NEW YORK Independence Tube Corp. has followed Southland Tube Inc. in revising downward its recent hollow structural sections (HSS) price hike to $30 per ton ($1.50 per hundredweight) from the previously announced $50 per ton ($2.50 per cwt).
The revision applies to squares and equivalent rectangles from 2 to 12 inches as well as ITC50 pipe size and HSS rounds up through 16 inches in outside diameter, the Chicago-based company said in a letter to customers March 7.
Both Chicago-based Independence Tube and Birmingham, Ala.-based Southland Tube had hiked prices to $50 per ton following a leading move by Atlas Tube Inc., a subsidiary of Chicago-based JMC Steel Group Inc. (amm.com, March 5).
That happened after most large flat-rolled steelmakers had hiked prices by $50 per ton (amm.com, Feb. 27
Market sources previously said that they doubted the HSS increase would hold, as it was uncertain whether the full flat-rolled hike would stick (amm.com, March 6
Southland scaled back its increase March 6 (amm.com, March 8