The Indian seamless pipe market is still experiencing a downward trend against the background of sluggish buying activity, in terms of both the domestic situation and exports. Indian producers have cut domestic offers of seamless pipes by INR 1,000-2,000/mt ($15-31/mt) over the past month, while export offers of seamless pipes from Indian producers have gone down by $20-30/mt over the past month. Most market participants do not expect any improvement in demand. A general reluctance to place orders is expected to be observed amid the declining trend of the market.
Most offers of Indian seamless pipes of 2"-10" grade B made to ASTM A106 are being given to the local market at around INR 50,000-52,000/mt ($781-812/mt) ex-works on theoretical weight basis, excluding tax. Domestic quotations of 2"-4" seamless pipes of grade B made to ASTM A106 from top Indian pipe producers are in the range of INR 55,000-57,000/mt ($859-890/mt) ex-works, excluding tax.
The majority of export offers of Indian seamless pipes of 2"-6" Sch 40 grade B as per ASTM A106 are standing at around $850-880/mt FOB on theoretical weight basis, while export offers of seamless pipes from top Indian pipe producers are at $930-970/mt FOB.
$1 = INR 64.04