US OCTG prices “have taken a beating in the past several months,” but sources close to SteelOrbis have renewed confidence that market is at or close to bottom.
“It seems like the market has finally bottomed out, but every time we feel like we’re at the bottom, it ticks down a bit more,” a source said. “Right now, we’re just trying to sell off what we can, because it’s all going for below market value. But as long as oil keeps climbing, we’ll be in a good place, because once oil is over $60 a barrel, that seems to be when things will start happening.”
Earlier today, it was reported that West Texas intermediate was trading at $57.12 per barrel.
As with last week, “official” pricing continues to be heard in the range of $50-$55 cwt. ($1,102-$1,213/mt or $1,000-$1,100/nt) ex-mill, although spot market deals continue to be available based on tonnage.