Trading is slow in the Indian seamless pipe market at the beginning of the rainy season. Indian seamless pipe producers have cut their domestic offers by around INR 1,000-2,000/mt ($73-85/mt) over the past month. However, local buyers remain cautious about concluding deals given the global downward trend. Overseas demand for Indian seamless pipes is still poor, while export quotations of Indian seamless pipes have decreased by $50/mt over the past month. Furthermore, some Indian producers are giving $20-30/mt discounts on deals.
Market players expect the ongoing global downtrend, falling raw material costs and unfavorable market conditions will keep seamless pipe prices in India on a downward track in the coming month.
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 55,000-58,000/mt ($951-1,003/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 60,000-67,000/mt ($1,038-1,159/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 $1,050-1,100/mt FOB on theoretical weight basis. Meanwhile, export quotations of 1/2"-3/4" Sch 40 pipes are at levels of $1,100-1,150/mt FOB.
$1 = INR 57.73