Spot market prices for US domestic API X-52 line pipe are still holding in the range of $60-$63 cwt. ($1,323-$1,389/mt or $1,200-$1,260/nt), ex-mill, reflecting no change in the past seven days.
Market players continue to describe demand and order placement as unexciting, with many continuing to express frustration over inventories that were purchased at a higher price than current replacement costs.
On Friday, news outlets reported that US oil production had increased by 17 percent, year-over-year, and that domestic crude oil production will continue to rise into 2020. It was further reported that global demand for oil was strong, despite talks of a slowing global economy. Chinese export data seems to support that the Chinese economy may be stabilizing, which is also good news moving forward.