India’s Wire rod production increased by 11% in which production of Large mills surge by 12% & Medium mills by 10% M-o-M in Aug’18, as per data compiled by Joint Plant Committee.
According to Joint Plant Committee (JPC) – under the Ministry of Steel, Indian wire rod production stood at 3,53,000 MT in Aug’18 as compared to 3,18,000 MT in July’18, surge by 11% M-o-M.
Out of total wire rod production in Aug’18, production by large mills stood at 2,22,000 MT, surge by 12% compared to 1,99,000 MT in Jul’18 and rest being produced by medium mills which are mainly located at Raipur and Durgapur.
In large scale mills, Steel Authority of India Limited (SAIL) observed a sharp increase in production by 114% M-o-M in Aug’18 and stood at 22,000 MT. The company’s production surged in line with better capacity utilization.
In Aug’18, out of total wire rod productions, the large steel mills like SAIL, RINL, Tata Steel, JSW Steel and JSPL accounted for about 63% of production and rest was produced by other medium scale producers, as per report.
Wire Rod Prices–
At present, wire rod prices in Durgapur are hovering in the range of INR 41,100-41,400/MT (USD 566-570) for 5.5mm commercial grade material, ex-works & excluding GST.
Meanwhile, wire rod prices in Raipur evaluated at around INR 41,600/MT (USD 572) ex-works & excluding GST. Discounts extra depending on the quantity.
Large mills domestic wire rod offer for SAE 1008 grade, 5.5-6 mm is assessed at around INR 46,000-46,500/MT (USD 638-640) FoR Chennai, GST extra.
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