Prices for both
US import and domestic oil country
tubular goods (OCTG) casing have once again held sideways, as both offshore and
US-based producers anxiously await the final outcome of the trade case. As it stands, offer prices for unfinished J55 ERW OCTG casing from second and third-tier Korean mills continues to trend at approximately $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), DDP loaded truck
US Gulf coast ports, although futures offer prices from Korean-based Nexsteel are still coming in $4.00-$5.00 cwt. ($88-$110/mt or $80-$100/nt) higher. Prices for
US domestic finished J55 ERW OCTG casing has remained at $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt), ex-Midwest mill, unchanged in the past week.
What is of interest to
US OCTG buyers, though, is the ongoing talks between Korean-based POSCO and Dongbu Steel which would involve POSCO acquiring two of their competitor’s up-for-sale assets: one steel mill and one power plant. As it stands, POSCO is amidst a month-long inspection of the properties and although nothing is set in stone, many believe the deal will close in the near future.