In a week’s duration, Indian Rebar and Wire Rod strengthened before the festive season. For Rebar the hike was in the range of INR 200-1,600/MT and for Wire Rod it was seen around INR 1,200/MT.
The rebar prices rose majorly due to the strong demand in the market inline with the shortage of material and increase in Ingot/billet prices.
However, in wire rod market the manufacturers based in Raipur & Durgapur stated that the demand was bearish and the reason behind the price rise is due to the significant price surge of Ingot/billets.
Manufacturers are quite positive for the prices to be on increasing mode after the festive season because the demand was disbursed in North as there were elections since last one month, as the elections have ended; which might bring good demand in North states.
Where in the manufacturer based in Western belt of country stated that there is a shortage of scrap which is hampering the production in the plants. Further added that demand has declined due to the approaching Holi Festival.
Outlook for the coming week (Week – 12)
– Industry participants are anticipating further surge in rebar prices as prices are key raw material remain on higher side amid expected good demand in the products in days to come.
– The wire rod market may remain volatile as the manufacturers are continuously increasing the prices due to shortage of raw material and increase in the billet prices with a little demand.
Indian Rebar and Wire Rod Prices as on 11th March (Week 11)
| Region | City | Rebar (12 mm) | W-o-W | Wire Rod (5.5mm) | W-o-W | ||
| 4th Mar | 11th Mar | 4th Mar | 11th Mar | ||||
| Central | Raipur | 29,100 | 30,200 | +1,100 | 30,000 | 31,200 | +1,200 |
| East | Durgapur | 28,100 | 29,300 | +1,200 | 28,200 | 29,300 | +1,100 |
| North | Gobindhgarh | 32,200 | 32,900 | +700 | – | ||
| South | Hyderabad | 29,900 | 31,500 | +1,600 | – | – | |
| West | Mumbai | 31,000 | 31,600 | +600 | – | – | |
Basic prices in INR/MT; excise duty and CST/VAT extra
Source: SteelMint Research
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