During the week ending November 30, average Chinese steel pipe export offer prices have remained stable. At present, export offers for welded pipe given by Chinese suppliers are in the range of $580-590/mt FOB, moving sideways compared to November 23, while export offers for API 5L seamless pipe given by Chinese suppliers are at $590-620/mt FOB, January shipment, remaining stable compared to that on November 23.
|
Product name |
Quality |
Spec. |
Price ($/mt) FOB |
Weekly change ($/mt) |
|
API 5L seamless pipe |
Gr.B |
2’’-6’’ Std |
605 |
- |
|
Seamless pipe, casing (hot rolled forming) |
J55 |
3’’-8’’ Std |
615 |
- |
|
Seamless pipe, tubing (cold drawn forming) |
ST37 |
< 3’’ Std |
700 |
- |
|
Welded pipes |
Gr.B |
2’’-6’’ Std |
585 |
- |
During the given week, steel pipe prices have moved sideways amid increasing raw material prices. However, the cold weather has resulted in reduced activities at construction sites, weakening the demand for steel pipes. On November 25, it was announced that the People’s Bank of China (PBC) will cut the required reserve ratio (RRR) for financial institutions by 0.25 percentage points on December 5, and this move has bolstered market sentiments. It is thought that steel pipe prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Rebar futures prices at Shanghai Futures Exchange (SHFE) stand at RMB 3,748/mt ($522/mt) on November 30, up by RMB 57/mt ($7.9/mt), or 1.54 percent compared to November 23, while down by 0.74 percent compared to the previous trading day, November 29.
$1 = RMB 7.1769