Fastmarkets' weekly price assessment for steel hollow sections ASTM A500 Grade B domestic, fob mill US, fell to a new range of $860-900 per short ton ($43-45 per hundredweight) on Thursday September 5, down from the previous range of $880-920 per ton ($44-46 per cwt) on August 29.
The price had increased three times between July 5 and August 1 but then held steady for five straight weeks before Thursday. Large suppliers started dropping their offers over the past week or so after encountering fresh reluctance by distributors, according to market participants.
"The mills are all starting to cry the blues about having weak order entry," one East Coast distributor said.
A mill source...