This week Wire Rod prices open firm with marginal downside in East India. Furthermore, prices in Raipur also witnessed a downward trend. Price offers in Raipur are cheaper in comparison to Durgapur by INR 500-1,000/MT.
Wire Market in Raipur and Durgapur had shown some signs of recovery before Holi but currently both markets are witnessing mixed response from end users.
Durgapur: Prices of all grades of Wire in Durgapur have declined slightly by around INR 100/MT.
Raipur: Wire Rod and Binding Wire prices have declined by INR 1,000/MT due to poor buying from other states and competitive Wire rod prices of primary producers.12G GI wire and 20G Binding wire prices went down by INR 400/MT W-o-W.
As per a GI Wire manufacturer in Raipur, “Demand usually picks up after Holi and we are receiving orders this time too. The market is expected to pick up if demand continues to rise.”
Primary Producers prices Competitive over Secondary:
SAIL is offering 5.5 mm Wire Rod at INR 38,000/MT inclusive of excise duty, CST and freight in the northern region, and RINL is offering the same material at INR 37,950/MT inclusive of excise duty,VAT extra, in Vishakapatnam. RINL had slashed its Wire Rod prices by INR 600/MT last week for Mar’15. Prices offered by secondary manufacturers FOR to North region will be INR 38,000-39,000/MT approx, inclusive of all taxes.
Wire Rod Imports
An importer based in Mumbai stated, “Imported Wire Rod of 6.5 mm is being offered at around USD 400/MT CFR Mumbai, 5% import duty, CVD & SAD extra, varying from manufacturer to manufacturer. The offers have reduced and the quantity that is being imported has also reduced.”
He also informed that recently a cargo containing 20,000-22,000 MT Wire Rod has reached Mumbai Port and unloading has begun.
Import of Wire for Jan’15 & Feb’15
| Monthly | (Ch-7227) | (CH-7217) | Total | Inc/Dec |
| Jan’15 | 82,145 | 9,383 | 86,128 | |
| Feb’15 | 85,903 | 11,301 | 97,204 | +12.85% |
*Qty in MT
Weekly Price Change of Wire & Billet
| City | MS Billet | W-o-W | 5.5 MM Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire | W-o-w |
| Raipur | 27,350 | -400 | 30,900 | -1000 | 32,900 | -1000 | 37,200 | -400 |
| Durgapur | 28,000 | -100 | 31,500 | -100 | 33,700 | -100 | 40,300 | 0 |
Basic Prices in INR/MT as on 11 Mar’15, ED and VAT/CST extra
Source: SteelMint Research
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