As per data analyzed by SteelMint, wire rod prices in Raipur have hit the lowest level at INR 25,700/MT since Oct’12 and Durgapur at INR 24,600/MT since Feb’13.
As a result of poor local demand and absence of orders from other states, prices of all the grades of wire have recorded further decline this week. Secondary manufacturers’ wire rod prices last week had touched the lowest level since 2012.
However, prices in both cities have increased today by INR 200/MT. But, market participants believe that prices will not go up in the coming weeks as there is no improvement in demand due to festive season.
A GI wire manufacturer in Raipur remarked, “No improvement in demand has been seen since several months. We are also not optimistic about market sentiments to improve in coming days.”
Currently in Raipur and Durgapur, 5.5 mm wire rod is being offered at INR 25,900/MT (-700) and INR 24,800/MT (-300) respectively (basic price). Meanwhile, MS billet is being offered at INR 22,250/MT (-400) in Raipur and INR 22,000/MT (-400) in Durgapur.
Dispatches also remained low for finished wires and prices slumped by INR 900-1,000/MT W-o-W. Currently, 12G GI wire and 12G barbed wire are being offered at INR 38,400/MT and INR 40,300/MT respectively in Raipur (prices including all).
Note: The analysis is done on the basis of data maintained by SteelMint since Oct’12.
Indian billet and wire prices
| City | MS Billet | W-o-W Change | 5.5 mm Wire Rod | W-o-W Change | 12G HB Wire | W-o-W Change | 20G Binding Wire | W-o-W Change |
| Raipur | 22,250 | -400 | 25,900 | -700 | 27,500 | -1,000 | 31,200 | -1,000 |
| Durgapur | 22,000 | -400 | 24,800 | -300 | 26,500 | -300 | 33,300 | -300 |
Imported wire rod offers: Offers for imported Chinese wire rod remained stable after week long national holiday in China. Currently, 6.5 mm mesh quality wire rod is offered at USD 288/MT, FoB China main port.
Global wire rod prices
| Region | USD/MT | W-o-W Change |
| China export (FoB main port) | 288 | 0 |
| CIS export (FoB Black Sea) | 325 | -8 |
| South East Asia (CFR) | 298 | 0 |
Prices in USD/MT
Source: Steelmint Research
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