US line pipe market still trending weak

Friday, 27 September 2019 20:57:06 (GMT+3)   |   San Diego

Sources tell SteelOrbis that market conditions for US domestic API X-52 line pipe continue to trend weak, although spot market pricing has remained stable week-on-week. US domestic API X-52 line pipe continues to hold in the range of $50.00-$52.50 cwt. ($1,102-$1,157/mt or $1,000-$1,050/nt), ex-mill, although deals below that range are still available from some domestic producers.

Poor market sentiment is expected to continue until oil prices rebound. Currently, average oil prices are $55.45 per barrel, compared to $58.09 last week. Declining US rig counts are also contributing to the lackluster market, with rigs drilling for oil in the US falling by six rigs week-on-week. Overall, US rig counts are still down by 194 year-on-year.

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