Marubeni-Itochu Steel announced on Friday the firm and Chengdu Iron & Steel of China got order of around 52,000 tonnes of oil well steel pipe from Kuwait Oil Company. Marubeni-Itochu Steel tries to expand the steel pipe export to growing energy industry in Middle and Near East.
Kuwait Oil, which produces around 2.2 million barrels per day of oil, uses the pipe to develop land oilfield in 2011. Marubeni-Itochu Steel provides the all volume of the pipe made by Chungde Iron & Steel from July to November. Major part of the order is heat treated casing pipe. Chungde Iron & Steel belonged to Pangang Group, which will merge with Anshan Iron and Steel Group, is one of Chinese largest seamless pipe makers. Marubeni-Itochu Steel has oil well pipe processing joint venture, Pancheng Yihong Pipe with Chungde Iron & Steel and JFE Steel. The joint venture processes mother pipe from Chungde Iron & Steel since 2006. Kuwait Oil awarded the order to Chungde Iron & Steel with high level quality after technical support by JFE Steel. Chungde Iron & Steel tries to improve the quality to get Chinese major 3 oil companies and to expand the export of the products including special joint products.Japan Steel Scrap Composite Prices (Sangyo Press)
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