Indian Rebar and Wire Rod prices maintained the upward movement for Week 12. Rebar and Wire Rod prices registered a hike up to INR 900/MT (USD 14) in the last week.
The rebar prices rise mainly due to the low inventories with a good demand supported by increase in Ingot and Billet Prices.
Manufacturers are anticipating that the prices will remain on the same range or increase as this is the peak season and further they are added that the end of the financial year will force the market participants to keep the prices on the higher end.
Where in the manufacturer based in Western belt of country stated that there is a shortage in scrap which is hampering the production in the plants.
For the wire rod the sales was average as one of the trader based in Durgapur stated there are few Wire Rod mills shut because the demand is quite low amid low conversion (margins), further he added that the conversion from Billet to Wire Rod is not up to mark as compared to Billet to Rebar (INR 3,500-4000/MT).
Outlook for Week – 13
– There is anticipation that the rebar prices will remain slightly change due to the financial year end.
– The wire rod market may remain stable as the demand is not supporting on the price rise. The rise in prices is because of the shortage which directly affecting the prices.
12MM Rebar and Wire Rod Prices as on 18 Mar’17 (Week 12)
| Region | City | Rebar (12 mm) | W-o-W | Wire Rod (5.5mm) | W-o-W | ||
| 11th Mar | 18th Mar | 11thMar | 18th Mar | ||||
| Central | Raipur | 30,200 | 31,000 | +800 | 31,200 | 31,800 | +600 |
| East | Durgapur | 29,300 | 29,800 | +500 | 29,300 | 30,200 | +900 |
| North | Gobindgarh | 32,900 | 33,300 | +400 | – | – | – |
| South | Hyderabad | 31,500 | 32,000 | +500 | – | – | – |
| West | Mumbai | 31,600 | 31,800 | +200 | – | – | – |
Basic prices in INR/MT; excise duty and CST/VAT extra
Source: SteelMint Research
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