US line pipe prices fell by 1pc in April, marking slower declines compared to the prior month.

Domestic prices rose slightly by 0.1pc and import prices dropped by 2.5pc. This is the 23rd consecutive month of overall price decreases, and the first time since December that domestic prices increased.

The domestic all sizes ERW average price fell by 0.4pc to $1,851/short ton (st), pushed down by declines in small diameter pipe. The all sizes seamless average price rose by 0.4pc to $3,617/st, with higher large diameter pipe prices driving the increase.

The import all sizes ERW average price edged up by 0.1pc to $1,480/st, with small and large diameter pipe increase helping to offset medium diameter price declines, while all imported seamless pipe products fell, dropping the all sizes seamless average price by 3.9pc to $2,624/st.

Distributor's sentiment was flat at a positive reading of 52.

The price outlook was flat at a negative reading of 46. New orders were flat at a neutral reading of 50.

Inventory direction dropped by nine points to 55, indicating that inventories are not shrinking as much as in the prior month. A reading below 50 would indicate that inventories are growing.

Unsold inventory fell by five points to 59, with all respondents indicating that unsold inventory levels are average or low, with the vast majority indicating average levels.

Oil prices rose by 5pc in March compared to the prior month, while natural gas prices fell by 2.8pc. Hot-rolled coil (HRC) prices dropped by 7.7pc sequentially in March, as steel mills continued to cut prices in an oversupplied market. Prices have since bottomed out as both Nucor and Cleveland-Cliffs have begun publishing regular weekly and monthly spot HRC prices.

The average North American drilling rig count for March rose by three to 625 compared to the prior month.