The most commonly heard spot price transaction range for API X-42 ERW line pipe have climbed an additional $2.00 cwt. ($44/mt or $40/nt) since our last report a week ago, which brings the current average spot market price range to $45-$47 cwt. ($992-$1036/mt or $900-$940/nt).
The uptick in prices comes on the heels of pipe mills announcing sweeping price increases for US domestic energy pipe products. Those increases, sources say, have been spurred by upticks in raw materials costs, firming hot rolled coil (HRC) prices and increased demand, as a number of drilling projects have been resumed due to favorable oil prices.
Other sources cite increased economic optimism, which is tied to newly-inaugurated President Donald Trump, who has promised aggressive actions and taxes on products that are imported to the US.