In the current week, sources close to SteelOrbis are describing the US domestic and import J55 ERW OCTG casing markets as being “more of the same.” The trend of too-healthy inventory levels combined with sluggish demand are still playing an active role in this week’s buying and selling patterns.
“It’s way too slow out there,” a source said. “Everyone is treading water, and with the news that scrap could settle down by as much as $30/gt next month, the domestic mills may reduce prices further.”
Pricing has remained lateral week-over-week. US domestic J55 ERW OCTG casing is still being heard in the range of $60.00-$62.50 cwt. ($1,322-$1,378/mt or $1,200-$1,250/nt), ex-mill, although as in previous weeks deals at the service center “are very easy to come by.”
Looking offshore, spot market prices for Korean finished J55 ERW OCTG casing in the US domestic market are still holding at approximately $62.50 cwt. ($1,378/mt or $1,250/nt), ex-warehouse, also unchanged in the past week.