The Indian seamless pipe market is experiencing a downward trend against the background of sluggish buying activity, in terms of both the domestic situation and exports. Most Indian producers have cut domestic offers of seamless pipes by INR 500-1,000/mt ($8-16/mt) over the past month, while domestic offers of seamless pipes from high-quality producers have decreased by INR 7,000-7,500/mt ($112-120/mt) during the same period. Export offers of seamless pipes from Indian producers have gone down by $20-90/mt over the past month. Market players do not predict any significant improvements in the market in the short-term due to weak domestic end-user demand and falling prices and strong competition in the international market.
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 52,000-53,000/mt ($833-849/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 56,000-58,000/mt ($897-929/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 $880-900/mt FOB on theoretical weight basis, while export offers of seamless pipes from top Indian pipe producers are at $960-1,000/mt FOB.
$1 = INR 62.44