Current situation:
- NYMEX domestic hot-rolled coil steel prices were $885 per ton for December futures ($715 per ton in the last update).
- Producer prices for steel pipe and tube were up 0.4% month-over-month in November (up 1% last month). Year-over-year, prices are 6.7% lower (2.7% lower Y/Y last month).
Key factors that could affect supply or price:
- Steel pipe has seen recent increases. Many carbon steel mills were idled in the spring due to COVID-19- related economic factors, causing supply effects in the fall through the current time. Expect prices to remain somewhat elevated and supplies relatively low until sometime in Q1.
