US line pipe market lacks optimism amidst falling rig count

Friday, 18 October 2019 11:05:27 (GMT+3)   |   San Diego

Service center sources continue to describe the US domestic line pipe market as being “ugly,” adding that some mills are still trying to compete with them, to sell customer direct. Demand is being negatively affected by rig counts; the US land rig count declined by four this week, from 831 to 827, according to Baker Hughes. Today’s numbers reflect a 217-rig decline from levels seen a year ago, when the US rotary rig count totaled 1,044.

As with last week, US spot market prices for API X-52 are still holding in the range of $49.50-$52.00 cwt. ($1,091-$1,146/mt or $990-$1,040/nt), ex-mill. Sources continue to report that deals are readily available for the right sized order.

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