The US domestic market for API J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing has slowed since January, but an uptick in demand and purchasing activity is expected in March.
Sources indicate that January was a strong month for many, but February inquiries and purchasing activity has since slowed. US oil rig counts rose by 38 in the month of January, however February rig counts have been declining over the past two weeks-after increasing seven the week ending February 4, rig counts fell 18 the following week, and another eight last week.
Domestic spot prices for API J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing currently range from approximately $65.00-$67.00 cwt. ($1,433-$1,477/mt or $1,300-$1,340/nt) ex-Midwest mill, although most transactions are being placed at the higher end of the range.