OCTG prices slip, said not at bottom yet

Jun 28, 2012 | 10:34 AM | Michael Cowden

Tags  oil country tubular goods, OCTG prices, Pipe Logix, drilling, oil, natural gas, seamless tube, welded pipe Michael Cowden

TORONTO — Oil country tubular goods (OCTG) prices have further room to fall before finding a bottom, traders and distributors said as one industry indicator showed a third consecutive monthly drop.

The traders and distributors pointed to a host of concerns, including domestic overproduction, imports, falling energy prices, political uncertainty in the United States and economic worries about Europe, China and other big emerging markets.

"Other than that, everything is just fine," one distributor said.

Average spot OCTG prices fell to $1,875 per ton for June, down 0.6 percent from $1,887 per ton in May, according to data from Tulsa, Okla.-based Pipe Logix Inc. Average spot welded OCTG tags stood at $1,731 per ton, down 0.5 percent, while average spot seamless OCTG prices slipped 0.7 percent to $2,019 per ton from $2,034 per ton in the same comparison.....

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