Pricing for on-the-ground unfinished J55 electric resistance weld (ERW) oil country
tubular goods (OCTG) casing from
Korea has become increasingly flexible, as sellers are becoming motivated to liquidate stock in order to avoid a year-end inventory tax. The most commonly reported range is between $43.50-$44.50 cwt. ($959-$981 /mt or $870-$890/nt), although buyers interested in purchasing in volume may be able to negotiate deals as much as $2.50 cwt. ($55/mt or $50/nt) below that range. In terms of futures, Korean mills are still offering in the approximate range of $47.25-$48.25 cwt. ($1,041-$1,063/mt or $945-$965/nt) DDP loaded truck in
US Gulf ports, although deals upward of $2.25 cwt. ($50/mt or $45/nt) below that range can still be had by those looking to book significant tonnages.
Meanwhile, the
US domestic market is still trucking along at a sideways trend and spot prices for finished J55 ERW OCTG casing have not moved. The most commonly reported transaction range continues to hold at of $58.00-$61.00 cwt. ($1,279-$1,344/mt or $1,160-$1,220/nt) ex-Midwest mill. Buyers and sellers have both said the market has started to slow due to the approaching holiday season, with order activity and inquiries having slightly tapered in the past seven days.