India: Wire rod trade discounts stable despite price cut in Raipur

Induction furnace wire rod trade discounts hovered at INR 1,600-1,800/t in Raipur today, almost stable on a daily basis, despite a price cut of INR 400/t d-o-d to INR 47,000/t. Piling up of stocks of by-products like galvanised iron (GI) wire and barbed wire weighed on wire rod prices today, despite the fact that manfacturers in the region are maintaining capacity utilisation at roughly 50%, SteelMint learnt from sources.