Unstable rig counts, wobbly oil prices and supply that continues to outpace demand continue to post challenges to the US domestic API X-42 line pipe market. “We’re all just taking this day by day and in the absence of some major event I don’t see much changing between now and the end of the year,” said one source close to SteelOrbis. “There is more than enough inventory on the ground to last us for at least eight months.”
In terms of prices, the domestic spot market is “mostly steady” at $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt), ex-Midwest mill although sources believe anyone with a decent sized order could do “much much better.” Looking offshore, futures offers from Taiwan and Vietnam have held in the approximate range of $35.00 -$36.00 cwt. ($772-$794/mt or $700-$720/nt), DDP loaded truck in US Gulf coast ports, while futures pricing from Korean producers continues to trend at approximately $32.50-$33.50 cwt. ($717-$739/mt or $650-$670/nt), DDP loaded truck in US Gulf Coast ports.