Following a $3.50 cwt. ($77/mt or $70/nt) drop in API X-42 electric resistance welded (ERW) line pipe offers to the US from Korea last week, Taiwanese offers have also started to fall. Offers for API X-42 ERW line pipe from Taiwan have dipped approximately $2.00 cwt. ($44/mt or $40/nt) since last week and are now in the range of $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) DDP loaded truck in US Gulf ports. Korean offers continue to be reported in the range of $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) DDP loaded truck in US Gulf ports, reflecting no change since last week. Sources close to SteelOrbis said that these declines have led to increased import interest, especially since lead times now have deliveries in early 2013.
As far as US domestic pricing goes, API X-42 ERW line pipe spot prices have not moved since our last report a week ago. Sources confirmed pricing continues to be seen at $57.00-$59.00 cwt. ($1,257-$1,300/mt or $1,140-$1,180/nt) ex-Midwest mill. Activity has remained steady, yet unexciting, as many buyers are continuing to keep a close watch on import pricing out of Southeast Asia.