Local Chinese steel pipe prices move sideways or down slightly

Local Chinese steel pipe prices have moved either sideways or down slightly during the past week.

Local Chinese seamless pipe prices have remained stable in the past seven days. Overall trading activity has been at low levels. Upstream billet prices have softened, while seamless pipe producers have reduced their prices. However, most traders have chosen to keep their prices stable since market inventories are still at low levels. Demand is still weak but has improved slightly with the approach of September. As for the week ahead, it is believed that domestic seamless pipe prices may remain mostly stable.

Chinese domestic welded pipe prices have softened slightly during the past week. Overall trading activity is still weak but has improved a little. Upstream steel strip prices have decreased, causing most traders to follow the declining trend. As for the week ahead, considering that the demand side has started to show some improvement, it is believed that welded pipe prices in China may just indicate some minor fluctuations.

 $1 = RMB 7.09