US line pipe prices fell by 2.4pc in March, marking increased declines compared to the prior month.

Domestic prices fell by 2pc and import prices dropped by 2.9pc. This is the 22nd consecutive month of overall price decreases.

The domestic all sizes ERW average price fell by 2.1pc to $1,859/short ton (st), pushed down by decreases in small diameter pipe. The all sizes seamless average price decreased by 2pc to $3,601/st, weighed down by declines in medium diameter pipe products.

The import all sizes ERW average price declined by 1.6pc to $1,479/st, with small diameter pipe dragging prices down, while the medium to large diameter seamless pipe weighed on the all sizes seamless average price, which dropped by 3.6pc to $2,730/st.

Distributor's sentiment increased by five points in March to 52, the first positive reading since December.

The price outlook jumped by 21 points to 46, still indicating a negative sentiment below a neutral reading of 50, but a sharp reversal from February. The bulk of that change was that the majority of distributors in March expected flat prices in the future compared to a majority in February who thought prices would drop.

New orders fell by eight points to a neutral reading of 50, reversing an increase from the prior month. Distributors were evenly split with how many saw growing new orders, flat, or down.

The unsold inventory reading jumped by 14 points to 64, the highest reading since May 2023 and an indication that more distributors saw inventories being low than not.

Oil prices rose by 3.7pc in February compared to the prior month, while natural gas prices dropped by 34pc. Hot-rolled coil (HRC) prices dropped by 19pc sequentially in February, as steel mills had continued to cut prices to compete in an oversupplied market. Since then prices have begun increasing as mills try to set a floor in the market.

The average North American drilling rig count for February rose by two to 622 compared to the prior month.