As with last week, the bulk of spot market transactions for US domestic and import (Korean) J55 ERW OCTG have remained in the range of $50-$55 cwt. ($1,102-$1,213/mt or $1,000-$1,100/nt), ex-mill and DDP loaded truck in US Gulf Coast ports, respectively. Most transactions, sources note, are taking place in the middle of that range.
Deals at the service center are available, a source said, although the depth of buyer discounts depends on how much the service center needs to move product and gain cashflow.
“The current outlook for the market is bleak,” the source said. “The rig count keeps dropping and demand has fallen off as a result. It’s not a very pretty picture.”