Indian buyers continue to show weak demand for welded pipes amid sluggish consumer activity during the rainy season. Indian welded pipe producers have kept their domestic offers in the national currency unchanged over the past two weeks, but US dollar quotations have lost $17-22/mt due to the depreciation of the rupee. Export offers of Indian welded pipes have remained unchanged during the past two weeks as buying activity abroad remains seasonally low. Market insiders expect prices for Indian welded pipes may go up in the coming period, taking into account the upward trend of Chinese suppliers' prices. However, slack demand from both local and overseas buyers will put pressure on welded pipe prices.
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 36,000-40,000/mt ($592-658mt) 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 41,000-45,000/mt ($674-740/mt) ex-works.
Most 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 $740-760/mt FOB.
$1 = INR 60.79