India: Secondary Wire Rod Prices in Raipur slip by INR 1,000/MT W-o-W

Low off-take of secondary Wire rod in the market has bounded the manufacturers to correct prices by INR 1,000/MT in Raipur. However, it remains unaltered in Durgapur.

Secondary Wire rod (5.5 mm) in Raipur is trading at INR 39,000/MT (inclusive of all tax), which has corrected by INR 1,000/M in the last 1-week owing to low buying in the market. Meanwhile, Billet prices have also declined by INR 550/MT W-o-W and are traded at INR 29,450/MT (ex-plant, Excise and VAT extra).

As per sources, following the price correction, Wire rod manufacturers in Raipur are also offering discount in order to reduce the inventory level.

Whereas, in Durgapur, demand of Wire rod (5.5 mm) is decent and prices are also stable since last two weeks. It is currently trading at INR 39,900/MT (inclusive of all tax). However, Billet prices have declined by INR 350/MT and offered at INR 30,100/MT (basic price) W-o-W.

Currently, buying of Binding & GI is very less in the market owing to upcoming Deepwali festival. In Raipur, 20G Binding Wire is offered at INR 47,300/MT; down by INR 700/MT (inclusive of tax) W-o-W and in Durgapur, it is at INR 51,000/MT (inclusive of tax).

 12GI Wire offers in Raipur are hovering in the range of INR 48,000-48,200/MT (inclusive of all tax); down by INR 800/MT W-o-W.

A GI manufacturer in Raipur shared, “Currently, demand of GI is quite less in the market as buying remains low for Barbed wire, but we expect market to move upwards after Deepawali.”

Weekly Price Change of Wire Rod (5.5 mm) and Billet

Basic prices in INR/MT as on 18 Oct, 2014
Excise and VAT extra