Buying activity is still slow in the Indian seamless pipe market. Sluggish consumption during the rainy season has continued to affect business activity in the domestic market. Export demand for Indian seamless pipes is very weak because of strong competition with overseas suppliers and low buying activity in the global market in summer. Most domestic prices for Indian seamless pipes have remained unchanged over the past month, while top Indian producers have cut domestic offers of seamless pipes by a maximum of INR 1,000/mt ($16/mt). Export seamless pipe offers from Indian manufacturers have moved down by $10-20/mt. Weak market sentiments will likely force Indian seamless pipe makers to refrain from raising their quotations in the coming 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 48,000-50,000/mt ($749-780/mt) ex-works on theoretical weight basis, excluding tax. Domestic quotations of 2"-4" seamless pipes of grade B made to ASTM A106 from top Indian pipe producers are in the range of INR 52,000-53,000/mt ($811-827/mt) ex-works, 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 $810-830/mt FOB on theoretical weight basis, while export offers of seamless pipes from top Indian pipe producers are at $870-890/mt FOB.
$1 = INR 64,12