For the Quarter Ending September 2025
North America
• In United States, the Steel Pipe Price Index rose quarter-over-quarter in Q3 2025, driven by increasing production costs.
• Production costs increased due to moderate iron ore price rises and an uptick in natural gas prices in Q3 2025.
• The Producer Price Index (PPI) rose 2.6% year-over-year in August 2025, reflecting broader input cost inflation.
• Steel Pipe demand outlook was mixed; industrial production increased only 0.1% year-over-year in September 2025.
• Retail sales increased 5.42% year-over-year in September 2025, supporting construction-related Steel Pipe demand.
• A 4.3% unemployment rate in September 2025 generally supported Steel Pipe demand and economic activity.
• Declining consumer confidence to 94.2 in September 2025 suggested headwinds for construction projects.
• The Steel Pipe Price Index is forecast to face continued upward pressure from higher energy and raw material costs.
Why did the price of Steel Pipe change in September 2025 in North America?
• Production costs rose from moderate iron ore price increases and an uptick in natural gas prices in Q3 2025.
• The Producer Price Index (PPI) increased 2.6% year-over-year in August 2025, reflecting higher input costs.
• Demand was supported by a 5.42% year-over-year rise in retail sales, despite slow industrial production growth.
APAC
• In China, the Steel Pipe Price Index fell quarter-over-quarter in Q3 2025, driven by weak domestic demand and deflationary pressures.
• Steel Pipe demand was bearish due to contracting manufacturing activity and weakened construction sector demand in Q3 2025.
• Production costs for Steel Pipe increased slightly in Q3 2025, with iron ore, coking coal, and energy prices firming.
• China's CPI decreased by 0.3% year-on-year in September 2025, indicating deflation and low consumer confidence.
• The Manufacturing Index was contracting in September 2025, reflecting reduced new orders and industrial activity.
• Despite a 6.5% rise in industrial production year-on-year in September 2025, domestic steel consumption weakened.
• Steel Pipe inventory overhang persisted in mid-2025, while crude steel production declined in July and September 2025.
• Steel exports surged through mid-2025, offsetting domestic oversupply, but faced increasing trade barriers in Q3 2025.
Why did the price of Steel Pipe change in September 2025 in APAC?
• Weak domestic demand, with CPI down 0.3% and Manufacturing Index contracting in September 2025.
• Production costs rose due to climbing iron ore, coking coal, and energy prices in Q3 2025.
• Persistent inventory overhang at mills, despite crude steel production declines in September 2025.
Europe
• Germany's Steel Pipe Price Index fell in Q3 2025, from reduced industrial activity and lower production costs.
• Steel Pipe production costs declined in Q3 2025; producer prices fell 1.7% in September, due to energy.
• European natural gas prices declined year-on-year in Q3 2025, reducing energy costs for Steel Pipe manufacturing.
• Steel Pipe demand remained weak in Q3 2025; Manufacturing Index contracted, industrial production fell 1.0%.
• Apparent steel consumption in the EU continued its weak trend in Q3 2025, impacting Steel Pipe demand.
• Scrap metal prices in Germany declined in Q3 2025 due to high inventories, lowering Steel Pipe raw costs.
• Steel Pipe Price Index faced downward pressure from contracting industrial activity and falling raw material costs.
• Stable unemployment at 6.3% in September 2025 did not strongly boost Steel Pipe demand.
Why did the price of Steel Pipe change in September 2025 in Europe?
• Producer prices fell 1.7% in September 2025, reducing Steel Pipe production costs from energy.
• Industrial production declined 1.0% in September 2025, weakening Steel Pipe demand and Manufacturing.
• Scrap metal prices in Germany declined in Q3 2025 due to high inventories, lowering Steel Pipe raw costs.
