Wire rod prices in Raipur & Durgapur which are known as hub of medium scale industries in India have surge by about INR 700-1,100/MT (USD 8-15) in a week duration on account of rise in Billet prices along with strong demand.
The current prices of wire rod in Durgapur are hovering in the range of INR 42,800-43,200/MT (USD 594-598) for 5.5mm material, ex-works & excluding GST.
Meanwhile, wire rod prices in Raipur evaluated at around INR 42,100/MT (USD 584) ex-works & excluding GST.
As demand is quite supportive, the spot trade discount in Raipur have steady or little less and currently offered by various manufacturers/supplier is in the range of INR 500-1,000/MT.
As per a well know wire rod/rebar wire manufacturer in Raipur, “There is quite health booking of wire rod as compared to rebar in the current week. Demand seen is good both from both local as well as outstation markets”.
Large Mills increased offer
As per market participants, Indian large mills (SAIL, RINL, JSW Steel) have also increased offers by INR 800-2,000/MT in starting Sep’18 on account on improved domestic demand, other factors are rise in domestic iron ore prices, coking coal prices and healthy exporting booking.
The current offer for blast furnace grade wire rod evaluated at INR 45,500-46,8000/MT (USD 631-638) in Chennai, South India for 5.5mm & excluding GST.
Indian billet and wire prices as on 7 Sep’18
| City | MS Billet | W-o-W | 5.5 mm Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire | W-o-W |
| Raipur | 37,000 | +1,400 | 42,100 | +700 | 44,200 | +700 | 47,500 | +600 |
| Durgapur | 37,500 | +1,000 | 43,200 | +1,100 | 45,200 | +1,100 | 52,500 | +1,100 |
Basic prices in INR/MT; GST extra
Source: SteelMint Research
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