MARKET TREND

ERW pipe FOB Tianjin at USD 570/MT, down USD 1 week on week. Strip steel and scrap eased, but thin mill margins cap further declines.

ERW pipe FOB Tianjin at USD 571/MT, down USD 1 week on week. Mills pushing through price increases against softer raw material costs.

ERW pipe FOB Tianjin at USD 572/MT, down USD 5 week on week. Softer strip steel and narrowing steelmaker margins point to a soft near-term range.

ERW pipe FOB Tianjin at USD 577/MT, down USD 2 week on week. Raw material costs firmed on higher Tangshan strip steel prices, while end-user demand stayed soft.

Favorable Factors: 1. Reduced supply from major strip producers as some production lines are permanently halted, tightening raw material availability in certain specifications. 2. Cash-based transactions remain the standard for raw material purchases, ensuring healthy liquidity and stable operations for mills. Adverse Factors: 1. Declining raw material costs across strip steel and hot coil segments

Favorable Factors: 1. Some domestic mills are holding their production rates steady to manage inventory levels, preventing a complete collapse in supply. 2. Certain export orders with fixed contracts are providing a baseline of demand support for black steel pipes. 3. Previous price drops have brought costs closer to historical support levels, making further aggressive

Favorable Factors: 1. Strip steel prices holding firm at current levels; cost support remains steady for ERW producers 2. RMB continues to weaken against USD; export competitiveness improving for Chinese mills 3. Middle East and Africa demand sustained; order pipeline healthy through Q4 Adverse Factors: 1. Domestic end-user demand weak; downstream buyers adopting wait-and-see approach

Favorable Factors: 1. Certain strip steel production lines have been shut down and exited the market, which helps reduce overall raw material supply and eases oversupply concerns. 2. Lower raw material costs provide downstream pipe manufacturers with better profit margins when restocking inventory. 3. Strict cash-settlement policies help steel mills improve their cash flow and

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

Favorable Factors: 1. Raw material costs are climbing, as upstream billet and hot-rolled strip prices continue to trend upward, providing strong cost support for pipe manufacturers. 2. Market sentiment is getting a boost from mainstream product price hikes, giving mills the confidence to hold and push up their quotations. Adverse Factors: 1. End-user demand remains