Last week, SteelOrbis reported that US domestic J55 ERW OCTG casing had softened by about $1.50 cwt. ($33/mt or $30/nt) on the bottom end, and by $1.00 cwt. ($22/mt or $20/nt) on the top end, which brought the average spot market price transaction range to $57.50-$60.50 cwt. ($1,268-$1,334/mt or $1,150-$1,210/nt), ex-mill.
Although price points have been largely stable since our last report a week ago, some have expressed concern that this month’s drop in US scrap prices, combined with falling rig counts, could place additional downward pressure on market prices.