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Kallanish Kallanish

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October, 23rd 2019

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JUN 14
15:27

US OCTG prices slide further

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US oil country tubular goods (OCTG) prices have slipped below the $1,200/short ton barrier, Kallanish hears from market sources.

Kallanish lowered its assessment for representative product P110 domestic welded casing on Friday to $1,175-1,200/st. All prices are ex-works, domestic mill.

“[... There will be] no OCTG or line pipe improvement until [... prices] tag bottom,” says one Gulf Coast trader. “Also, watch crude prices – 3-4% swing per day is scaring the OCTG distribution boys. All OCTG numbers are falling, and everyone is underwater and likely will be for a while.”

Companion product line pipe has witnessed steady price declines for several months, most recently hitting $1,930/st in May for domestic product at the distribution level, according to analyst Pipe Logix.