Indian Wire rod prices are unchanged today on stable raw material prices. Offers have gained by 15% in Durgapur Y-o-Y, whereas it stimulated by 13% in Raipur. Current offers are the highest in last one year for both cities.
Wire market has played strongly and reached at the highest level of last one year. It is not only because of strong demand & supply, high offers of raw material and other market scenario are also the reasons.
Wire rod prices have gained by 13-15% Y-o-Y. A bounce of INR 1,500-2,500/MT has witnessed in week 21 of 2014 owing to sudden hike in raw material prices across the country. Offers have escalated on speculation of raw material shortage as the Supreme Court has ordered mining ban on 26 Iron ore mines of Odisha.
A native Wire rod trader of Durgapur said, “Sale is very low in Durgapur as its offers are very high. Demand from Delhi & Chennai has declined this time.”
A Wire rod manufacturer based in Raipur said, “Wire rod is used in making HB, Binding, GI and Barbed Wires. At present, manufacturers of these products have reduced their buying interest as they also have low demand for their products. As a result demand is below average in the city. But due to sudden price hike in Ingot/Billet, we had to increase offers as its rates are fully based on raw material prices.”
Indian Steel Prices as on 29 May, 2014
|
Item |
Size |
Raipur |
Durgapur |
||||
|
Price |
Change |
M-o-M |
Price |
Change |
M-o-M |
||
|
MS Billet |
100×100 mm |
32,850 |
+ 150 |
+ 950 |
33,500 |
+ 100 |
+ 1,700 |
|
Wire Rod |
5.5 mm |
37,200 |
0 |
+ 900 |
37,300 |
0 |
+ 1,000 |
|
Binding Wire |
20 Gauge |
45,800 |
0 |
+ 2,000 |
46,800 |
0 |
+ 2,300 |
|
HB Wire |
12 Gauge |
39,100 |
0 |
+ 900 |
39,350 |
0 |
+ 1,050 |
Basic regular prices
Excise Duty @ 12.36%; VAT as applicable
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