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China National Petroleum Corp (CNPC) has made its first purchase of 40,000 tons of pipes from JFE Steel Corp, Nippon Steel Corp and Sumitomo Metal Industries Ltd.
This is part of an agreement CNPC concluded in March to buy 1.3 million tons of pipes and steel sheets for making pipes by 2005.
Prices for the pipes are between US$750 and US$800 per ton.
The CNPC also bought 20,000 tons of pipes from its venture with Itochu Corp and Marubeni Corp.
(Chinadaily.com.cn August 16, 2004)
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