Spot market prices for US domestic J55 ERW OCTG casing market continue to be flexible, sources note, adding that prices have softened by about $1.50 cwt. ($33/mt or $30/nt) on the bottom end of the spot price range, and by $1.00 cwt. ($22/mt or $20/nt) on the top end since our last repot a week ago.
This brings the current average range to $57.50-$60.50 cwt. ($1,268-$1,334/mt or $1,150-$1,210/nt), ex-mill. One Texas based source described the situation as being “terrible, big-time,” expressing frustration that prices are still falling.
Another source agreed. “Most mills are being forced to factor in HRC weakness, so we are seeing similar price reductions in pipe. There are new import offers out there, but a lot of people aren’t willing to commit due to uncertainties that are tied to the Trump administration,” he said. “Everyone is looking for a bottom, but no one is confident that it’s close.”
“It’s hard right now, that’s for sure,” another source said. “I haven’t been in contact with many optimistic people lately.”