Secondary Wire rod prices are at the same level amid low trade activities on account of less buying from the Binding & GI Wire manufacturers in Raipur & Durgapur
Wire rod prices in Raipur are quite steady from the last one week owing to very less trading activities taking place for finished wire like Binding & GI wire. Wire rod (5.5 mm) prices in Raipur & Durgapur are INR 39,500/MT and INR 39,300/MT (inclusive of all taxes) respectively.
Currently, Billet prices in Durgapur are INR 29,700/MT, which is unchanged from the last 1-week .However in Raipur, it has fallen slightly by INR 150/MT in the same period and being offered at INR 29,150/MT.
20 G Binding wire is being offered at INR 46,800/MT & INR 50,800/MT (inclusive of all taxes) in Raipur & Durgapur respectively, which sustain at these levels from the last 1-week. 12 GI wires are offered at INR 47,700/MT (inclusive of all taxes) in Raipur.
A Binding manufacturer in Raipur stated, “There is shortage of Binding wire owing to low production as labor has not joined most of the small mills and production is yet to start in a full swing after Diwali.”
Production Capacity increases: SAIL has 0.42MnTpa Wire rod capacity in Bhilai and ISSCO Burnpur (West Bengal) has a capacity of 0.5 MnT pa. As per sources, 5.5 mm Wire rod is being offered at around INR 40,300/MT (inclusive of Excise and VAT, freight extra). Price difference between primary and secondary Wire rod is reduced to INR 1,000/MT, which was earlier around INR 3,000-4,000/MT.
Increasing Imports from China: Wire rod imports are continuously rising in India. As per sources, a bulk order has been booked by the Indian importers. Price difference between domestic & imported Wire rod is around INR 2,000-3,000/MT.
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