Low activity in Indian welded pipe market

The Indian welded pipe market is quiet amid the traditional downturn in business activity during the summer. Domestic quotations of Indian welded pipes have moved down by INR 1,000/mt ($16/mt) over the past two weeks amid the ongoing declining trend of hot rolled coil (HRC) prices and lackluster market sentiments. Over the same period, export offers of ERW pipes have not been revised amid stable demand from overseas buyers. Welded pipe prices in India may continue to weaken in the short run in line with the softening of flat steel offers and the stagnancy on the demand side.
 
Domestic quotations of 1"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) from Indian producers are at levels of INR 34,000-36,000/mt ($534-564/mt) ex-works, excluding tax, 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 40,000-43,000/mt ($627-674/mt) ex-works.
 
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $575-600/mt FOB on actual weight basis. Export prices of galvanized ERW pipes of 1"-6" size made to BS 1387 from most Indian producers are at around $670-700/mt FOB.
 
$1 = INR 63.79