Oil prices may have risen by 4% in the past week, as signs of progress in US-China trade talks have lent modest strength to the market. Yet while Brent crude is fluttering at $61.67 per barrel, concerns of a global economic slowdown is limiting oil rallies.
In the absence of a notable uptick in oil demand, and thus oil prices, energy pipe markets continue to remain tepid.
As with last week, US spot market prices for API X-52 are still holding in the range of $49.50-$52.00 cwt. ($1,091-$1,146/mt or $990-$1,040/nt), ex-mill, and service centers continue to report that mills are “so hungry for orders they’re trying to compete with us, to sell directly to our customers.”
Deals continue to be available on an order-by-order basis.