Two weeks ago, SteelOrbis reported import A-53 electric resistance welded (ERW) black plain end (BPE) Grade A standard pipe import offers from Korea to the US dropped by about $3.00 cwt. ($66/mt or $60/nt). Now, though, sources have indicated Korean pricing has seemingly leveled off and continues to be seen in the range of $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt) DDP loaded truck in US Gulf ports, reflecting no change since our last report two week ago. Nonetheless, traders have already made mental note of Korea's previous downward pricing trend and many are continuing to hold off on making purchases until they believe the market has officially bottomed out. Although additional declines are not anticipated, many buyers are maintaining a position of "watch and wait."
Similarly, US domestic A-53 ERW BPE Grade A standard pipe spot prices are also unchanged since mid-September and are still in the approximate range of $46.00-$48.00 cwt. ($1,014-$1,058/mt or $920-$960/nt) ex-Midwest mill. There continues to be chatter as to whether mills will be able to maintain current pricing levels amidst weakening prices within the flat rolled market, especially as HSS producers recently rescinded a $2.00 cwt. ($44/mt or $40/nt) price increase; but for now, everything is "pretty much status quo."