The US rotary rig count continues to be hindered by cheap oil prices, and sluggish drilling activity has done little to help the US domestic and import API X-42 ERW line pipe markets. Activity continues to trend quiet, according to SteelOrbis sources, who note that interest in booking futures is "incredibly sluggish."
Activity within the US domestic API X-42 ERW is also lackluster, sources say, noting that all pricing continues to be "very flexible." In terms of averages, futures offer prices from Korean and Taiwanese producers continue to trend in the approximate range of $25.50-$26.50 cwt. ($562-$586/mt or $510-$530/nt), DDP loaded truck in US Gulf Coast ports while US domestic spot market prices are also lateral week-on-week, at approximately $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt), ex-Midwest mill. Trader and service center sources continue to report that anyone who is interested in booking "even a few hundred tons" would have no problems in negotiating a better price.