US OCTG market trends quiet into the last weeks of 2014

Wednesday, 10 December 2014 00:11:48 (GMT+3)   |   San Diego
       

Falling oil prices, uncertainty about market conditions and the annual holiday check-out have all taken a toll on the US domestic and import oil country tubular goods (OCTG) casing market, as many are saying there isn’t much of anything going on.

“It’s been quiet on the import front and it’s been quiet for domestics,” according to one Texas-based source.  And while it is expected that the decline in oil prices could place downward pricing pressure on both futures and US domestic spot pricing, no one thinks there will be any sort of movement until after the first of the year.

For now, the most commonly reported spot prices for US unfinished J55 ERW OCTG casing have trended sideways in the past week, still 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 continue to hold at approximately $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. Taiwanese offers have also remained lateral in the past week and are still being seen 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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