Indian ERW pipe quotations to remain stable in coming weeks

Wednesday, 18 November 2009 09:02:13 (GMT+3)   |  
       

The Indian market for welded pipes has not changed much in the past two weeks. During this period, domestic quotations of Indian black welded pipes have remained stable in Indian currency; however, due to currency fluctuations, the prices in US dollar terms have increased by $5/mt. Domestic prices of galvanized welded pipes from Indian manufacturers have dropped by INR 2,000/mt ($35/mt, currency fluctuations taken into account). Due to the weakness of the US dollar against the Indian currency, export offers of Indian pipes have risen by $5-10/mt over the past two weeks.

Domestic quotations of 1"-6" black ERW pipes made to BS 1387 are at levels of INR 32,000-34,000/mt ($690-735/mt) ex-works on theoretical weight basis, excluding tax. Current domestic prices of galvanized ERW pipes made to BS 1387 or IS 1239 are in the range of INR 37,000-38,000/mt ($800-820/mt) ex-works, depending on producers.

Export quotations of Indian 1"-6" black ERW pipes as per BS 1387 (light series) are at the level of $710-725/mt FOB, with export offers of 1"-6" galvanized ERW pipes at $780-800/mt FOB.

By the end of this year market players expect to see a recovery in demand for welded steel pipes as construction activity will start picking up. At the same time, state-run producer Steel Authority of India Ltd (SAIL), the largest steelmaker in India, has cut its prices of flat products by INR 500/mt and expects rates to stabilize at the current levels, company chairman S.K. Roongta stated on Monday. "I don't expect any further fall in prices," he declared. As a result, it is expected that Indian welded pipe prices will remain at least at the present levels in the coming weeks and may increase a little by the end of the year.


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