Last week, SteelOrbis reported that spot market prices for US domestic API X-42 ERW line pipe had firmed by $2.00 cwt. ($44/mt or $40/nt); this week, SteelOrbis sources have indicated that pricing remains steady and continues to hold in the approximate range of $45-$47 cwt. ($992-$1036/mt or $900-$940/nt), ex-Midwest mill.
“Drilling projects are up, demand is up and oil is above $50 a barrel,” one source said. “We’ve been busy. It’s been a nice change of pace from where things were last year.”
Optimism within the US domestic energy pipe industry are high, sources note, now that President Donald Trump has been sworn into office. The Trump Administration has promised an “America First Energy Plan,” which has promised to “embrace the shale oil and gas revolution.” The Trump administration has further stated they intend to “take advantage of the estimated $50 trillion in untapped shale, oil and natural gas reserves.”
Trump has further stated he is committed to achieving energy independence from OPEC.