Welded pipe demand in the Indian domestic market has remained moderate amid the unfavorable economic situation in the country, while prices have softened by INR 4,000-5,000/mt ($69-87/mt) over the past two weeks.
Very slack demand from foreign buyers in tandem with tight competition has caused Indian welded pipe exporters to cut their offer prices by $70-80/mt over the past two weeks.
In general, market players do not expect any substantial rises in domestic or foreign demand in the coming short-term period.
Domestic quotations of 1/2"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) from Indian producers are at levels of INR 35,000-37,000/mt ($662-700/mt) ex-works, excluding tax. Current domestic prices of 1"-6" galvanized ERW pipes made to BS 1387 (light series) are in the range of INR 40,000-42,000/mt ($757-795/mt) ex-works.
Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $680-720/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 $780-820/mt FOB on theoretical weight basis.