- Moderate distributor demand limits further price gains
- Major producer raises Oct list prices by INR 1,500/t
Indian electric resistance welded (ERW) pipe (hot-rolled coil-based) prices increased by INR 400-1,200/t ($4-12/t) w-o-w across major markets in the week ended 23 September 2026. The increase was driven primarily by higher hot-rolled coil (HRC) costs and stronger mill price indications, while demand at the distributor level remained moderate.
Market participants said buying activity has not improved in line with the recent price increases, resulting in higher inventory levels among distributors. However, bookings from original equipment manufacturers (OEMs) and construction companies were reported to be relatively better.
HRC costs support pipe prices
BigMint’s bi-weekly benchmark assessment for Mumbai HRC (IS 2062, Grade E250, 2.5-8 mm/CTL) increased by INR 200/t ($2/t) w-o-w to INR 63,900/t ($666/t) ex-Mumbai as of 22 September.
The increase in HRC prices, driven by higher mill price indications, and tighter availability of raw materials for pipe production strengthened the replacement-cost basis for ERW pipes. Market sentiment also firmed after a major mill raised HRC prices by around INR 1,000/t ($10/t).
Despite higher replacement costs, buyers remained focused on immediate requirements. Expectations of further price increases prompted some purchases, but demand remained moderate as buyers were cautious about accumulating inventory at elevated price levels.
Distributor prices increase
Distributor-level ERW pipe prices also moved higher across key markets.
In Raipur, weekly average prices increased by INR 400/t ($4/t) w-o-w to INR 64,900/t ($676/t) on 23 September, from INR 64,500/t ($672/t) a week earlier.
In Pune, weekly average prices rose by INR 600/t ($6/t) w-o-w to INR 66,700/t ($695/t), compared with INR 66,100/t ($689/t) in the previous week.
Market participants said the increase at the distributor level largely reflected higher mill prices rather than a corresponding improvement in distributor-to-dealer demand. However, bookings from OEMs and construction companies were reported to be relatively healthy.
A market participant said, “Prices are expected to rise further until the festive season. We are hoping for an improvement in demand over the next two months. With the festive season approaching, buyers are continuing to purchase material as per their requirements, even at higher prices.”
Major ERW pipe producer raises Oct list prices
A major Indian ERW pipe producer has raised its list prices for round pipes by INR 1,500/t ($15/t) across key markets, effective 1 October 2026, compared with its 22 September price list. The increase was supported by higher HRC costs and tighter raw material availability, which have increased production costs. Demand, however, remained moderate, with buyers largely purchasing to meet immediate requirements.
Revised list prices for base-grade round pipes of 25-125 NB and 2.2-6 mm thickness stand at INR 68,000/t ($709/t) exy-Raipur and INR 70,000/t ($730/t) exy-Pune, excluding 18% GST.
Outlook
ERW pipe prices may remain supported through the near-term as mills continue to pass higher HRC replacement costs into pipe prices and festive demand expectations support procurement.
However, the extent of further price increases is likely to depend on actual demand improvement. If distributor-level buying remains moderate and inventories continue to build, higher mill prices may not translate into a similar pace of price increases across the downstream market.
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