Spot prices for
US domestic API X-42 electric resistance welded (ERW) line pipe have not wavered in the past seven days, with the most commonly reported transaction range holding at $54.00-$55.00 cwt. ($1,191-$1,212/mt or $1,080-$1,100/nt) ex-Midwest mill. Service center managers said that pricing, activity, and order inquiries are pretty much on par with where they were last week, with all eyes continuing to be on the
US rotary rig count. According to the most data from Baker Hughes,
US oil rig counts are declining. As of September 27, the current number of rigs drilling for oil is 1,410, reflecting a decrease of seven in the past week and a year-on-year dip of 48. Although this is not expected to affect demand in the short term, a strong swing in the other direction would be needed in terms of firming the market.
Meanwhile, prices for
US import API X-42 ERW line pipe from
Korea and
Vietnam have also trended sideways in the past week. The most commonly reported transaction range for these countries continues to be approximately $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) and $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) respectively, both DDP loaded truck in
US Gulf Coast ports. As in previous weeks, deals below these ranges can be negotiated on larger orders.