India: Wire Rod Prices rise by INR 500-800/MT W-o-W

Indian Wire Rod prices surge in week 2. Price gap reduce between Raipur and Durgapur.

Indian wire rod producers based in Raipur and Durgapur has increased offers by INR 500-800/MT W-o-W owing to increase in billet prices coupled with the revival in demand.

Also, Wire Rod price gap between Raipur and Durgapur now, at just INR 500/MT which used to be in the range of INR 1,500-2,000/MT.

Currently in Durgapur, 5.5 mm wire rod and HB 12G are available at INR 28,600/MT and INR 30,600/MT respectively. Plants in Raipur are offering the same grade material at INR 29,200/MT and INR 31,200/MT respectively. These prices are basic.

As per SteelMint sources, almost all wire rod and HB manufacturers in Raipur were offering discount of about INR 500/MT during last week which used to be around INR 1,000/MT earlier.

Offers for 12G GI and 12G barbed wires are assessed at INR 37,000/MT and INR 39,000/MT in Raipur. Prices are basic.

A well know GI manufacturer reported that,” For the last two- three weeks, sales of GI wire and barbed wire is quite dull especially from the outstation market.

Indian billet and wire prices as on 7 Jan’16

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