India: Wire rod prices decline by INR 1,500/t in Raipur, Chhattisgarh

Raipur-based steel wire rod manufacturers cut prices today by INR 1,500/t to INR 54,000/t exw. Weak market sentiments owing to the government’s decision to levy steep export duties on steelmaking raw materials led to the sharp fall in prices today. A few mills held their sales while resellers quoted higher trade discounts of INR 3,000/t, SteelMint learnt from sources.