Wire rod prices in Raipur & Durgapur which are known as hubs of medium scale industries in India have fallen sharply in line with slump in billet prices and demand concern. In a week’s duration, the wire rod prices by medium mills in Durgapur & Raipur have reduced about INR 1,000-1,200/MT (USD 14-16).
The latest price assessment for 5.5mm wire rod in Durgapur, East India stood at INR 39,500-39,800/MT (USD 535-540) & in Raipur, Central India at around INR 40,000/MT (USD 543).The prices are ex-works & excluding GST.
As the selling pressure increases with the manufacturers, the spot trade discount in Raipur have also increased and currently offered by various manufacturers/supplier is at INR 1,200-1,600/MT, depending on the quantity.
Further as per a wire rod manufacture in Durgapur “Trade activities are likely to remain limited in the east region owing to upcoming Durga Puja festival from 9 Oct to 19 Oct’18”.
Shakambhari Ispat & Power Ltd based in east India has offered Wire Rod 5.5mm at INR 39,700/MT, ex-work & excluding GST. As per report, the company had cut prices by around INR 1,000/MT W-o-W due to poor domestic & export demand.
Another wire rod manufacturer in Raipur stated, “since the prices falling, buyers prefer to remain away to take positions. Although we managed to sold yesterday around 500 MT of HB wire in local market at discount of INR 1,500/MT.”
Large mills increased Prices
Recently, RINL(Vizag steel) and JSW Steel have announced to increase in wire rod offers for October deliveries. As per sources report, JSW steel has increased wire rod prices of all grade by around INR 1,250/MT and RINL has raised by INR 300/MT.
The current offers for wire rod produced through blast furnace grade billet evaluated at INR 46,600-47,100/MT (USD 635-640) in Chennai, South India, for 5.5mm, SAE 1008 grade & excluding GST.
Indian billet and wire prices as on 4 Oct’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 | 33,000 | -1,500 | 40,000 | -1,100 | 42,100 | -1,100 | 46,400 | -1,300 |
| Durgapur | 33,500 | -1,000 | 39,700 | -1,100 | 41,700 | -1,100 | 50,100 | -1,100 |
Basic prices in INR/MT; GST extra
Source: SteelMint Research
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