After the multiple and continuous increase in prices, in Week 16 the finish long steel market registered price corrections; rebar in the range of INR 300-1,100/MT and wire rod by INR 300/MT across the country.
The decline in price was due to sluggish demand and bearish sentiments prevailing in the market.
As per the analysis, the rigorous hike in the prices directly influenced the bookings in negative manner.
Similar comments are being received by Industry participants across the country as mentioned, on increased prices the bookings plunged.
Wire Rod:
The sentiments in wire rod market remain bearish which made the traders and manufacturers decrease the prices.
One of the manufacturer based in Raipur stated that there was minimal demand in Wire Rod and HB wire.
Although he further added, the sales were good in the Binding Wire which help in clearing the inventories for the material and made slight prices change in Wire rod.
Indian Rebar and Wire Rod prices as on 15 Ap’17 (Week 16)
|
Region |
City |
Rebar (12 mm) |
W-o-W |
Wire Rod (5.5mm) |
W-o-W |
||
|
08 Apr |
15 Apr |
08 Apr |
15 Apr |
||||
| Central | Raipur |
33,200 |
32,100 |
-1,100 |
33,700 |
33,400 |
-300 |
| East | Durgapur |
32,900 |
32,600 |
-300 |
33,000 |
33,000 |
0 |
| North | Gobindhgarh |
35,500 |
35,900 |
+400 |
– |
– |
– |
| South | Hyderabad |
33,500 |
33,000 |
-500 |
– |
– |
|
| West | Mumbai |
33,600 |
33,300 |
-300 |
– |
– |
|
Basic (Ex- Works) prices in INR/MT, excise duty & other taxes extra
Source: SteelMint Research
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