OCTG prices slide as trade case talk grows
Oct 03, 2012 | 02:27 PM
| Michael Cowden
CHICAGO Prices for oil country tubular goods (OCTG) continued to slide in September as market chatter intensified about a potential trade case against South Korea and perhaps other OCTG-producing nations.
The long-standing rumors swirled as OCTG imports from Korea appeared to ramp up again in September despite falling prices and bearish market sentiment, according to U.S. government data.
"Business sucks. Nobody is buying," one trader said. "Everybody is waiting to see what happens (regarding a potential trade case)."
Another trader said that his company had decided to stop trying to chase low prices from some Korean OCTG producers because they left little room for profits. Still, he was hesitant to lend much sympathy to domestic mills. "The market is bad. Welcome to the club," he said. "I dont see much changing through possibly the first half of next year."....
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