Spot market prices in the US domestic API X-52 ERW line pipe market are still trending in the range of $61-$64 cwt. ($1,344-$1,411/mt or $1,220-$1,280/nt), ex-mill, reflecting no change in the past seven days.
Of note, however, is the forecast uptick in scrap prices during the March buy cycle, coupled with recent price increase announcements for US HRC. Should US HRC prices firm, this could lead to downstream price firming in other key markets, including energy pipe.
In terms of oil prices, news outlets on Friday reported that oil prices had risen to their highest price, thus far, in 2019. Market players are hopeful that the trade war between the US and China may soon wind down, which would help support oil futures.
Oil production in the US continues to surge, market analysts say, despite the US oil rig count being up a scant 54 rigs, year-over year. Data from Baker Hughes indicates that for the week ending Feb. 22, the number of US rotary rigs drilling for oil was recorded at 853; the number was recorded at 799 during the same reporting period in 2018.