The most commonly reported spot price transaction range for US domestic Grade A electric residence weld (ERW) black plain end (BPE) standard pipe may have held mostly steady in the past two weeks--still at approximately $45.00-$47.00 cwt. ($705-$1,014/mt or $900-$920/nt) ex-Midwest mill--but SteelOrbis sources say that as with other product lines, anyone who is looking to drop a sizeable order “has the power position at the negotiation table.” Turkish futures offers have also held steady since our last report two weeks ago, still at approximately $35.00-$36.00 cwt. ($772-$794/mt or $700-$720/nt), DDP loaded truck in US Gulf Coast ports.
At the same time, no one is jumping to buy; US hot rolled coil (HRC) costs continue to soften and the US domestic scrap market is forecasted to settle down anywhere from $30-$50/lt for February buys (depending on the region). Buyers say they want to wait until the markets hit bottom before they start filling out purchase orders; inventories are healthy, they say, and no one wants to make stock buys.