Sluggish activity in Indian seamless pipe market

The Indian seamless pipe market is quiet due to the seasonal decline in buying activity. Indian producers have cut domestic offers of seamless pipes by INR 2,000-3,000/mt ($31-47/mt) over the past month, while export offers of seamless pipes from Indian producers have gone down by $35-50/mt over the past month. The Indian seamless pipe market may indicate a soft trend in the coming period considering that the current monsoon season will lead to a slowdown in construction activity and a further fall in demand for seamless pipes.
 
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 48,000-50,000/mt ($755-787/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 52,000-54,000/mt ($818-849/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 $815-830/mt FOB on theoretical weight basis, while export offers of seamless pipes from top Indian pipe producers are at $890-900/mt FOB.
 
$1 = INR 63.57