There haven't been any major changes within the US domestic or import API X-42 ERW line pipe markets since our last report a week ago, as spot market and futures prices are on par with levels seen seven days ago. Sources close to SteelOrbis, however, say the near-stalled rig count decline is good news for the market. The number of rigs drilling for oil is still substantially lower than it was this time last year, but many believe "we are near the bottom if we haven't gotten there yet."
In terms of pricing, everything is lateral moving into the Fourth of July holiday weekend. US domestic spot prices continue to trend in the approximate range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt), ex-Midwest mill while futures prices out of Vietnam and Taiwan are still trending 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. Offer prices from Korea for API X-42 ERW line pipe continue to trend approximately $1.00 cwt. below Taiwanese and Vietnamese offer prices, although trader sources say all offshore pricing is very flexible based on tonnages.