It’s been nearly a month since preliminary dumping determinations were announced against offshore producers named in last summer’s trade case, but many within the
US feel the market hasn’t quite settled yet. Domestic producers of finished J55 ERW oil country
tubular goods (OCTG) casing, whose average spot prices are unchanged in the past week and still at approximately $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt), ex-Midwest mill, are reportedly standing their ground so prices don’t falter.
Korean producers, however, are seemingly ready and willing to negotiate as a means of gaining additional market share. In terms of the average transaction range, it depends more on who you talk to. While some mills are wanting to sell unfinished J55 ERW OCTG casing to the
US as high as $47.25 cwt. ($1,042/mt or $945/nt) DDP loaded truck in
US Gulf ports, others are offering in the approximate range of $44.50-$45.50 cwt. ($982/mt-$1003/mt or $890-$910/nt) DDP loaded truck in
US Gulf ports, with some offering deals as much as $1.25 cwt. ($28/mt or $25/nt) lower. Trader sources say the current uncertainty in the market has everyone holding off from making stock buys, and those who are placing orders are only buying what they need in order to fill holes within their inventories.