There’s fresh news on the imminent hard drive shortages the IT industry is facing, and it isn’t particularly good. Asus’s CFO, David Chang, has warned that the company’s supplies of HDDs will run out by the end of November.

“Substitutes for HDD are very few, so if the situation persists, not only notebook production will be affected but also desktops, and other component shipments will also drop,” Chang told Reuters. Retail prices on HDDs are already skyrocketing. The 1TB Samsung Spinpoint F3’s price has risen to $79 at Newegg, up from $69 not two weeks ago. It’s now the only 1TB drive south of a Benjamin. WD’s Caviar Green series is now up to $109 with high performance drives like the Caviar Black all the way back to $169 for a 1TB model.

Hitachi’s Deskstar 7K3000, which debuted this spring at $180 for a 3TB drive, is now selling on Newegg for a cool $399. Consumer prices are being driven by speculation, though its impossible to say if Newegg or the drive manufacturers themselves are responsible. Between the two, Newegg seems the more likely suspect. Raising HDD prices immediately may win the HDD manufacturers greater profits in the short term, but it erodes the crucial cost/GB ratio between HDDs and SSDs. Even at current retail prices, there’s still no real subsitute for a hard drive. At a certain point, however, customers will stop preferring large capacity drives at purchase, and begin opting for smaller SSDs, possibly with plans to pick up a USB 3.0-powered external once HDD prices fall again.

The best way to keep that from happening is for the HDD manufacturers to keep as tight a reign on OEM costs as possible. Thus far, the price spikes here have been more modest; Asus reports jumps of 20-40 percent on certain models. Drive sourcing could become a major problem in the months to come as this type of shortage provides explosively fertile ground for a gray market in HDDs and HDD components. OEMs on razor-thin margins are going to be under enormous pressure to keep costs low, and aren’t likely to ask too many questions when it comes to securing drives.

Thailand, meanwhile, has no quick relief to offer. The government has stated that it hopes to have factories up and running again in three months, though it will take still more time for swamped industrial complexes to return to full output.