I thought it would be shielded by the balcony floor above you (to which the pipes are attached) and the side walls of your balcony- maybe I'm not getting the picture- I certainly didn't picture it openly exposed to the sun and rain.
At any rate - even if you had to replace it once a season - I often buy yards of material or even sheets that I like to use as wall coverings or even a sort of canopy. They're fairly cheap (around the same price as a can of good paint) and you can use small upholstery tacks to literally just attach them to your surface in whatever way you want to achieve whatever sort of drape you're looking for, making them easily removed and replaced and very economical.
If the ceiling is concrete - you can go to a hardward store and find out what you can use to penetrate that - probably some sort of special drill or screw.
And even if it's exposed to sun - in that case - I'd go lighter so you don't notice the fade as quickly - but if it's exposed to rain - no material wouldn't work unless you got some sort of tent canvas.
I must have misunderstood the basics of your situation.