Pricing, order activity and inquires for US domestic and import API X-42 ERW line pipe continues to hold steady since our last report a week ago.
Domestic spot market pricing is still holding in the approximate range of $40.00-$42.00 cwt. ($882-$926/mt or $800-$840/nt), ex-Midwest mill, while trader sources continue to report that futures offer prices from Korean are still being heard in the approximate range of $26.50-$27.50 cwt. ($584-$606/mt or $530-$550/nt), DDP loaded truck in US Gulf coast ports.
Although oil prices saw a three-day rally early in the week, Brent crude futures prices began to soften again on Thursday. Until oil prices stabilize to an extent that the US rig count begins to climb, and sustain from recent, record-low levels, overall activity within both the US domestic and import energy pipe markets is expected to remain sluggish.