Earlier this week, the US Department of Commerce announced they found dumping of imports of welded line pipe from Korean and Turkish producers; they also found subsidization of imports of welded line pipe from Turkey. Dumping margins against Korean producers have been set at 2.53 percent to 6.19 percent, while dumping margins against Turkish producers have been set at 6.66 percent to 22.95 percent. Countervailing duty margins against Turkish producers have been set between 1.31 percent to 152.20 percent, according to the release, which states the latter margin was based on adverse facts due to the respondent’s lack of participation during verification.
The announcement, however, has done little to shake up activity within the US domestic and import API X-42 ERW line pipe markets, as order activity continued to be hindered by falling rig counts and cheap oil prices. Domestic spot prices continue to hold at approximately $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt), ex-Midwest mill, but as with previous weeks, deals well below this range are available to buyers who would be interested in placing larger-sized orders. Distribution center pricing for on-the-ground in-stock API X-42 remains flexible. Futures prices are also unchanged, as futures offers from Taiwanese producers are still being reported in the approximate range of $25.50-$26.50 cwt. ($562-$584/mt or $510-$530/nt), DDP loaded truck in US Gulf coast ports. Interest in booking futures, however, remains light.