Europe, Middle East and Africa Market Analysis

摘要

Seamless tube and pipe market fundamentals were little changed this month, as seamless tubular producers in Europe faced slightly tighter margins following higher raw materials costs. Restocking activities following the seasonal summer holiday period, along with modest improvements in construction activity throughout Northern Europe provided some demand-side support to tubular producers. In the CIS region, seamless tube and pipe prices were supported by strong drilling activity. Seamless demand is expected to continue to garner support from firm oil and gas activity over the next month. TMK announced a 9% year-on-year decline in earnings before interest, taxes, depreciation and amortization (EBITDA) over the first half of 2013, owing to an unfavorable sales mix, negative currency translations, and lower volumes. Looking forward, MBR expects that seamless tube and pipe producers in Europe, CIS and MENA will continue to rely heavily on the tube and pipe export market, as domestic competition among producers dampens prices.