Prices in the seamless pipe market in India have declined slightly, influenced by the poor market performance. Most Indian seamless pipe makers have cut their domestic prices by around INR 500-600/mt ($13-22/mt) over the past month amid soft downstream demand, while export quotations have declined by a maximum of $10/mt owing to the weak business activity of foreign buyers. However, domestic quotations of the top Indian producers have remained stable over the period under review. Market players believe that the market will remain quiet in the short run considering the lack of downstream demand. However, planned infrastructure investments in India, for highways, industrial corridors, housing and manufacturing, are expected to drive an increase in seamless pipe demand in the future.
Most offers of Indian seamless pipes of 2"-10" grade B made to ASTM A106 are being given to the local market at around INR 55,000-56,400/mt ($915-939/mt) ex-works on theoretical weight basis, excluding tax.
The majority of export offers of Indian seamless pipes of 2"-6" Sch 40 grade B as per ASTM A106 are standing at around $940-970/mt FOB on theoretical weight basis.
Domestic quotations of 2"-4" seamless pipes of grade B made to ASTM A106 from top Indian pipe producers may reach INR 63,000-64,000/mt ($1,049-1,065/mt) ex-works, excluding tax. Export offers of seamless pipes from top Indian pipe producers have remained at levels of $1,100-1,130/mt FOB.
$1 = INR 59.98