The Indian seamless pipe market is still experiencing a downward trend in view of sluggish buying activity, both domestic and foreign. Domestic prices for Indian seamless pipes have declined by a maximum of INR 500/mt ($14/mt) over the past month, while export offers of seamless pipes from Indian pipe producers have decreased by a maximum of $20/mt during the same period. However, market transactions are still scarce owing to weak demand and pessimism among market participants. Market players are pessimistic about a recovery in demand in the short run, citing economic fears as the primary factor underlying consumers' decision to delay purchasing activity.
Most offers of Indian seamless pipes of 2"-10" grade B made to ASTM A106 are being given to the local market at around INR 52,500-54,000/mt ($840-864/mt) ex-works on theoretical weight basis, excluding tax. Domestic quotations of 2"-4" seamless pipes of grade B made to ASTM A106 from top Indian pipe producers are in the range of INR 63,500-65,000/mt ($1,016-1,040/mt) ex-works, excluding tax.
The majority of export offers of Indian seamless pipes of 2"-6" Sch 40 grade B as per ASTM A106 are standing at around $900-930/mt FOB on theoretical weight basis, while export offers of seamless pipes from top Indian pipe producers are at $1,050-1,080/mt FOB.
$1 = INR 62.53