US domestic spot pricesfor API X-42 electric resistance welded (ERW) line pipe has not moved since our last report a week ago, with SteelOrbis sources confirming spot offers in the $57.00-$59.00 cwt. ($1,257-$1,300/mt or $1,140-$1,180/nt), range, ex-Midwest mill; however service center sources continue to report that transactions are more frequently seen at the lower end of that range. Activity remains steady yet unexciting, said one purchasing manager whocited the “annual summer doldrums” as the cause. Further, capacity is still outshining market demand and until that field begins to level, mills will continue to throw down their gloves to secure orders if necessary.
Import API X-42 ERW line pipe offers to the US out of Korea and Taiwan are also unchanged since last week and continue to be seen between $47.00-$48.00 cwt. ($1,037-1,059/mt or $940-$960/nt) DDP loaded truck in US Gulf ports. As with domestic spot offers, transactions taking place toward the lower end of that range are becoming more commonplace. At the same time, however, import API X-42 ERW line pipe lead times are still a bit too close to the end of the year for comfort, and not too many are biting when it comes to offshore offers.