1. The price of seamless pipe in China in October showed a downward trend

Although the decline was less pronounced than it was in September, the price of seamless pipe in China continued to decline in October. The price of finished goods increased slightly after National Day, and the price of seamless pipe increased by 30–60 yuan in the first week, despite the demand and price expectations for "Silver Ten" in downstream of the seamless pipe market being bullish. The "Silver Ten," however, did not show up when expected. After the expectations of the market were disappointing, the epidemic was added to the two sessions. Due to the temporary suspension of the project and the resulting decrease in demand, prices have been continuously falling. This year, the black futures have kept breaking the prior low. The billet's price decreased from 3,730 yuan at the start of the month to 3,450 yuan at the end, with a total loss of 280 yuan within the month. The cost of the billet decreased as well.

2. There is a slight increase in the supply of seamless pipes, and the market supply and demand are unbalanced

Due to the epidemic and the effects of the two sessions, there was a significant decline in the demand for seamless pipe in October, which resulted in poor market transactions and a reduction in the frequency of picking up goods, which led to the accumulation of warehouses in Chinese pipe factories. However, the pipe plant was later repaired, which to some extent slowed the pipe plant's rate of accumulating warehouses. The total social inventory of seamless pipe in 23 major Chinese cities was 636,700 tons as of October 28, according to monitoring data from Lange Steel Network, a monthly decrease of 0.24. Inventory reductions are occurring less frequently, which suggests that the market is not doing well.

3. The export volume of seamless pipe has shrunk significantly

China's steel exports fell sharply in September, down 1.166 million tons or 19.0% from August, as demand decreased, global economic growth slowed, and export quotations were insufficient. The supply and demand conditions on the global steel market remain poor. China's steel export order index kept rising as a result of the emergence of its export price advantage, the steady recovery of its manufacturing industry supply chain, and the steady delivery cycle of export goods. The demand for steel has decreased due to the global economy's slowdown, but thanks to China's consistent steel export delivery and the rise of price advantages, the export volume is anticipated to continue growing positively.

4.In November, the price of domestic seamless pipe fluctuated and fell

Steel mills had pessimistic expectations for the coming period in October, so some of them filled their contracts before the middle of the month, making it harder and harder to get orders in the latter part of the month. To slow the decline, some steel mills made the decision to remodel. The pipeline upgrades and renovations gradually moved into their final phase during the winter. The orders of deep processing businesses for seamless pipes started to fall off in the northeast region, and as a result, the northern region gradually entered the "winter" of seamless pipe demand. It is also used to it, so there isn't expected to be much demand in November. It is also expected that the market will remain bearish in the future, exacerbated by the epidemic's spread, and that winter storage may arrive earlier than expected.

Overall, it is anticipated that the price of seamless pipe in China will fluctuate and decline in November even though November has entered the off-season for seamless pipe demand due to the impact of hazy factors like the epidemic.