Orders are recently recovering for 13% chrome seamless steel tube in Europe and Asia. The recovery is still slow in USA but users are restarting procurement in other markets. US market accounts for over 50% of global oil tubular market.
The demand for oil tubular largely reduced due to price drop of crude oil and natural gas since October 2008. US market had increased imports of Chinese oil tubular until 2008. However, inventory increased mainly for general-purpose oil tubular because of imbalance of the supply and demand. The demand for 13% chromate seamless steel tube dropped rapidly. Because the demand keeps low in US market, the inventory keeps excess. Tubes are used mainly for gas tube in US market. On the other hand, users are increasing the orders for oil tube in European and Asian market. Crude oil price hit the peak at over US$ 147 per barrel in fiscal 2008 (Apr 2008-Mar 2009) and dropped to below US$ 40. It recently stays at around US$ 70. Natural gas price fell to below US$ 3 per MMBTU. Development of natural gas would stop if the price falls to below US$ 5. Steel tube demand for energy is expected to recover after fiscal 2010. It is unforeseeable when oil and natural gas market turns upward.Japan Steel Scrap Composite Prices (Sangyo Press)
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