Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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February 2015 | Seamless Steel Tube & Pipe


Tenders move but prices are under pressure: Middle East and North Africa Market Analysis


OCTG procurement in Saudi Arabia is currently quiet, we believe that just a few spot tenders of a less than a thousand tonnes have just been placed in the market so far this year.

As expected last month, MBR understands that in the UAE, ADNOC did ask OCTG mills to look to lower their price submissions for their major OCTG contracts. The large tender though for ADCO (around 170kt) for their drilling program for primarily 2015, is now believed to be moving ahead. MBR learns that this tender is likely to be awarded in the next couple of weeks. ADNOC ADCO is thought to now have quite low inventories of OCTG and is now keen to procure new tonnages of OCTG in order to keep its drilling program continuing. There is though still some concern in the market that the tender could be delayed further if oil prices continue to decline.

Nevertheless, Abu Dhabi has repeatedly signaled to the market place that the UAE will continue to make investments in the oil and gas industry and that it currently has no intention to reduce...

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