Buying activity is still slow in the Indian market for seamless pipes. Although buyers insist on price reductions, Indian seamless pipe producers have been reluctant to discount prices thinking that such a move would not help to improve the current situation. Thus, Indian seamless pipe manufacturers have kept their domestic quotations in the national currency unchanged, while prices on US dollar basis have increased by $20-25/mt over the past month due to the stronger rupee. Export quotations of Indian seamless pipes have gone up by around $20-30/mt over the period under review due to the same reason. Meanwhile, market players believe the global downward trend and soft demand leave no chance for Indian seamless pipe producers to avoid price cuts in the coming period.
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 67,000-70,000/mt ($1,200-1,255/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 at the level of INR 71,550-74,200/mt ($1,280-1,330/mt) ex-works, excluding tax.
The majority of export offers of Indian seamless pipes of 2"-10" grade B as per ASTM A106 are standing at around $1,250-1,320/mt FOB. Meanwhile, export quotations of the same pipes, 2"-4", from top Indian pipe producers are at the level of $1,340-1,390/mt FOB.
Prices for Chinese seamless pipes, 2"-6" Sch 40 grade B as per ASTM A106, given to India are at $800-860/mt CFR on actual weight basis, compared to $850-900/mt one month ago.