Hazel-e,
API 5L is a specification (a "spec" as we say) for line pipe.
In that spec, two "Product Specification Levels" (PSL) are presented PSL1 and PSL2.
PSL2 is a more stringent and much more demanding than PSL1 (less tolerance, no repairs allowed, much more certificates,...etc ) and you can see the difference in Appendix J of the Spec.
And even in terms of Chemical Composition , PSL1 and PSL2 might be different even for the same grade (e.g. X70) since the maximum and minimum limits for compositions are not the same.
I hope this helps...






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