Last week, US domestic flat rolled steel mills announced they’d be raising prices on US domestic hot rolled coil by a minimum of $2.00 cwt. ($44/mt or $40/nt), effective with all new orders; sources close to SteelOrbis say that pipe and tube mills are keeping close watch on that increase, adding that OCTG spot market prices could be adjusted should US HRC prices move upward.
Current spot market prices for US domestic J55 ERW casing are trending at approximately $47.50-$50.00 cwt. ($1047-$1102/mt or $950-$1000/nt), ex-mill, sources note, adding that pricing for import OCTG casing from Taiwan in the US domestic market continues to be heard in the range of $41.00-$42.50 cwt. ($904-$937/mt or $820-$850/nt), DDP loaded truck in US Gulf coast ports.
“Everyone is pretty much sitting tight and holding their course through the rest of the year. Overall activity isn’t bad, but it’s not great either.” a source said. “I think at this point as long as oil prices hold steady we shouldn’t see too many shake ups.”
Earlier today, it was reported that Brent oil barrel prices rose by 22 cents to $57.59 per barrel after reports of declining US crude inventories. Additionally, reports that a Saudi Arabian exporter indicated they were determined to end the global supply glut began to make their way through the market.