The Indian seamless pipe market has remained sluggish amid low buying activity in consuming industries. Buying interest from foreign customers is also limited amid ongoing price downtrends in major international markets. In such market conditions, Indian seamless pipe producers have been forced to cut their offers further. Thus, Indian seamless pipe producers have decreased their domestic offers by around INR 5,000-7,000/mt ($112-146/mt) over the past month, while export quotations of Indian seamless pipes have gone down by around $100/mt over the period under review.
Market players remain skeptical about the chances of a recovery of seamless pipe demand before the end of the monsoon season in September-October. There are concerns in the market that sluggish demand and the global downward trend may force a further price correction in the coming period.
Most offers of Indian seamless pipes of 1"-10" grade B made to ASTM A106 are being given to the local market at around INR 55,000-60,000/mt ($997-1,087/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 at levels of INR 62,000-68,000/mt ($1,123-1,232/mt) ex-works, excluding tax.
The majority of export offers of Indian seamless pipes of 1"-6" Sch 40 grade B as per ASTM A106 are standing at around $1,100-1,150/mt FOB on theoretical weight basis. Meanwhile, export quotations of 1/2"-3/4" Sch 40 pipes are at levels of $1,150-1,200/mt FOB.
$1 = INR 54.89