The US line pipe market has gotten off to a slow start so far in January, and while oil drilling in the US remains steady, the Baker Hughes oil rig count has been fluctuating upward at a more moderate pace than some of the major week-on-week jumps at the end of last year. Additionally, with domestic supply abundant and import prices substantially lower, US domestic API X-42 electric resistance welded (ERW) line pipe prices are stagnant, still between $62.00-$63.00 cwt. ($1,367-$1,389/mt or $1,240-$1,260/nt) ex- mill, unchanged over the past few weeks.
The import line pipe market isn't causing much of a stir either, and demand continues to be weak according to trader sources. A lack of activity has prevented line pipe mills in Korea and India from raising offer prices to the US, as they have with OCTG products, and Korean API X-42 ERW line pipe prices in the US are still $47.50-$48.50 cwt. ($1,047-$1,069/mt or $950-$970/nt) DDP loaded truck in US Gulf ports. Indian offer prices are lower, in the range of $46.50-$47.00 cwt. ($1,025-$1,036/mt or $930-$940/nt) DDP loaded truck in US Gulf ports.