Indian secondary wire market including downstream wire industry mainly based in Raipur and Durgapur continues to face low trade due to central government decision on the demonetization of INR 500 & 1,000 from the midnight 8th Nov’16.
On the flip side, most of the market participants shared that whatever the trade or deal taking place are now based on banking transaction rather than mostly in cash which used to happen before demonetization.
Wire rod prices in secondary market – Raipur and Durgapur has decreased by INR 900/MT and 1,200/MT respectively W-o-W.
Currently in Durgapur, 5.5 mm wire rod and HB 12G are available at INR 24,800/MT and 26,800/MT respectively. Plants in Raipur are offering the same grade material at INR 26,600/MT and 28,600/MT respectively. These prices are basic.
As per market sources report to SteeMint is that almost all wire rod and HB manufacturers in Raipur were offering discount of about INR 1,000/MT during last week.
Offers for 12G GI and 12G barbed wires are assessed at INR 40,000/MT and INR 42,000/MT in Raipur W-o-W. All prices are inclusive 2% CST paid.
Primary Market
A large wire rod producer offers at INR 36,000/MT for 6mm material landed price at Punjab.
Indian billet and wire prices as on 21 Nov’16
| City | MS Billet | W-o-W | 5.5 mm Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire | W-o-W |
| Raipur | 21,000 | -1,200 | 26,600 | -900 | 28,600 | -900 | 33,100 | 0 |
| Durgapur | 21,200 | -300 | 24,800 | -1,200 | 26,800 | -1,200 | 34,800 | -1,500 |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
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