This year stainless pipe and tube shipments are likely to end up over 20 higher than they were in the pandemicinduced 2020. Outside of the very cyclical OCTG market, this is probably the best 2021 pipe and tube story. A very nice recovery to be sure. If you remember, we saw some stall and stutter in the stainless surcharges in November which provided some food for thought. Given recent declines in carbon steel HRB pricing, were we about to see a price trend direction change on stainless raw materials? So far at least, that doesn’t appear to be the case. It is always good to pay attention to signs, but this one looks more like a head fake than a real move.
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