India: ERW patra pipe prices increase w-o-w; buyers turn cautious

• Safeguard duty announcement leads to higher quotes
• Billet tags in Raipur, Mandi surge by INR 900-1,300/t w-o-w

India’s ERW patra pipe (41-60 OD) prices increased w-o-w in Raipur and Mandi Gobindgarh. Prices in Mandi rose by INR 900/tonne (t), while Raipur saw a steeper increase of INR 1,700/t w-o-w. Current pipe prices are at around INR 44,500/t in Raipur and INR 45,600/t in Mandi Gobindgarh as of 21 March 2025. Prices listed are ex-works (exw), excluding 18% GST.

D-o-d, prices held steady in both Raipur and Mandi Gobindgarh.

Weekly average prices

Prices in Raipur and Mandi increased compared to the previous week.

Raipur: Prices stood at around INR 44,500/t exw on Friday, up by INR 1,700/t from INR 42,800/t on 13 March.

Mandi: Prices rose to INR 45,600/t exw, up by INR 900/t from INR 44,700/t on 13 March.

Market updates

Safeguard duty announcement lays ground for higher quotes: The preliminary recommendations of the safeguard duty investigation into flat steel imports allowed sellers to quote higher offers. Notably, the Directorate General of Trade Remedies (DGTR) has recommended a 12% safeguard duty if the import price is lower than the threshold specified vide the Gazette on 19 March 2025. However, there were mixed responses in different regions. Whereas demand, along with prices, showed an improvement in Mandi Gobindgarh, Raipur witnessed a slowdown, with buyers moving to the sidelines as sellers started quoting higher.

Raw materials prices rise: HR strip (patra) prices rose by INR 1,500/t w-o-w to INR 44,100/t exw-Raipur as on 21 March compared to INR 42,600/t exw-Raipur on 13 March. Likewise, patra prices in Mandi climbed up by INR 1,200/t w-o-w to INR 44,800/t exw compared to INR 43,600/t exw a week ago.

Steel billet prices in Raipur were up by INR 1,300/t w-o-w to INR 41,250/t exw on 21 March, compared to INR 39,950/t on 13 March. Meanwhile, billet prices in Mandi recorded an increase of INR 900/t w-o-w to 43,300/t DAP on 21 March, compared to INR 42,400/t DAP on 13 March.

Outlook

Buyers’ response to rising prices shall shape the demand scenario in the last week of FY’25. At the moment, sentiment on the buyers’ side is slightly cautious. However, the current market scenario suggests that pipe prices may increase further in the short term, gaining support from the rising raw material prices.