SteelOrbis sources have said that the COVID-19 virus has rendered the pipe market “totally dead.”
“Our backlog [of orders] is dwindling and we’re not seeing much in terms of new orders, or even projects to quote,” a source said. “I’m sure prices are softening but I don’t really have evidence, because no one is buying anything.”
Others sources confirmed that prices have fallen in the past seven days, from $47.50-$50.00 cwt. ($1,047-$1,102/mt or $950-$1,000/nt) ex-mill to $46.50-$49.00 ($1,025-$1,080/mt or $930-$980/nt), ex-mill, this week.