India: ERW patra pipe prices remain stable w-o-w across key markets

• Weekly stability persists amid weak demand and cautious sentiment
• Prices continue to remain elevated at nearly two-year highs

ERW patra pipe prices (41-60 mm OD) remained stable w-o-w in the week ended 10 April 2026 in both Raipur and Mandi Gobindgarh, despite mixed raw material movements across regions. This stability in prices was primarily driven by subdued demand conditions across both regions.

Market sentiment remained subdued, with trading activity largely restricted to need-based purchases, as buyers continued to remain cautious, resulting in limited enquiries throughout the week.

However, on a d-o-d basis, prices edged lower in both the markets, reflecting short-term pressure in spot market sentiment. In Raipur, prices dropped by INR 400/t d-o-d to INR 47,300/t ex-works (exw) on 10 April from INR 47,700/t exw while in Mandi Gobindgarh, prices fell by INR 500/t d-o-d to INR 50,500/t exw from INR 51,000/t exw. Listed prices are ex-works and exclude 18% GST.

Weekly price trends

Raipur: Pipe prices in Raipur remained stable w-o-w at INR 47,300/t ex-works (exw) on 10 April 2026. Overall demand remained weak, with only limited buying interest reported throughout the week A source indicated that, “most buyers had already procured sufficient inventories in the previous weeks, resulting in a wait-and-watch approach, while dispatches of earlier orders are still pending”. He further added that, “prices are expected to remain largely stable in the coming days, with no significant upside or downside expected.”

Mandi Gobindgarh: Pipe prices in Mandi Gobindgarh also remained unchanged w-o-w at around INR 50,500/t ex-works (exw) on 10 April. Market sentiment remained mixed, with market participants not anticipating any significant downside in prices and expecting stability, while some foresee a slight correction. A source indicated that, “the recent dip in prices is largely linked to easing geopolitical tensions following the ceasefire announcement. The improvement in risk sentiment has reduced buying urgency, with buyers largely shifting to a wait-and-watch approach amid expectations of further price corrections in the coming days.”

Raw material prices

HR strip (patra): HR strip (patra) prices in Raipur inched down w-o-w by INR 400/t exw to INR 46,600/t exw on 10 April from INR 47,000/t exw on 3 April. In contrast, patra prices in Mandi Gobindgarh remained stable w-o-w at around INR 49,500/t on 10 April.

Billet: Billet prices in Raipur remained stable w-o-w at INR 42,950/t exw on 10 April. However, In Mandi Gobindgarh, billet prices stood at INR 46,550/t DAP on 10 April, up by INR 550/t w-o-w compared with INR 46,000/t DAP a week earlier.

Outlook

ERW patra pipe prices are expected to remain largely stable with a mild negative bias in the coming week. With buyers continuing a cautious, need-based approach, demand is unlikely to support any significant upside, while stable input costs are likely to limit any significant downside. Going forward, geopolitical developments, particularly whether the current ceasefire holds or tensions escalate again, are likely to be the key factor guiding market direction and shaping future price movements.