Carbon steel fittings & flanges report: February 2019
A number of factors continue to provide support for fitting and flange prices again in February. Demand remained steady in the US as upstream and downstream petroleum activity increased year-over-year. In addition, tariff and anti-dumping supply risk added to price stability.
The latest outlook from the Energy Information Administration shows that petrochemical demand will account for 33% of global oil consumption growth by 2030 and more than half of demand growth by 2050, surpassing oil use in fuel production for autos, trucks, and aircraft. The US will continue to be the premier producer of globally-leading petrochems and the development of infrastructure, production facilities, and distribution will make it a leading US growth sector.