If it's carbon steel (ferro-magnetic) piping and not stainless or some other non-magnetic material it sure is a lot cheaper than x-ray. Ultra-sonic might be another solution depending on the size and amount to be done.
If the lamination defect does not connect to the surface MPI might not work since the liquid generally has to penetrate to the defect. Also the piping must be properly cleaned before and after and de-magnetized after the testing is complete. Generally it is used more for crack detection.