Favorable Factors:
1. Raw material costs surged — coke multiple hikes, coking coal futures rallied, iron ore firmed — lifting the cost floor for pipe prices.
2. Supply tightened as mills cut output amid production controls, strengthening pricing power.
3. Policy support (capacity curbs, infrastructure plans) reinforced market confidence.
4. Peak season anticipation boosted futures-led sentiment.
Adverse Factors:
1. End-user demand stayed weak, with buyers sticking to hand-to-mouth procurement.
2. Elevated inventories kept traders focused on destocking, capping price upside.
3. Rapid price gains triggered buyer resistance, introducing near-term consolidation risk.
Outlook:
FOB prices expected to edge higher on cost-supply-policy support, but weak demand and inventory overhang will keep gains moderate.
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