Our projection for 2021 is significantly below the forecast we provided last year. It is a combination of factors. First, we did not get as much help as we were expecting from oilfield activity as rig count performance fell short of expectations. Second, high domestic HRB prices and limited import growth, also partly due to high HRB prices, have kept tube inventories low despite improving manufacturing activity, and lastly, in combination with high HRB prices, was limited steel availability and other supply chain challenges. There was likely a miss on the extent of demand recovery as well but with all the other moving parts, its hard to separate.
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