Secondary wire rod makers in Raipur and Durgapur have increased offers by INR 4,000/MT and INR 3,500/MT respectively in Feb’16 post MIP announcement.
Indian secondary wire rod manufacturers mainly Raipur and Durgapur has sharply increased offers during the Feb’16. Wire rod 5.5 MM and 12G HB manufactures increases prices by upto INR 4,000/MT and INR 3,500/MT respectively in both city.
Similarly, primary wire rod manufacturers like RINL (Vizag Steel) has increased prices by upto INR 3,000/MT three times in Feb’16. Prior to this, w.e.f from 1 Mar’16 it also increased by INR 1,000/MT.
Also, according to trade sources, JSW steel has increased wire rod offers in the starting of current month by INR 3,500/MT and offering at around INR 35,000/MT (including E.D, VAT extra) for 5.5 mm in Mumbai.
Cheap imported wire rod mainly from China under CH 7227 (Wire of alloy steel) will stop entering into Indian port after the MIP imposed on 5 Feb’16.
As per a large wire rod trader based in North India, “Steel Authority of India limited (SAIL) is offering wire rod for 6mm of around INR 34,000/MT FoR in Punjab”.
Presently, 12G GI wire and 12G Barbed wire are offered at INR 34,300/MT and INR 36,000/MT respectively (basic price) in Raipur. Offers for both the grades have increased by upto INR 3,500/MT in Feb’16.
Indian billet and wire prices as on 3 Feb’16
| City | MS Billet | M-o-M | 5.5 mm Wire Rod | M-o-M | Monthly Average wire rod prices (Feb’16) | Monthly Average wire rod prices (Jan’16) | % Change |
| Raipur | 23,000 | +2,400 | 27,700 | +4,000 | 26,300 | 25,500 | +3% |
| Durgapur | 22,500 | +2,300 | 26,200 | +3,500 | 25,300 | 25,100 | +1% |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
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