Wire Rod Prices Fall by INR 800/MT in Durgapur W-o-W

Durgapur-based secondary wire rod makers reduced their offers by INR 800/MT. While, prices in Raipur seen insignificant change.

Indian secondary wire rod manufacturers based in Durgapur has reduced their offers in a weeks time in line with the fall in billet prices as buying continue to remain weak from the local market.

Surprisingly, there has been no major change seen in wire rod prices in Raipur market in the same duration. The major reason behind this is few plants were heard to be under maintenance in the last couple of weeks. Thus, it created a shortage of material which resist prices to fall further.

In Durgapur, wire rod and HB were available at INR 24,400/MT and INR 26,200/MT (basic price) respectively; prices have fallen up by INR 800/MT.

Similarly, plants in Raipur was offering the same grade material at INR 26,300/MT and INR 28,300/MT (basic price) respectively; offers have slightly fallen by INR 100/MT W-o-W.

Offers for 12G GI wire and 12G barbed wires are assessed at INR 33,400/MT (0) and INR 35,200/MT (0) respectively in Raipur. Prices are basic.

A GI manufacturer based in Raipur said,“ Prices were more or less unchanged in a weeks time as there is a tighter supply of material due to production cut”.

He also added that discount offered on wire rod by few manufacturers was up to INR 800/MT last week.

Indian billet and wire prices as on 4 June’16

Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research