Import unfinished J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing offer prices to the US have continued their descent again this week. Import sales prices for unfinished J55 ERW OCTG casing from Korea and Taiwan to the US have come down by approximately $0.50 cwt. ($11/mt or $10/nt) in the past week, and are now at $43.75-$44.75 cwt. ($965-987/mt or $875-$895/nt) DDP loaded truck in US Gulf ports. However, import sales prices from Vietnam and India to the US have remained steady in the past seven days and are still being seen in the range of $43.50-$44.50 cwt. ($959-$981/mt or $870-$890/nt) DDP loaded truck in US Gulf ports. Nevertheless, offshore mills are hungry for orders and deals are available to traders who are looking to book larger tonnages. Trader sources, though, say they are reluctant to book beyond what is immediately needed while the trend is still pointing down, and are instead waiting for prices to bottom before placing orders.
Meanwhile, the most commonly reported spot price range for US domestic finished J55 ERW OCTG casing continues to be approximately $60.00-$61.00 cwt. ($1,323-$1,345/mt or $1,200-$1,220/nt) ex-Midwest mill, reflecting no change in the past seven days. But as in previous weeks, those interested in booking larger orders will have no problem negotiating deals as much as $3.00 cwt. ($66/mt or $60/nt) below the average transaction range.