Korean and Taiwanese mills are still scrambling to book US orders for unfinished oil country tubular goods (OCTG), with full knowledge that anything booked today and beyond will arrive after antidumping determinations are announced. TaiwaneseFi mills have not signed on as the importer of record, which has traders wary of booking tons out of that country, whereas Korean mills are still offering ($1,041-$1,063/mt or $945-$965/nt), with deals as much as $2.25 cwt. ($50/mt or $45/nt) off have been reported on larger transactions. Trader sources have said there is some concern that cargos could be “turned around on the water” if the duties are high enough, but it’s not worrying them to the point that they’ve stopped booking orders.
Meanwhile, the US domestic market has continued its months-long sideways trend. Spot prices for finished J55 ERW OCTG casing are unchanged in the past two weeks and are still in the approximate range of $58.00-$61.00 cwt. ($1,279-$1,344/mt or $1,160-$1,220/nt) ex-Midwest mill. Domestic producers still have their fingers crossed with regard to the trade case. Once the final announcement is made, the stream of imports is expected to slow, which would bode well for mills who are wanting to firm spot market prices.