US domestic J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing spot prices continue to be found in the range of $65.00-$66.00 cwt. ($1,433-$1,455/mt or $1,300-$1,320/nt) ex-mill, showing no change in the past few weeks. Spot prices continue to be stagnant despite mill-announced increases, which sources tell SteelOrbis aren't likely to have any effect until early next year, or at least until lead times move into January. And for now, while most OCTG products are tied up in contracts and specific projects, especially when it comes to the largest US producers, a few smaller mills are able to have material delivered to customers in as little as three to four weeks.
Even with the short domestic lead times, many US buyers are opting for on-the-ground imports that were purchased as positions by traders, who are selling them off at prices well below US domestic spot prices and current import offer prices. Prices of J55 ERW OCTG casing from numerous sources such as Korea and Vietnam have been heard as low was $49.25 cwt. ($1,086/mt or $985/nt) ex-dock. Meanwhile, current import offers from Korea and Taiwan are approximately $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) DDP loaded truck in US Gulf ports, unchanged from last week.