The latest assessment of mild steel (MS) pipe price trends reveals persistent downward pressure across the final quarter of 2024, driven by global oversupply, reduced procurement activity, and regional demand inconsistencies. The MS Pipe 100 NB segment in the FOB India market recorded significant year-on-year declines ranging between 14% and 15%, signaling a challenging pricing environment that is likely to extend into early 2025. Expert Market Research indicates that prices may remain mixed next year, shaped by fluctuating construction demand and varying industrial consumption levels across key regions.In October 2024, MS pipe prices fell to 724 USD/MT, compared to 844 USD/MT in October 2023, marking a steep 14% YoY reduction. The Indian domestic market experienced sluggish orders from fabrication, infrastructure, and light engineering sectors, as project spending cooled and buyers hesitated to commit to large purchases. Meanwhile, global oversupply—resulting from expanded production capacities and weaker-than-expected recovery in Europe and East Asia—intensified competitive pricing and pressured exporters to reduce offer levels.
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The downward pricing pattern continued through November 2024, with MS pipe prices declining to 720 USD/MT, down from 850 USD/MT in November 2023—a sharper 15% YoY drop. The decline was amplified by soft steelmaking raw material prices, especially iron ore and scrap, which contributed to lower production costs and greater pricing flexibility among mills. Distributors reported slower inventory turnover as buyers across multiple sectors remained cautious due to unclear economic signals and tightening credit conditions.
December 2024 showed little relief, with MS pipe prices settling at 707 USD/MT, compared to 825 USD/MT in December 2023—another substantial 14% YoY decline. Seasonal slowdowns in construction and infrastructure activity further softened demand, while export competition from China and Southeast Asia pressured Indian suppliers to maintain discounted price levels. Additionally, logistical cost fluctuations and inconsistent energy prices created added challenges for steel manufacturers trying to stabilize margins.
Looking ahead, Expert Market Research projects that mild steel (MS) pipe prices in 2025 will exhibit a mixed trajectory, shaped by continued oversupply but supported intermittently by regional demand surges. Any potential recovery will depend on infrastructure spending revival, increased activity in engineering and fabrication industries, and stabilization in global steel supply chains. Market participants—including traders, contractors, and manufacturers—are advised to remain alert to shifting procurement cycles and regional pricing variations.
As the steel market navigates volatility, the evolving MS pipe price trends highlight the importance of strategic purchasing, timely inventory planning, and close monitoring of international supply conditions.