US import OCTG prices rebound

Notable import energy pipe offer prices to the US are beginning to rise after weeks of continuous declines. In particular, Korean and Taiwanese mills have increased their J55 electric resistance welded (ERW) oil country tubular goods (OCTG) casing offer prices to the US on the heels of higher domestic raw material costs, bringing sales prices in the US to $51.00-$52.00 cwt. ($1,124-$1,146/mt or $1,020-$1,040/nt) DDP loaded truck in US Gulf ports, up $1.00 cwt. ($22/mt or $20/nt) from last week.

Turkish prices, on the other hand, are unchanged since last week and are still $1.00 cwt. below Korean and Taiwanese prices, but increases in Turkish domestic flats prices are anticipated in the near term as a reaction to higher scrap prices, which, industry insiders tell SteelOrbis, will quickly translate to an increase in export Turkish pipe prices to the US. Vietnamese J55 ERW OCTG casing prices in the US are also stable from a week ago at about $50.00 cwt. ($1,102/mt or $1,00/nt) DDP loaded truck in US Gulf ports, but with Korean prices rising, Vietnamese prices will likely begin to increase within the next week or two as well.

Meanwhile, US domestic spot prices in the range of $65.00-$66.00 cwt. ($1,433-$1,455/mt or $1,300-$1,320/nt) ex-mill are unchanged from last week, but may start to rise in January, as mills begin to more actively push for their November-announced price hikes.