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15 Jun

US OCTG prices hold despite rig depletion

US OCTG representative P110 5.5-inch product prices held in the range of $2,640-2,710/short ton, Kallanish understands. “I recently saw some Q3 quotes at these levels for new mill production,” noted a service centre operator. For the week ended 9 June, operational US rigs equalled 695, a decrease of one on-week, but 38 fewer on-year. “Rig count has been affected by laying down gas-directed rigs. That pace is slowing. Oil demand is still pretty…
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