NEW YORK Distributor selling prices for oil country tubular goods (OCTG) fell to a 26-month low in March, according to the latest data from Pipe Logix Inc.
Average prices for all OCTG products fell to $1,686 per short ton, down 0.9 percent from $1,702 per ton in February, the Tulsa, Okla.-based company said. This is the lowest level since January 2011, when prices averaged $1,671 per ton.
Average welded OCTG prices fell 1.3 percent to $1,554 per ton compared with $1,574 per ton in February, while average seamless prices fell 0.7 percent to $1,818 per ton from $1,830 per ton in the same comparison.
Welded N80 production casing saw the biggest price decline, falling 2.2 percent to $1,612 per ton from $1,649 per ton the previous month. Meanwhile, both seamless and welded J55 tubing notched slight increases, with welded J55 prices rising slightly percent to $1,478 per ton from $1,476 per ton and seamless J55 tags increasing 0.4 percent to $1,821 per ton from $1,814 per ton.
The continued decline in prices comes even as shipments of OCTG were higher in the first month of the year.
"Volumes of OCTG rebounded in January to over 520,000 tons, with imports near 300,000 tons," Pipe Logix manager Kurt Minnich said in an e-mailed statement.
Editor's note: This story was updated May 29, 2013. The original version incorrectly stated the months' low for OCTG prices.