High raw material prices should favour increases in seamless pipe prices over the next two months or so. This tends to be the strongest period of the year in terms of demand in China, and we expect that Chinese mills will lift their offer prices progressively. Monetary tightening may however slow the rate of Chinese demand growth for pipe during the second half of the year. In other Asian markets, seamless mills are likely to push their prices up faster than in China. Anti-dumping restrictions in many countries mean that this may be possible, while the improvement in US demand should allow scope for marginally higher export sales.
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