With US domestic hot rolled coil (HRC) prices falling about $2.00-$3.00 cwt. ($44-$66/mt or $40-$60/nt) in the last few weeks and expectations that prices will continue to drop, US domestic spot prices for API X42 electric resistance welded (ERW) line pipe are under heavy downward pressure. After a $1.00 cwt. ($22/mt or $20/nt) decline a week ago, domestic line pipe spot prices have fallen another $0.50 cwt. ($11/mt or $10/nt) to $63.00-$64.00 cwt. ($1,389-$1,411/mt or $1,260-$1,280/nt) ex-Midwest mill, but deals significantly below the range, around $60.00-$61.00 cwt. ($1,323-$1,345/mt or $1,200-$1,220/nt) ex-Midwest mill, have also been reported for a few larger orders. But even with the price decline, buying activity is still "okay" according to one distributor in the South, although with only about 10 weeks left in the year, most continue to maintain and even reduce inventories whenever possible.
Although there were rumblings of a possible increase in import line pipe prices to the US from certain sources such as Korea, such discussion has largely quieted and Korean API X42 ERW line pipe prices are still $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) DDP loaded truck in US Gulf ports. Likewise, Indian prices remain between $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) DDP loaded truck in US Gulf ports.