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March prices for OCTG rose a nominal 0.1% to $1,916/ton versus February’s $1,914/ton, according to data released by Pipe Logix yesterday.  Prices for both seamless and electric-resistance welded (ERW) pipe saw increases of 0.1%, although the uptick was anything but broad-based as 24 out of the 39 individual products posted declines.

While drilling activity remains strong, March OCTG imports look set to reach a three-year high and new OCTG capacity continues to come online, so we believe supply may be starting to outpace demand.

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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