The primary thing missing from the
US domestic and import oil country
tubular goods (OCTG) casing markets is activity. Sources close to SteelOrbis continue to say that their phones are barely ringing; there is still quite a bit of offshore supply that’s sitting at the docks. Finished, on the ground Korean J55 ERW OCTG casing is said to be available at approximately $42.00-$43.00 cwt. ($926-$948/mt or $840-$860/nt) and although the official offers aren’t on paper, trader sources have cited a belief that they could book unfinished J55 ERW OCTG casing for less than $38.00 cwt. ($827/mt or $760/nt), DDP loaded truck in
US Gulf Coast ports. This is well below recently put-to-paper offers of $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt), DDP loaded truck in
US Gulf coast ports, but sources say it doesn’t matter what the price is, because no one is buying.
Domestic prices for finished J55 ERW OCTG casing are also “mostly sideways” at $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt), ex-Midwest mill, although sources close to SteelOrbis still say that all ex-
US mill pricing is negotiable.