Buying activity in the Indian welded pipe market has remained slow amid soft demand from consuming industries. Over the past two weeks, local Indian welded pipe prices have remained stable, while export offers for Indian ERW pipes have gone down by a maximum of $10/mt amid negligible market activity. Local traders are reluctant to take the risk of stockpiling materials toward the end of the financial year. Most market participants prefer to follow a wait-and-see approach ahead of the Indian government's new budget.
Domestic quotations of 1"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) from Indian producers are at levels of INR 38,000-40,000/mt ($615-647/mt) ex-works, excluding tax, on actual weight basis. Current domestic prices of 1"-6" galvanized ERW pipes made to BS 1387 (light series) are in the range of INR 44,000-46,000/mt ($712-744/mt) ex-works.
Traders in India are offering 2"-6" black ERW pipes of grade B as per ASTM A53 at around INR 40,000-43,000/mt ($647-695/mt) ex-warehouse, including excise duty and VAT.
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $620-650/mt FOB on actual weight basis. Export prices of galvanized ERW pipes of 1"-6" size made to BS 1387 from most Indian producers are at around $730-750/mt FOB.
$1 = INR 61.83