Sources close to SteelOrbis have indicated that while spot market prices for US domestic J55 ERW OCTG casing are “officially” holding in the range of $60.00-$62.50 cwt. ($1,322-$1,378/mt or $1,200-$1,250/nt), ex-mill, deals below this range are becoming increasingly prevalent.
“The market is a bit soft at the current time due to year-end destocking, but the overall outlook for 2019 remains optimistic,” a source said.
According to reports, the US rig count has continued to climb. The current number of oil-directed rigs rose by two during the week ending Oct. 26, which bring the current total to 857. The current oil rig count is up by 138 rigs from levels seen during the same reporting period in 2017.