Although little, if anything has changed within the US domestic oil report a week ago (as the most commonly reported spot price transaction range continues country tubular goods (OCTG) market since our last to hang tough at $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt) ex-Midwest mill), there has been some movement in terms of offshore import offers.
Taiwanese producers had initially offered OCTG casing to the US approximately $2.50 cwt. ($55/mt or $50/nt) lower than their Korean counterparts, who are still quoting futures offers in the approximate range of $52.00-$53.00 cwt. ($1,146-$1,168/mt or $1,040-$1,060/nt), DDP loaded truck in US Gulf coast ports, but now, Taiwanese mills have started to quote higher than their previous offerings, with current prices at approximately $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt), DDP loaded truck in US Gulf coast ports. Sources close to SteelOrbis say that mills out of this country have a renewed focus on OCTG exports to the US, and are hopeful to pick off some market share by offering slightly less than Korean producers.