Spot market prices within the US domestic J55 ERW OCTG market continue to trend in the range of $60.00-$62.50 cwt. ($1,322-$1,378/mt or $1,200-$1,250/nt), ex-mill, but sources say that sentiment, which has been lacking in recent weeks, has begun to improve.
“Sentiment is improving with firming of raw materials although we still need the last key piece to the puzzle, demand, which hopefully will start to pick up as customers begin to realize that we have reached the bottom,” a source said.
Looking offshore, sources note that import J55 plain-end OCTG casing was most recently heard at approximately $55.00 cwt. ($1,213/mt or $1,100/nt), DDP loaded truck in US Gulf coast ports, which includes the Section 232 tariff, but it’s largely believed that import prices are poised to rise sharply in the upcoming weeks due to marked increases in global iron ore prices.