Buying activity in the Indian seamless pipe market has slowed down over the past month with both domestic and export demand remaining slack. Domestic prices for seamless pipes from Indian producers have declined by around INR 500-1,000/mt ($5-13/mt) over the past month, while export offers have decreased by a maximum of $20/mt over the period under review, amid lower feedstock costs and weak demand. Indian traders are very cautious as regards placing orders as their stocks are full and as demand levels are too low.
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 58,000-62,000/mt ($944-1,009/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 $1,000-1,050/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 are at levels of INR 65,000-67,000/mt ($1,058-1,091/mt) ex-works, excluding tax.
$1 = INR 61.23