During the week ending October 11, average Chinese steel pipe export offer prices have moved on a downtrend. At present, export offers for welded pipe given by Chinese suppliers are in the range of $520-550/mt FOB, decreasing by $15/mt compared to September 27, while export offers for API 5L seamless pipe given by Chinese suppliers are at $540-560/mt FOB for November shipment, moving down by $15/mt compared to September 27.
|
Product name |
Quality |
Spec. |
Price ($/mt) FOB |
Weekly change ($/mt) |
|
API 5L seamless pipe |
Gr.B |
2’’-6’’ Std |
550 |
-15 |
|
Seamless pipe, casing (hot rolled forming) |
J55 |
3’’-8’’ Std |
550 |
-15 |
|
Seamless pipe, tubing (cold drawn forming) |
ST37 |
< 3’’ Std |
645 |
-10 |
|
Welded pipes |
Gr.B |
2’’-6’’ Std |
535 |
-15 |
During the given week, steel pipe prices in the Chinese domestic market have moved down amid the prevailing bearish sentiments among market players due to slack demand. Import iron ore prices have indicated a downtrend, weakening the support for steel prices from the cost side. Meanwhile, supply of steel pipes has increased, exerting a negative impact on prices. At the same time, ferrous metal futures prices have moved on a downtrend, reflecting market players’ cautious sentiments. It is thought that steel pipe prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
As of October 11, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,718/mt ($518/mt), decreasing by RMB 49/mt ($7/mt) or down by 1.3 percent since September 27.
$1 = RMB 7.1779