Import J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing offer prices to the US remain static amid little US buyer activity. As mentioned in our last report a week ago, many buyers and traders buying OCTG for stock bought heavily the past couple months, and are now holding full inventories. Therefore, most US import OCTG buyers are sitting on the sidelines right now, in case import prices come down in the coming weeks, which trader sources indicate is possible if bookings remain as quiet as they have been since mid-February. For now, Korean offer prices are unchanged in the range of $49.50-$51.50 cwt. ($1,091-$1,135/mt or $990-$1,030/nt) DDP loaded truck in US Gulf ports, while offer prices from Taiwan and Turkey are about $0.50-$1.00 cwt. ($11-$22/mt or $10-$20/nt) lower.
As for the US domestic market, J55 ERW OCTG casing spot prices are also neutral compared to last week and are still between $66.00-$67.00 cwt. ($1,455-$1,477/mt or $1,320-$1,340/nt) ex-Midwest mill. While OCTG mills have been able to implement price increases on higher grade and alloy products, they have been unable to successfully raise welded carbon prices due to too much supply; and although demand from a growing US oil rig count is still strong, there is some downward pressure on domestic spot prices because availability remains so profuse.