Spanish seamless steel pipe market remains depressed

Thursday, 12 November 2009 07:11:48 (GMT+3)   |  
       

The seamless steel pipe market in Spain is still very weak due to plentiful stocks and slack buying activity. Seamless pipe producers in Spain, who rely heavily on the oil sector, posted heavy declines in sales and earnings in the first half of the current year. Spain's economy has proved especially vulnerable to the global credit crunch because its growth relied heavily on credit fueled domestic demand and a property boom boosted by easy access to loans. However, market insiders believe that the worst phase of Spain's recession has passed. Meanwhile, no improvement in the country's steel trade is expected in the coming months. Nevertheless, by February-March 2010 seamless pipe manufacturers expect the global economic recovery to have driven oil prices higher, boosting hopes for renewed activity in the oil services sector.

Current domestic prices for 2"-5" hot-formed seamless pipes grade B made to ASTM A106/API 5L are at around 850-890/mt ex-works, while 6"-8" pipes are at about 970-1,020/mt ex-works.

Prices for Chinese seamless 2"-6" pipes grade B made to ASTM A106/API 5L are about 500-550/mt C&F, exclusive of antidumping duties (in the range of 17.7-39.2 percent depending on the producer).

Offers of Ukrainian seamless 2"-6" pipes grade B made to ASTM A106/API 5L are at 635-670/mt DDU, while offers of 8"-12" pipes are at 700-735/mt DDU. These prices are exclusive of 25.1 percent antidumping duty.

Quotations of Italian seamless 2"-5" pipes grade B made to ASTM A106/API 5L to Spain are at 920-950/mt CPT.


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