Spot market prices for US domestic API X-52 line pipe continue to be heard 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.
Sideways price movement for scrap during the February buy cycle, sources note, is not expected to help downward price pressure that’s been seen within the domestic pipe market.
Market players say they continue to keep tabs on the political environment in Venezuela, which many believe could have an impact on global oil prices moving forward. Cracks in the global economy, along with the still-pending US-China trade talks, are also of concern.
In terms of current oil prices, earlier today, news outlets reported that prices were down by 5 percent, week-over-week, which reflects the steepest weekly drop thus far this year.