Spot market pricing for US domestic and import 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 sources close to SteelOrbis continue to express frustration over unexciting market conditions.
Lagging end use activity is evident in import tonnage reports. According to the US Department of Commerce, for the month of July, the US imported 145,884 mt of line pipe from global sources. In contrast, in July 2018, the US imported 170,591 mt.
Market players do not expect the sales to pick up until oil prices start to rebound. Earlier today, news outlets reported that oil prices slipped by 4 percent, to $60.71/barrel, due to increased tensions with the US-China trade war and disappointing US jobs growth report.