Wire prices in Raipur market fell by INR 300/MT W-o-W. Last week, prices in Durgapur declined nearly by INR 700-800/MT at once as market was closed due to Durga Puja.
Indian wire rod market has been witnessing downturn movement since past few weeks. Wire rod prices have declined sharply by INR 1,400-2,400/MT M-o-M in Durgapur and Raipur.
In a week, prices have slipped by INR 300-1,000/MT across major markets owing to sluggish demand and weak market sentiments. Currently, wire rod is being offered at INR 24,200/MT (-300) in Raipur and INR 23,700/MT (-1,000) in Durgapur (basic price). Meanwhile, MS billet is offered at INR 20,200/MT (-500) in Raipur and INR 20,450/MT (-550) in Durgapur.
A GI wire manufacturer based in Raipur commented, “Due to fall in prices, some buying is created in market, but the next two weeks are expected to remain dull due to festivals.”
In Raipur, finished wires like 12G GI wire and 12G barbed wire are being offered in the range of INR 34,500-34,800/MT (-200) and INR 38,000-38,500/MT (-400) respectively. Prices are including all taxes.
Market participants anticipate that prices may find some support at current levels.
Indian billet and wire prices as on 2 Nov’15
| City/Product | Raipur | W-o-W | M-o-M | Durgapur | W-o-W | M-o-M |
| MS Billet | 20,200 | -500 | -2,450 | 20,450 | -550 | -1,950 |
| 5.5 mm Wire Rod | 24,200 | -300 | -2,400 | 23,700 | -1,000 | -1,400 |
| 12G HB Wire | 25,800 | -300 | -2,700 | 25,400 | -1,000 | -1,400 |
| 20G Binding Wire | 29,500 | -300 | -2,700 | 31,600 | -1,600 | -2,000 |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
Imported wire rod offers: Offers for imported Chinese wire rod remained stable in a week. Currently, 6.5 mm mesh quality wire rod is offered at USD 273/MT, FoB China main port.
| Region | Offers in USD/MT | W-o-W |
| China export (FoB main port) | 273 | 0 |
| CIS export (FoB Black Sea) | 318 | -5 |
| South East Asia (CFR) | 287 | -6 |
Source: Steelmint Research
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