Expectedly, with US domestic flat rolled spot prices continuously softening over the last couple weeks, pipe mills have had no choice but to drop prices in response. Since last week, A-53 electric resistance welded (ERW) black plain end (BPE) Grade A standard pipe spot prices have fallen to $47.00-$49.00 cwt. ($1,036-$1,080/mt or $940-$980/nt) ex-mill, down $1.00 cwt. ($22/mt or $20/nt) on the low end. However, SteelOrbis has heard larger orders being concluded for lower prices. For now, such deals have not yet become widespread, but with sluggish pipe demand, continued price softening could be inevitable if the flats market remains weak.
As for imports, the increase from Korean mills in early May only further slowed US buyer interest in placing an offshore order that wouldn't arrive until late Q3. Korean A-53 ERW BPE Grade A standard pipe prices in the US are unchanged since last week at $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) DDP loaded truck in US Gulf ports, and therefore too close to US domestic spot prices to be worth the risk for many US buyers.