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February prices for OCTG trended down an average of 0.5% versus January adjusting for another mix change, according to data provided by Pipe Logix earlier this week, although the reported “average market basket” price of oil country tubular goods (OCTG) rose 2.5% to $1,914/ton.

We continue to believe that a combination of increased domestic capacity and the highest levels of OCTG imports in January for the past three years are creating downward pricing pressure.

Our full report is available to subscribers and provides further thoughts on OCTG pricing and margins as well as the implications for shares of OCTG producers.

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