Market players within the US energy pipe industry kept all eyes on oil prices on Friday; in the early part of the day, Brent crude was trading up by 0.64 percent, at $62.61, while West Texas Intermediate was trading up by 0.68 percent, at $57.21.
Prices ticked up on the heels of a Chinese customs data report, which indicated China imported more than 9 million barrels of oil per day during the month of November; in October, the country imported roughly 7.3 million barrels of oil per day.
This, coupled with the still-rising US oil rig count and the GOP tax overhaul proposal, which many see as a potential boon for oil and gas, has many within the US import line pipe market trending optimistic.
Some sources close to SteelOrbis have indicated that November was a “banner month” in terms of sales. And while activity has been good, pricing has remained stable: US import API X-52 ERW line pipe from Korea in the US are still trending at $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), DDP loaded truck in US Gulf ports.