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India: ERW patra prices show mixed trends; demand weakens

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BigMint Bureau

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19 Oct 2024, 14:08 IST

India: ERW patra prices show mixed trends; demand weakens

Raipur witnesses need-based buying

Mandi prices experience volatility

Prices of electric resistance welded (ERW) patra pipes (41-60 OD) showed mixed trends in India's Raipur and Mandi Gobindgarh markets. Mandi saw a slight increase in pipe prices this week, while in Raipur, offers fell compared to the last week. However, demand for ERW patra pipes weakened in both markets compared to the last week. Raw material prices also fluctuated, with HR strip prices decreasing in Raipur and increasing in Mandi, while billet prices remained relatively stable.

On a d-o-d basis, ERW patra pipe prices rose by INR 200/t to INR 45,700/t in Mandi Gobindgarh and declined by INR 200/t to INR 42,900/t in Raipur on 18 October. Listed prices are ex-works (exw), excluding 18% GST.

Weekly average prices

Raipur: Prices declined by INR 400/t w-o-w to INR 42,900/t on 18 October from INR 43,300/t on 11 October. The market was sluggish this week due to softer demand for finished steel. Buyers adopted a cautious approach, purchasing only sufficient volumes to meet immediate needs.

Mandi: Prices increased by INR 200/t w-o-w to INR 45,700/t on Friday from INR 45,500/t on 11 October amid a volatile week for the steel market. Initially, patra pipe prices rose at the beginning of the week but then fell mid-week. However, prices increased again on Thursday, in the evening, due to an improvement in demand for finished steel. This led to higher offers on Friday morning, but demand for finished steel subsequently slowed down.

Raw material price impact

HR strip (patra) prices decreased by INR 400/t w-o-w to INR 42,400/t exw-Raipur on Friday and rose by INR 300/t w-o-w to INR 44,900/t in Mandi.

Billet prices in Raipur remained stable w-o-w at INR 41,000/t on Friday and inched up by INR 100/t w-o-w in Mandi to INR 44,100/t.

Outlook

Overall, the market outlook for ERW patra pipes remains uncertain, with future price movements likely to be influenced by factors such as the demand for finished steel, raw material costs, and broader economic conditions.