Indian seamless pipe prices remain largely stable

Seamless pipe producers in India have kept their domestic and export prices largely stable over the past month as seamless pipe demand continues to remain sluggish in the Indian market. However, due to the weakening of the rupee against the US dollar, domestic quotations in dollar terms have declined by $20/mt over the month. Indian pipe consumers refrain from making large-quantity purchases as it is very difficult to predict future price movements. Although rising production costs continue to exert pressure on seamless pipe prices, Indian producers are unlikely to implement any significant price increase in the coming period as rising interest rates, the onset of the monsoon season and higher fuel costs may cause a slowdown in the market.
 
Most offers of Indian seamless pipes 2"-10" grade B made to ASTM A106 are being given to the local market at around INR 55,000-60,000/mt ($1,210-1,320/mt) ex-works on theoretical weight basis, excluding tax.
 
The majority of export offers of Indian seamless pipes 2"-10" grade B as per ASTM A106 are standing at around $1,250-1,350/mt FOB. Meanwhile, export quotations of the same pipes, 2"-4", from top Indian pipe producers are at the level of $1,500-1,600/mt FOB.
 
Prices for Chinese seamless pipes, 2"-6" grade B as per ASTM A106, given to India are at $1,000-1,060/mt CFR actual weight.