Buyer activity has remained weak in the Indian seamless pipe market amid slack demand from consuming industries due to slow implementation of infrastructure projects in the country. Indian domestic seamless pipe prices have fallen by about INR 1,000-2,000/mt ($15-33/mt) over the past month, while export offers of Indian pipes have declined by around $50/mt over the same period. Market players believe that sluggish demand amid financial uncertainty in the region means there will be a lack of support for any hike in seamless pipe prices in India in the coming short-term period.
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 57,000-60,000/mt ($944-993/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 $950-1,000/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 65,000/mt ($1,076/mt) ex-works, excluding tax.
$1 = INR 60.15