Offshore mills who had stalled offers for oil country
tubular goods (OCTG) casing to the
US due to previously uncertain dumping determinations seem to be back with a vengeance. Last week, SteelOrbis sources indicated that some Korean mills were open to negotiating deals in the range of $43.75-$44.75 cwt. ($965-987/mt or $875-$895/nt) DDP loaded truck in
US Gulf ports for unfinished J55 electric resistance weld (ERW) OCTG, but today, buyers who are looking to book significant tons may be able to negotiate deals as much as $1.25 cwt. ($28/mt or $25/nt) lower. “This is definitely the reason we’re not in the stocking business at the moment,” according to one source, “we’re waiting until we’re clear on where the bottom will be.”
Meanwhile, domestic producers say the commonly reported spot price transaction range for finished J55 ERW OCTG casing has held at $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt), ex-Midwest mill, reflecting no change in the past week. Domestic buyers continue to say they’re being cautious when it comes to placing orders, and are only booking on an as-needed basis.