Prices of seamless pipes in India are still unable to move up because of weak downstream demand in the current off-season. Domestic and export prices for Indian seamless pipes have remained stable over the past month as mills have refused to reduce their offers. Indian producers of seamless pipes have no intention of adjusting their quotations in the near future as there are still no signs of a release of demand from downstream consumers. However, the general market outlook remains optimistic amid the policies of the new Indian government to stimulate the economy, encouraging greater consumption of steel products in the domestic market, and also given lower seamless pipe imports on the back of the imposition of antidumping duty on seamless pipe imports into India.
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 55,000-56,500/mt ($905-930/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 $940-970/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 63,000-65,000/mt ($1,037-1,070/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 60.75