The
US Court of International Trade has advised the Department of Commerce to reconsider its dumping margins against oil country
tubular (OCTG) imports from Korean mills. The
US ITC has noted that the final dumping margin determinations were calculated by using the profit reflected in the financial statement of Tenaris SA. The preliminary dumping margins against most Korean producers, however, were determined by relying on profit recorded in certain Korean OCTG producers’ financial statements. The preliminary margins against Hysco were calculated on the profit Hysco earned on its home market sales of non-OCTG pipe producers. The DOC’s respond date has been set for Nov. 2. The Turkish Steel Exporters’ Association is also considering an appeal.
This news, however, has done nothing to impact current pricing, as order activity continues to trend light due to pricing volatility within the oil market. As with last week, all pricing is flexible. Domestic buyers continue to report a belief that large tonnage orders of finished J55 ERW OCTG casing could be purchased at approximately $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), although those booking smaller volumes would need to pay slightly higher prices. Futures prices from Korean producers are also available at approximately $32.50-$33.50 cwt. ($717-$739/mt or $650-$670/nt), DDP loaded truck
US Gulf Coast ports, although deals below this range may be available on larger orders.