SUBSCRIBER NOTE: Platts proposes to add new Chinese steel OCTG price assessment

Platts is proposing to formalize its current market reporting of Chinese seamless Oil Country Tubular Goods (OCTG) export trade by launching a monthly spot price assessment. Currently, Platts includes market-observed prices in regular commentaries about the Chinese OCTG export market. Starting from April, Platts intends to launch a monthly assessment of this trade and is seeking feedback on the standard API casing specification to be used as the normalization basis. Using price information gathered throughout the month, the assessment is intended to reflect prices by the end of the month for delivery FOB main Chinese port two to three months later. The assessment would be made on the last business day of the month. For example, the March 28 assessment would reflect deals done toward the end of the month, for shipment in May and June.

Platts proposes to normalize API seamless casing specifications 4-1/2 inches, 13-3/8 inches, grades J-55 to P110, to the following standard:

Steel grade: API 5CT J55/K55 Connection: BTC (buttress thread connection) Volume: Standard order volumes of 50 mt to 300 mt Outer diameter: 7 inch (177.8 mm) Thickness: 23 or 26 lb/ft (8.05 or 9.19 mm) Length: Range 3 (10.36-14.63 meters or 34-48 feet) Location: FOB Tianjin Timing: Dispatch up to 12 weeks from date of assessment Payment terms: At sight via letter of credit

The price will be published as US dollars per metric ton and include all relevant taxes. The assessment would be published in Platts Daily Briefing and Platts Price Analyzer. Please provide feedback or questions by February 26 to Dai Yuelin, yuelin.dai@platts.com, and Tomas Gutierrez, tomas.gutierrez@platts.com, with a copy to pricegroup@platts.com.