SteelOrbis sources have confirmed that import J55 ERW OCTG casing offers to the US from Korea and Taiwan declined by approximately $1.50 cwt. ($33/mt or $30/nt) in the past week. Offerings are now being seen in the range of $44.50-$45.50 cwt. ($981-$1,003/mt or $890-$910/nt) DDP loaded truck in US Gulf ports although some traders have indicated deals slightly below that range are available on for larger purchases. Many are saying they are confused as to why Korea continues to drop their prices, especially since they are already the largest offshore importer of OCTG casing to the US. According to the most recent Steel Mill Import Data, Korea imported 69,738/mt (census data) in July. Their closest offshore competitor was Germany, at 21,041/mt. In terms of other import offerings, Vietnamese OCTG casing offers have dipped by about $0.50 cwt. since last week and are now being seen in the rage of $45.50-$46.50 ($1,003-$1,020/mt or $910-$920/nt) DDP loaded truck in US Gulf ports.
Lastly, US domestic spot prices for J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing are unchanged since last week. Offers continue t be reported in the range of $63.00-$65.00 cwt. ($1,389-$1,430/mt or $1,260-$1,280/nt) ex-Midwest mill. Sources close to SteelOrbis continue to report that although activity is steady it is“not blowing anyone’s socks off”.