Indian seamless pipe producers appear to be optimistic about the prospects for their local market and have raised their domestic quotations by INR 3,000/mt compared to the level of one month ago. However, Indian consumers are very skeptical about this increase because of the sluggishness of the domestic market. The international market also remains silent and export prices of Indian seamless pipes do not indicate any change. Market players hold the view that a downward trend will be seen during the coming month as the situation in the domestic and external markets will not improve before October, due to such factors as the rainy season in India and Southeast Asian countries, the summer holidays in European countries, and the month of Ramadan in Muslim countries.
Indian seamless pipes 1"-6" grade B made to ASTM A106 are currently being offered to the domestic market at around INR 45,000-48,000/mt ex-works ($930-990/mt) on theoretical weight basis, excluding tax.
Export quotations of Indian seamless pipes 1"-6" grade B as per ASTM A106 are at the level $950-1,000/mt FOB on theoretical weight basis.
Offer prices of Chinese seamless steel pipes for the Indian market continue to rise, by $20-50/mt on average during the period under review. Current quotations of Chinese seamless pipes 1"-6" grade B made to ASTM A106/API 5L are at $800-820/mt C&F on theoretical weight basis.