Final Thoughts

Nucor Tubular Products led the pipe and tube manufacturers announcing a $50 per ton price increase this morning on HSS, pipe, mechanical and piling products. EXLTUBE advised they were following the Nucor lead and announced their fourth price increase on HSS and A53B products matching the Nucor $50 per ton.

New orders for foreign steel are growing as domestic steel prices rise and lead times extend. The combination of both is making foreign more attractive to domestic companies. Trading companies have advised me that coated steel, especially Galvalume, is seeing quite a bit of activity. One trader of Galvalume told me his order book was as strong as it has been since just prior to Section 232’s being announced. We will be doing more reporting on imports in the coming days. Foreign steel offers may cap (or at least pressure) how high domestic prices can go up from here.