Wire Rod trading volumes are low as buyers are expecting further fall in prices.
“Wire Rod demand is slow in Raipur and prices show a
downtrend. Buyers are unwilling to take any position at these levels as
they anticipate further correction in prices. There is a shortage of labourers
by around 60% and Chattisgarh power rates are expected to increase by 15%-20%.
We expect prices to correct marginally in the range of 100-200/MT. 5.5mm Wire Rod is being offered at Rs 38,300/MT (Basic price) in Raipur,” remarked a
trader from the city.
“Durgapur Wire Rod demand is also weak and we expect prices to fall further by around
Rs 500/MT. The cement prices have increased while demand from the construction
sector is not coming up. The mid of April usually does not hold decent demand. Durgapur 5.5 mm Wire Rod is being quoted at Rs 38,300/MT (Basic price),†said the city based manufacturer.
Prices of Wire Rod might correct further so that demand picks up.
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