Indian welded pipe producers have attempted to reflect higher raw material prices in their quotations despite low demand from most local and foreign buyers. Domestic quotations of Indian welded pipes have moved up by around INR 500-1,000/mt over the past month, while export offers of Indian welded pipes have risen by around $30-40/mt over the period under review. However, considering the slack purchasing activity of end-users in the domestic market and insufficient overseas demand, market insiders do not believe that the welded pipe market will recover in the near future.
Domestic quotations of 1"-6" black ERW pipes made to IS 1239 or BS 1387 (light series) from Indian producers are at levels of INR 34,000-35,000/mt ($524-539/mt) ex-works, excluding tax, on actual weight basis. Current domestic prices of 1"-6" galvanized ERW pipes made to BS 1387 (light series) are in the range of INR 40,000-40,500/mt ($616-624/mt) ex-works.
Most Indian producers are offering 1"-6" black ERW pipes as per BS 1387 (light series) to foreign customers at around $580-590/mt FOB on actual weight basis. Export prices of galvanized ERW pipes of 1"-6" size made to BS 1387 from most Indian producers are at around $670-685/mt FOB.
$1 = INR 64.90