Domestic and export prices of Indian welded pipes have risen due to the increase in raw material prices and the weakening of the dollar against the rupee. In particular, quotations for local customers have increased by INR 500-1,000/mt ($10-20/mt, currency fluctuations taken into account) for welded pipes and by INR 3,000-5,000/mt ($65-105/mt) for galvanized welded pipes over the past two weeks. Despite this, demand from local consumers has remained stable. Export offers for Indian ERW pipes gained $30/mt over the period in question - in part a result of the development of domestic market quotations. Market participants have noted an absence of demand from the US and Europe. Nevertheless, Indian manufacturers are very optimistic; they think that prices will not decrease and even foresee that quotations will start to rise slowly.
Domestic prices for Indian ERW pipes stand at around INR 32,000-33,000/mt ex-works ($680-700/mt) on theoretical weight basis, excluding tax. Galvanized ERW pipes are offered to the domestic market at INR 40,000-43,000/mt ex-works ($850-915/mt), also on theoretical weight basis and excluding tax, depending on the producer.
Current export quotations of Indian 2"-8" ERW pipes made to BS 1387 are about $650-670/mt FOB, with galvanized ERW pipes at $750-780/mt FOB.