Major Indian Steel Mills Keep Wire Rod Prices Unchanged for July

As per trade sources report to SteelMint, Indian large Steel mills like RINL (Vizag Steel), JSW Steel and SAIL, have roll over Wire rod prices for July 2018 deliveries.

Currently, Wire rod prices by the large steel players in Bangalore, South region hovering at INR 45,000-45,500/MT (USD 654-660) for 5.5 mm size & excluding GST at 18%.

Apart from above prices, trade discount being offered by a large producer at around INR 800-1,000/MT, as per participants.

The current price steady by the producers attributes average demand from the end-users applications like GI Wire, binding wire, spring steel, fasteners, tyre beads etc.

Prices Slump by Medium mills

Raipur & Durgapur, which are the big hub of medium mills, the producers here are continue to decline prices in line with falling billet prices and poor off-take. As per SteelMint assessment, the prices have reduced by INR 3,000-4,000/MT (USD 44-58) in last 15-20 days.

Currently, in Durgapur, 5.5 mm wire rod and HB 12G are available at INR 38,300/MT and INR 40,300/MT, respectively. Plants in Raipur are offering the same grade material at INR 38,900/MT and INR 41,000/MT, respectively. All prices are ex-works & excluding 18% GST. The Wire rod manufacturers in Raipur are also offering discount of around INR 1,000/MT.