Central India: Wire rod prices likely to remain supported on supply shortage

An integrated plant-based in Raipur, Central India is likely to suspend wire rod production for around 20-25 days due to capacity enhancement, sources have reported to SteelMint. The mill has wire rod-making capacity of about 30,000-35,000 t per month. Hence, suspension of operations may result in a supply shortage in the spot market. Wire rod trade reference prices in Raipur have gained by INR 2,000/t ($28) in the last 3 days & currently offers at INR 41,800-42,000/t exw, size 5.5 MM.