resulted in the elevated pipe prices some predicted.
- Increased competition between domestic mills has pushed prices to lows not seen since early 2018.
