US OCTG prices continue to decline

Tuesday, 09 July 2019 01:06:18 (GMT+3)   |   San Diego

Spot market pricing in the US domestic J55 ERW OCTG casing market has continued to correct downward after the holiday week. Two weeks ago, SteelOrbis reported that prices were being heard in the range of $57.50-$60.50 cwt. ($1,268-$1,334/mt or $1,150-$1,210/nt), ex-mill. This week, sources have confirmed that prices are being heard in the range of $51.00-$56.50 cwt. ($1,124-$1,246/mt or $1,020-$1,130/nt), ex-mill, although several sources reported hearing that deals slightly below this range have been available.

The decline is attributed to soft US HRC prices, an unexciting rig count and lackluster order activity. Sources close to SteelOrbis, however, say they’re keeping all eyes on US HRC prices, adding they’re curious to learn whether prices will begin to firm in the wake of late-June price increase announcements.

Looking offshore, the average spot market price transaction range for finished US import J55 ERW OCTG casing continues to be heard in the range of $57.50-$60.50 cwt. ($1,268-$1,334/mt or $1,150-$1,210/nt), ex-warehouse. As in previous weeks, buying activity remains light.


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