Players within the
US domestic and import oil country
tubular goods (OCTG) casing markets agree that recovery will be a slow, upward climb, and that substantial short-term gains are nowhere on the horizon. Experts seem to have mixed views when it comes to the direction of oil prices; some think those markets could rebound to $70-$80/barrel in the near future, while others feel the market could fall to $10/barrel before shifting direction. What is certain, however, is that until things begin to stabilize, rig counts and drilling projects will continue to bear the brunt.
US domestic spot prices for finished J55 ERW OCTG have held neutral since our last report a week ago, still at approximately $59.00-$61.00 cwt. ($1,300-$1,344/mt or $1,180-$1,220/nt) ex-Midwest mill. In terms of imports, offers for unfinished J55 ERW OCTG casing from Korean producers are also sideways at approximately $47.50-$49.00 cwt. ($1,047-$1,080/mt or $950-$980/nt); while prices for finished J55 ERW OCTG casing remain at approximately $54.00 cwt. ($1,191/mt or $1,080/nt), both DDP loaded truck in
US Gulf coast ports. Lastly, Taiwanese offer prices for unfinished J55 ERW OCTG casing are also steady at $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) DDP loaded truck in
US Gulf coast ports.