Indian seamless pipe producers have had to reduce prices amid weakening demand from foreign buyers and from the local market. Foreign buyers are mostly inactive citing the high levels of offer prices, while demand from local customers has started to decline ahead of the rainy season. Over the past month, domestic quotations of seamless pipes from top Indian producers have decreased by INR 5,800-7,450/mt ($120-150/mt), while export offers have declined by $140/mt. At the same time, domestic prices of smaller producers have gone down by around INR 1,000/mt ($30/mt), while their export quotations have dropped by $30-40/mt over the period under review. Most buyers believe Indian seamless pipe producers will try to maintain their prices unchanged over the next few weeks though a seasonal decline in end-user activity may force them to make reductions later.
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 67,000-69,000/mt ($1,260-1,300/mt) ex-works on theoretical weight basis, excluding tax. Domestic quotations of 2"-6" seamless pipes of grade B made to ASTM A106 from top Indian pipe producers are at the level of INR 71,550-74,200/mt ($1,350-1,400/mt) ex-works, excluding tax.
The majority of export offers of Indian seamless pipes of 2"-10" grade B as per ASTM A106 are standing at around $1,320-1,360/mt FOB. Meanwhile, export quotations of the same pipes, 2"-4", from top Indian pipe producers are at the level of $1,410-1,460/mt FOB.
Prices for Chinese seamless pipes, 2"-6" Sch 40 grade B as per ASTM A106, given to India are at $880-950/mt CFR on actual weight basis, compared to $900-950/mt one month ago.