Cheap oil prices and ever-falling rig counts continue to plague the
US domestic and import API X-42 line pipe markets, with buyers across the board saying they’re waiting for a little bit more clarity before jumping back in the market. But that’s not to say the markets are without positive news. Oil prices closed at a one-month high on Tuesday afternoon, having ticked up roughly 19 percent in the past four trading days. Tuesday’s closing price for crude-oil on the New York Mercantile Exchange was at $53.05 per barrel, which is the highest price seen yet this year. News sources are also reporting that OPEC’s Secretary-General have said that prices have hit bottom, and that a rebound could soon be on the horizon.
For now, though, prices have remained stable, albeit flexible.
US domestic spot market prices continue to hold at approximately $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) ex-Midwest mill, while as with last week, Taiwanese futures offers are once again mostly steady at $38.50-$39.50 cwt. ($849-$871/mt or $770-$790/nt); Vietnamese offer prices continue to trend roughly $0.50 cwt. ($11/mt or $10/nt) above that range, both DDP loaded truck in
US Gulf Coast ports, but, as with last week, anyone who is looking to book tons is likely to be able to negotiate deals.