The US domestic J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing spot market has remained quiet due to many buyers and sellers having taken vacations which will extend through the New Year. The most commonly reported spot range for finished material continues to be seen in the range of $61.00-$62.00 cwt. ($1,345-$1,366/mt or $1,220-$1,240/nt) ex-Midwest mill, reflecting no change since prices dipped by about $2.00 cwt. ($44/mt or $40/nt) in early December. Activity is still light due to the holidays, and if a buyer was interested in placing a larger order, most mills are likely to offer a discount given light order entry rates in recent weeks.
Import activity has also been minimal over the past week. Import offer prices for plain end J55 ERW OCTG casing from Korea, Taiwan and Vietnam are still in the range of $44.50-$45.50 ($981-$998/mt or $890-$905/nt), DDP loaded truck in US Gulf ports, unchanged in the past week. Prices for traders' position tons that are already on the ground continue to be extremely flexible as many are trying to deplete stocks before the close of 2012.