The most commonly reported spot price range for
US domestic unfinished J55 electric resistance welded (ERW) oil country
tubular goods (OCTG) casing has yet to waiver, despite mills’ attempt to increase prices. The previously announced $5.00 cwt. ($110/mt or $100/nt) price increase didn’t gain any traction, leaving the most commonly reported spot price transaction range in the approximate range of $58.00-$61.00 cwt. ($1,279-$1,344/mt or $1,160-$1,220/nt) ex-Midwest mill, unchanged in the past week. As in previous weeks, pricing continues to be based on the size of the order. Demand remains steady, according to industry insiders, but it is not strong enough to support price firming.
Meanwhile, trader sources continue to report that the most commonly reported transaction range for already on-the-ground and still arriving unfinished J55 ERW OCTG casing from
Taiwan and
Korea have remained in the range of $43.00-$44.00 cwt. ($948-$970/mt or $860-$880/nt), despite the recent (and failed) push to increase prices by about $2.50 cwt. ($55/mt or $50/nt). September import tonnages for finished J55 ERW OCTG casing that were booked prior to the July-filed trade suit are expected to surpass levels reported in August, and with so much pipe on the ground, immediate attempts to push sales prices in an upward direction are not expected to gain any steam.