India: Wire Rod Production down by 40-50% because of Labor Shortage

Wire Rod production has been cut by 40-50% at Raipur and Durgapur due to labor shortage and low over-the-counter sales.

According to a Wire Rod manufacturer based at Raipur, “we do have sufficient bookings form local market but because of  labor shortage our production is cut by approx 40-50% and it is causing delay in deliveries.

At Raipur, 5.5 mm Wire Rod is being quoted at Rs 38,800/MT and 12 Gauge HB Wire at Rs 40,800/MT that stand unchanged from previous trade prices.

In contrary, in Durgapur prices of Wire rod have increased owing to higher raw material cost. However, the demand is much lesser than its production. SteelMint also learned that presently production is at 60% which the manufacturers are planning to reduce to match the demand.

5.5 mm sized Wire Rod was offered at Rs 38,000/MT, which is same as of last week.

All prices include VAT.