Buying activity remains seasonally slow in the Indian market for welded pipes. Meanwhile, Indian welded pipe producers are generally keeping their domestic offers in rupee terms unchanged, but taking into account currency fluctuations Indian welded pipe prices have decreased by $10-15/mt on dollar basis over the past two weeks. In addition, Indian welded pipe producers have kept their export prices stable despite poor demand from foreign customers. Market participants expect demand to remain sluggish in the near term and the market is unlikely to see any significant changes.
Domestic quotations of 1/2"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) from most Indian producers are at levels of INR 40,000-41,000/mt ($720-735/mt) ex-works, excluding tax, while quotations from bigger producers are at about INR 42,000-43,000/mt ($755-770/mt) ex-works. ERW pipes of 4"-6" made to API 5 L grades B are quoted in the domestic market at INR 45,000/mt ($810/mt) ex-works. Current domestic prices of 1"-6" galvanized ERW pipes made to BS 1387 (light series) are in the range of INR 46,000-47,000/mt ($825-845/mt) ex-works.
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $720-750/mt FOB on theoretical weight basis. At the same time, export quotations of 1"-4" black ERW pipes as per BS 1387 or IS 1239 from top Indian producers such as Jindal Pipes are at the level of $815-825/mt FOB, while prices of 1/2"-3/4" pipes are at around $830-835/mt FOB. Offers of 4"-6" black ERW pipes of grade B made to API 5L are being given to the external market at around $870/mt FOB.
Export prices of galvanized ERW pipes of 1"-6" size made to BS 1387 from most Indian producers are at around $820-850/mt FOB.