Over the past two weeks prices for Indian welded pipes have declined very rapidly due to extremely low demand from both local and foreign customers. Domestic quotations of Indian black ERW pipes have decreased by INR 4,000-5,000/mt ($120-145/mt, currency fluctuations taken into account) over the past two weeks, while domestic prices of galvanized ERW pipes have dropped by INR 3,000/mt ($105/mt, currency fluctuations taken into account) during the same period. Export prices of Indian ERW pipes have decreased by $50/mt over the two weeks in question. According to market insiders, the market is very weak now and nobody wants to buy material as prices continue to fall. It is expected that welded pipe quotations will continue to move down in the line with the downward trend of prices for flat products.
Domestic quotations of 2"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) are at levels of INR 36,000-38,000/mt ($770-810/mt) ex-works, excluding tax and 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 42,000-45,000/mt ($895-960/mt) ex-works.
Export quotations of 1"-6" black ERW pipes as per BS 1387 or IS 1239 are at the level $770-800/mt FOB on a theoretical weight basis. Export prices of Indian galvanized ERW pipes of 1"-6" size made to BS 1387 are at around $870-900/mt FOB.