US OCTG market sits in holding pattern

Wednesday, 31 December 2014 01:19:02 (GMT+3)   |   San Diego
       

Many within the US domestic and import oil country tubular goods (OCTG) casing markets have extended their holiday vacations this week, which has orders, activity and inquiries trending light. “Things are pretty quiet,” according to SteelOrbis sources, and this trend is expected to continue through next week.  What is known, however, is that falling oil prices seem indicative of an OCTG pricing downtrend- for now, however, the market remains status quo, with no big changes expected until buyers and sellers return to work next week.

US domestic spot prices for finished J55 ERW OCTG casing continue to trend at approximately $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt) ex-Midwest mill, while futures offer prices from Korean producers for unfinished J55 ERW OCTG casing are also neutral from levels reported on week ago, still at $49.00-$50.00 cwt. ($49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) DDP loaded truck in US Gulf coast ports.  Lastly, Taiwanese offers are also lateral since our last report a week ago and remain in the approximate range of $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) DDP loaded truck in US Gulf coast ports.


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