Just about everything in the
US domestic and import API X-42 line pipe markets have held sideways since our last report a week ago, although there is now an approximate $3.00 cwt. ($66/mt or $60/nt) price differential between first-tier and third-tier mill futures prices out of
Korea.
The reason for the relative-sideways trend is simple; the preliminary results in the line pipe trade case against
Korea and
Taiwan are due out in less than two weeks and few, if anyone thinks prices will exhibit any notable movement until those findings are made public. It’s also believed that unless the preliminary margins are significant, that Korean mills, at least, will continue to ship to the
US in a “business as usual” fashion.
For now, prices within the
US domestic market have held lateral, still at $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) ex-Midwest mill (with deals being available to those interested in booking the heftiest tonnages).
In terms of futures offers, Taiwanese offers have held in the approximate range of $38.50-$39.50 cwt. ($849-$871/mt or $770-$790/nt) DDP loaded truck in
US Gulf coast ports with Vietnamese prices still coming in about $0.50 cwt. ($11/mt or $10/nt) higher; third-tier Korean mills are offering in the approximate range of $41.00-$42.00 cwt. ($904-$926/mt or $820-$840/nt), while first-tier Korean producers are trending up to $3.00 cwt. above that range, both DDP loaded truck in
US Gulf coast ports. Futures offers from Indian mills have also remained lateral, still at approximately $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/nt) DDP loaded truck
US Gulf coast ports, while Brazilian offers continue to trend about $1.00 cwt ($22/mt or $20/nt) above the Indian range.