Distributors reported a preference for avoiding orders for inventory.
The two largest producers have tried aggressively to entice distributors to book tonnages, and smaller mills tend to match those prices. Meanwhile, buyers, seeing hot-rolled-coil substrate prices weaken, voiced expectations that tubing inevitably will move lower, too.
"We're receding," a tube mill source said. "The customers are scared as hell. These flat-roll prices are going down. Everybody is in a holding pattern - hold, hold, hold."
Fastmarkets AMM's weekly pricing...