US OCTG prices still correcting

Tuesday, 16 July 2019 22:50:14 (GMT+3)   |   San Diego
       

Last week, SteelOrbis reported that spot market prices for US domestic J55 ERW OCTG casing had plunged, from $57.50-$60.50 cwt. ($1,268-$1,334/mt or $1,150-$1,210/nt), ex-mill, to $51.00-$56.50 cwt. ($1,124-$1,246/mt or $1,020-$1,130/nt), ex-mill.

This week, prices have come down another $1.50 cwt. ($33/mt or $30/nt), which brings the new average transaction range to $49.50-$55.00 cwt.  ($1,091-$1,213/mt or $990-$1,100/nt), ex-mill.

As with last week, soft pricing is attributed to the falling rig count and unexciting order activity. Last week, Baker Hughes the oil rig count dropped by four, from 788 to 784. Earlier today, oil prices slipped on the heels of news that production in the Gulf of Mexico, which had stalled due to Hurricane Barry, was restarting. Following the report, West Texas Intermediate crude futures fell by 7 cents to $59.51 per barrel.

 


Most Recent Related Articles

Euro area construction output up by 0.7 percent in Nov from Oct

Some Izmir-based Turkish mills further reduce ship scrap purchase prices

CEBID: Turkish steel pipe output expected to increase in 2020

Japan's new ship export orders fall in 2019

Domestic rebar prices in Taiwan - week 4