The Delhi High Court has passed an order to continue minimum import price on wire rod at USD 449-451/MT.
In a recent judgment, the Delhi High Court has passed an order to continue MIP on wire rod. Indian government had fixed MIP on wire rod in the range of USD 449-451/MT on 5 Feb’16.
Steel Wire Manufacturers Association of India (SWMAI) had file a petition against imposition of MIP on wire rod in the middle of Mar’16 as downstream wire industry was facing shortage of material after the MIP implementation.
On 6 Apr’16, the court had set the date for hearing against the petition, but later it rescheduled to 21 Apr’16, as per an official of SWMAI.
Price scenario
Currently, Chinese wire rod offers are assessed at around USD 430/MT, FoB main port. Chinese wire rod offers are quite closer to minimum import price fixed by the Indian government.
Meanwhile, secondary wire rod manufacturers based in Raipur and Durgapur are offering the material for 5.5 mm at INR 28,300/MT and INR 26,800/MT (basic price) respectively.
Few primary rebar manufacturers are offering the same size material at around INR 31,100/MT (basic price).
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