Sluggish demand in Indian welded pipe market due to elections

Friday, 09 May 2014 11:25:09 (GMT+3)   |  
       

The Indian welded pipe market has remained sluggish due to soft demand from consuming industries amid political uncertainty and tight credit supply against the backdrop of the general election which concludes on May 12. Indian welded pipe suppliers have left their domestic offers unchanged at the levels of two weeks ago, while their export offers have also remained almost unchanged in line with stable overseas demand. Market insiders believe no significant increase in domestic sales volumes can be expected in the coming period. Indian welded pipe producers may cut their prices in the short term amid anticipated lower offers of flat steel and poor buying activity.

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 42,000-44,000/mt ($700-733/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 47,000-49,000/mt ($783-816/mt) ex-works.

Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $700-730/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 $800-830/mt FOB.

$1 = INR 59.87


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