Domestic wire rod offers registered a significant hike in the prices in the Durgapur, Eastern Region, by INR 2,500/MT (USD 38) followed by the Central Region, Raipur by INR 600/MT (USD 9).
In the month of April wire market registered volatility with continuous ups and downs in the prices. Gradually, the demand declined in the end of the month.
The demand was average in the both key producing markets, but the sharp hike in prices was also supported by the shortage of material in the Durgapur as maximum plants which produced wire switched to rebar due to good margins.
Conversion spread:
In line with the volatility in prices, the conversion spread also remained quite fluctuating. Conversion increased in Durgapur by 26% with an average of INR 5,300/MT from billet to 5.5mm Wire rod. While, in Raipur it decreased by 4% with current conversion at INR 4,800/MT.
Prices are basic, Ex-works; ED and VAT/CST Extra
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