US OCTG prices stay stuck in rut

US oil country tubular goods prices remain mired at about the $1,200-1,250/short ton price point despite a push for higher base pricing, sister publication KallanishSteel hears from market sources.

A price increase of $50/st spearheaded by Tenaris has acted as a “… tourniquet” for OCTG pricing, but any real advance will probably have to wait until the new year, says one buy-side source.

He adds that recent gains in the Baker Hughes rig count are lending some optimism to buyers, but no one is willing to commit to large tons until a definite pattern emerges.

A second buy-side source says import prices are suffering along with domestic, primarily due to an overall glut of supply.

Kallanish held its assessment of P110 domestic welded casing steady Friday at $1,200-1,250/st. All prices are ex-works, domestic mill.

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