Demand has remained quite stable in the Indian domestic market, and Indian welded pipe producers have kept their domestic prices in the national currency unchanged at the previous levels. However, due to the weakening of the dollar against the rupee, domestic quotations in dollar terms have climbed up by $20-25/mt over the past two weeks. Export offers for Indian ERW pipes gained $20/mt over the period in question, in part due to the trend of domestic market quotations. However, foreign customers are not inclined to accept the higher prices as demand is not strong enough. Market participants believe domestic quotations for welded pipes may move up slightly in the coming period amid an uptick in the domestic market and rising quotations of flat steel material, while exports will face pressure from depressed overseas demand amid the unstable global economic situation.
Indian domestic quotations of ½"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) are at levels of INR 40,000-42,000/mt ($810-850/mt) ex-works. Prices are given excluding tax and 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 45,000-47,000/mt ($910-950/mt) ex-works.
Export quotations of 1"-6" black ERW pipes as per BS 1387 or IS 1239 are at the level of $840-870/mt FOB. Export prices of galvanized ERW pipes of 1"-6" size made to BS 1387 from most Indian producers are at around $930-970/mt FOB.