Players within the US domestic API X-42 ERW line pipe markets report little change in the market right now; oil production and import rates continue to trend at an all-time high, according to market sources, and there just isn't enough end-use demand to offset all the capacity.
"It's just ugly out there," according to SteelOrbis sources. "All anyone can do right now is strap on their seatbelts, hold on tight and wait until this ride is over." US domestic spot prices have held mostly steady after last week's $3.00 cwt. ($66/mt or $60/nt) drop, still trending at $45.00-$46.00 cwt. ($992-$1,014/mt or $900-$920/nt) ex-Midwest mill, although sources close to SteelOrbis report that deals below this range are available for the right-sized order. Futures offers from Taiwanese and Vietnamese producers are also mostly stable week-on-week, at $35.00-$36.00 cwt. ($772-$794/mt or $700-$720/nt) DDP loaded truck in US Gulf coast ports, but as with last week, interest in futures remains scant.