Activity in the Indian seamless pipe market is still lackluster amid slack demand from end-users. Most domestic prices for Indian seamless pipes have declined by around INR 1,500-2,000/mt ($24-32/mt) over the past three months, while the majority of export offers have moved down by $30-40/mt under pressure from low import offers and a lack of demand from both local and foreign buyers. At the same time, top Indian producers have abstained from making price cuts. Most participants in the market are maintaining a wait-and-see stance before the Indian government announces its new policy on steel import duties. Meanwhile, sources doubt the seamless pipe market in India will see improvements in demand before the end of this year.
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 53,000-55,000/mt ($857-890/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 $900-940/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 may reach INR 64,000-66,000/mt ($1,036-1,068/mt) ex-works, excluding tax. Export offers of seamless pipes from top Indian pipe producers have remained at levels of $1,100-1,130/mt FOB.
$1 = INR 61.78