SteelOrbis has learned that the spot market price range for finished US domestic J55 ERW OCTG casing is being heard at $66.00-$66.50 cwt. ($1,366-$1,411/mt or $1,240-$1,280/nt) versus previous $66.50-$67.50 cwt. ($1,466-$1,488/mt or $1,330-$1,350/nt) FOB mill assessments reported during mid-April.
“OCTG pricing is just very toxic right now,” said one SteelOrbis pipe contact lamenting on a lack of new pipe business. “Prices have been going down all year as a result of less spending in the oil and gas industry. We’re not seeing a lot of inquiries right now about new business,” he said, “So, 2024 for us has been a very tough year.”