The Indian welded pipe market has not witnessed any significant improvements over the past two weeks in view of the sluggishness in consuming industries and the stable global trend. Indian pipe producers are trying to maintain their prices at current levels, since most of them believe quotations have almost hit the bottom. Market insiders believe the situation is unlikely to improve in the short term. Since demand from downstream industries has not been released, market insiders do not think welded pipe prices will go up in the coming two weeks. However, market insiders are optimistic about subsequent market developments supported by India's first budget under the leadership of recently elected Prime Minister Narendra Modi aimed at renewing growth in manufacturing and infrastructure.
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 39,500-41,000/mt ($657-682/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 45,000-47,000/mt ($749-782/mt) ex-works. Traders in India are offering 2"-6" black ERW pipes at around INR 47,000-48,000/mt ($782-798/mt) ex-warehouse.
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $680-710/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 $790-820/mt FOB.
$1 = INR 60.12