The average spot price range for US domestic finished J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing continues to be flexible, according to buyers, as service center sources report a slight slowing of activity since the beginning of the month. The average spot price is still around $60.00-$61.00 cwt. ($1,323-$1,345/mt or $1,200-$1,220/nt) ex-Midwest mill, unchanged in the past week, but anyone willing to place a sizeable order can negotiate deals as much as $3.00 cwt. ($66/mt or $60/nt) below that range.
In terms of imports, prices seem to have finally leveled off after several weeks of declines. Although mills in Korea, Vietnam and Taiwan attempted to raise prices between $60-$70/mt in late January due to rising raw materials costs in the Far East, they were unsuccessful in attracting orders from US customers at the higher price points as demand was lacking. Therefore, traders remain cautious in terms of booking speculative tons, and are managing inventories tightly. For now, the average sales price in the US for unfinished OCTG casing out of Taiwan, Turkey, Vietnam and India is unchanged in the past week, and continues to be seen in the range of $45.75-$46.25 cwt. ($1,009/mt-$1,020/mt or $915-$925/nt) DDP loaded truck in US Gulf ports. Still, deals are available and the offshore mills are willing to negotiate the “right price” for those interested in booking larger orders.