From mid-May to mid-June, downward cost pressure on Chinese seamless pipe also dragged down domestic prices. For instance, CNPC announced it was to lower 2023 purchase prices of seamless pipe, carbon welded pipe and stainless welded pipe by 382.95 yuan/ tonne,322.72 yuan/tonne and 2225 yuan/tonne till December 31st. More recently, costs have shown signs of a slight rebound due to expectation of government stimulus for H2. The reduction in supply and inventory levels have helped support cost prices to a certain degree: 65% iron ore pellet cfr Qingdao has seen a 7% weekly increment. With stable demand, OCTG prices have followed the cost trend: OCTG J/K 55 is marked at $1,055/tonne, up $5/tonne from the previous month.
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