Standard ASTM 106 says that piping over 1.1/2 inches shall be hot rolled, and piping 1.1/2 inches and under may be either hot rolled or cold drawn, at manufacturer's option. The standard also says that piping over 1.1/2 inches can be cold drawn if so required by the purchaser and agreed upon by the supplier. Finally, the standard says that only cold drawn pipe shall be normalized.
Now, from a SMAW electrode choice there's no difference between both types, because the chemical composition is the same.  Back in my days of erector engineer I used to weld A 106 pipe with E 7010 for the root pass and E 7015 or 7016 for the subsequents.
Giovanni S. Crisi
Sao Paulo - Brazil