Last week, SteelOrbis reported that US domestic API X-52 ERW line pipe prices ticked down by $1.00 cwt. ($22/mt or $20/nt) due to heavy inventories and less-than-exciting order activity. This week, prices continue to hold in the range of $60-$63 cwt. ($1,323-$1,389/mt or $1,200-$1,260/nt), ex-mill, and buyers are still expressing frustration over unexciting market conditions.
“Everything is the same. It’s slow and everyone is hungry for orders,” a source said.
News outlets have reported that the so-called “shale revolution” is showing signs of fatigue, and that oil production may begin to flatline. Reuters indicated that the US rig count, which was initially forecast to rise by 6 percent in the current year, has now been revised to reflect a 1 percent year-over-year decline.