Buying activity in the US domestic line pipe market has been slow throughout December so far on account of a slowdown in demand and industry concern over substantial drops in the US rig count in November and early December. However, with the oil rig count alone surging by 35 last week, and US domestic hot rolled coil (HRC) prices on the rise and likely to continue their uptrend through at least January, buyers of API X-42 electrical resistance welded (ERW) line pipe tell SteelOrbis they have renewed, albeit cautious, optimism about activity early next year. So while spot prices are still $62.00-$63.00 cwt. ($1,367-$1,389/mt or $1,240-$1,260/nt) ex- mill, as they were last week, line pipe spot market prices may increase if the "cautious optimism" translates into a boost in buying activity in January as many suspect it will.
As for imports, API X-42 ERW line pipe offer prices from Korea have already started to rise, increasing $1.00 cwt. ($22/mt or $20/nt) since last week to $48.00-$49.00 cwt. ($1,058-$1,080/mt or $960-$980/nt) DDP loaded truck in US Gulf ports, although activity is still quiet. India is also offering API X-42 ERW line pipe to the US, with offer prices steady from last week in the range of $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) DDP loaded truck in US Gulf ports.