As in previous weeks, healthy energy pipe inventory levels coupled by sluggish demand continue to hinder the US domestic and import OCTG casing markets. Sources close to SteelOrbis say it will still take several months to work through excess inventory.
As such, domestic spot market prices for US domestic J55 ERW OCTG casing continue to hold in the range of $60.00-$62.50 cwt. ($1,322-$1,378/mt or $1,200-$1,250/nt), ex-mill, although deals at the service center level are abundant.
Looking offshore, spot market prices for Korean finished J55 ERW OCTG casing in the US domestic market is still trending at approximately $62.50 cwt. ($1,378/mt or $1,250/nt), ex-warehouse.