Buyers of
US import J55 electric resistance welded (ERW) oil country
tubular goods (OCTG) casing continue to sit on the edges of their seat, wondering what the
US International Trade Commission will announce in Friday’s preliminary determinations. AD and CVD petitions were filed against nine countries, including
Korea,
India, the
Philippines, Saudi Arabia,
Taiwan,
Thailand,
Turkey,
Ukraine and
Vietnam during the first week in July. Trader sources have said that Korean mills continue to maintain that any dumping margins they receive will be minimal, although that remains to be seen. For now, there are no new futures offers from countries named in the trade case. It’s also been indicated that rumors of new offers from Western Europe are in the works, but those prices are far too high to make any sense for
US buyers.
Meanwhile,
US domestic prices and volumes have not yet firmed due the OCTG trade case.
US domestic spot price ranges, though, have officially widened. Industry insiders have said that the transaction range is anywhere between $58.00-$61.00 cwt. ($1,279-$1,323/mt or $1,160-$1,200/nt) ex-Midwest mill, depending on the mill, the quality and the size of the order. Prices are still anticipated to firm, although mills and buyers agree that will probably not happen until Q4. Demand has held on par with levels seen in previous weeks, and buyers are still only buying what they need in order to fill inventory gaps.