The Indian welded pipe market has remained sluggish over the past two weeks as buyers have refrained from booking amid the ongoing downtrend of prices. Over the past two weeks, domestic Indian welded pipe prices have declined by INR 700-1,000/mt ($11-16/mt), while export offers for Indian ERW pipes have gone down by a maximum of $10/mt amid dull market conditions. However, the lower offers prices have failed to trigger any significant transaction volumes as most market players prefer to stay on the sidelines until the market situation becomes clearer. Ambiguous market directions, low expectations of a demand uptick from pipe consuming industries, currency fluctuations, and high bank interest rates have generated uncertainty, dampening purchasing activity in the Indian market.
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 38,000-40,000/mt ($611-643/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 44,000-46,000/mt ($708-740/mt) ex-works.
Traders in India are offering 2"-6" black ERW pipes of grade B as per ASTM A53 at around INR 40,000-43,000/mt ($643-691/mt) ex-warehouse, including excise duty and VAT.
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $630-650/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 $730-760/mt FOB.
$1 = INR 62.19