Current situation:
- NYMEX domestic hot-rolled coil steel prices (CRU) were $1,488 per ton in May ($1,451 per ton in the last update).
- Producer prices for steel pipe and tube were up 7.4% month-over-month in April (up 4.5% last month) and are still the highest on record. Year-over-year, prices are 24.4% higher (14.5% higher Y/Y last month).
Key factors that could affect supply or price:
- Steel pipe has been climbing at unprecedented levels. Hot rolled coil prices have climbed even higher. We expect carbon pipe to continue its protracted increase well into the summer. While there is new HRC capacity coming online, there will still be a deficit.
