During the week ending October 28, average Chinese steel pipe export offer prices have moved sideways. At present, export offers for welded pipes from Chinese suppliers are in the range of $560-580/mt FOB, remaining stable on average compared to October 21, while export offers for API 5L seamless pipes from Chinese suppliers stand at $600-610/mt FOB for November shipment, remaining unchanged on average compared to October 21.
| Product name | Quality | Spec. | Price ($/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 | 610 | - |
| Seamless pipe, tubing (cold drawn forming) | ST37 | < 3'' Std | 720 | - |
| Welded pipes | Gr.B | 2''-6'' Std | 570 | - |
During the given week, oil and gas projects in the Middle East have been affected by geopolitical tensions and disruptions to shipping through the straits, with imports declining in the UAE, Saudi Arabia, Qatar and other countries, negatively affecting welded steel pipe exports following a previous period of strong demand. However, raw material costs have provided some support for steel pipe prices.
In the Chinese domestic market, sluggish demand from downstream users has weakened support for steel pipe prices. Meanwhile, cautious sentiment has prevailed among market participants, also negatively affecting the steel pipe market. However, some steel pipe producers have attempted to support their prices, which may provide some support for overall price levels. With the heating season in northern China approaching, demand is unlikely to improve in the near future. Steel pipe prices in the Chinese domestic market are expected to fluctuate within a narrow range in the coming week.
As of October 28, HRC futures at Shanghai Futures Exchange are standing at RMB 3,177/mt ($473/mt), decreasing by RMB 65/mt ($9.7/mt) or 2.0 percent since October 21, while rising by 0.28 percent compared to the previous trading day, October 27
$1 = RMB 6.7165
