Sources close to SteelOrbis have confirmed that the previously reported sideways trend has continued for US domestic API X-42 electric resistance welded (ERW) line pipe spot prices, which are still in the $57.00-$59.00 cwt. ($1,257-$1,300/mt or $1,140-$1,180/nt) range, ex-Midwest mill. Sales are still being made, but activity isn’t at the level distributors would like it to be. Project-based purchases, as opposed to stock-buys, continue to be the predominant trend. For now, it seems, buyers are more interested in being mindful with their purse strings as opposed to buying product that would be saved for a rainy day.
Looking to imports, API X-42 ERW line pipe offers to the US out of Korea and Taiwan have also remained unchanged since our last report a week ago and are still being offered at $47.00-$48.00 cwt. ($1,037-1,059/mt or $940-$960/nt) DDP loaded truck in US Gulf ports. Lead times continue to be the biggest challenge for importers because buyers are wary of making any big purchases on product which would arrive before the close of 2012.