The Indian seamless pipe market is still experiencing a downward trend against the background of sluggish buying activity, in terms of both the domestic situation and exports. As a result, over the past month the lower end of domestic prices for Indian seamless steel pipes has remained stable, but the upper end has decreased by INR 3,500/mt ($100/mt taking into account currency fluctuations).
India's export prices for seamless steel pipes have decreased by $20-30/mt during the past month. At the same time offer prices of Chinese seamless steel pipes for the Indian market have increased by $80-100/mt on average during the period under review. In spite of this quotations of Chinese seamless steel pipes remain competitive in the Indian market in comparison with the domestic prices of local producers.
Most market participants think that the falling seamless pipe price trend in India will continue during the coming weeks as they do not expect any improvement in demand. Thus, a general reluctance to place orders is expected to be observed in such a falling market.
In particular, Steel Orbis has learned that Indian manufacturers are offering seamless steel pipes of 1"-6" size grade B as per ASTM A106 at INR 41,700-44,000/mt ex-works ($860-900/mt) on theoretical weight basis, excluding tax.
Indian mills' export prices for 6" and below seamless steel pipes grade B made to ASTM A106 are about $880-920/mt FOB on theoretical weight basis.
Quotations of Chinese seamless pipes 1"-6" grade B made to ASTM A106/API 5L are at $680-730/mt C&F on actual weight basis ($670-710/mt C&F on theoretical weight basis).