[Ferro-Alloys.com] Leading producers of tubular products for the oil and gas industry TMK announced its operational results for the first quarter of 2020. TMK CEO Igor Korytko said “In 1Q 2020, we saw a quarter-on-quarter decline in our total pipe shipments at both the Russian and European divisions. The current challenging macro environment globally and significant oil price volatility have put pressure on pipe consumption in all our main markets. Although the Russian oil and gas pipe market traditionally shows certain resistance towards drops in oil prices, we do not expect the situation to improve in the second quarter. The market environment will most likely continue to negatively impact demand for our products, including seamless OCTG pipe.”

 

2Q 2020 Outlook - In both Russia and Europe, we expect the overall demand for the Group’s products to remain under pressure in the second quarter of 2020, due to the continued unfavourable macroeconomic environment and oil price volatility. （STEELGURU）