Indian Wire Rod offers experience volatility post the implementation of GST. Prior to the new taxation system, the manufacturers had made decent bookings for which dispatches were to be made post GST (1st July).
SteelMint’s price assessment for wire rod 5.5 MM are at INR 30,500-30,700/MT (USD 470-473) ex-Raipur, Central India & INR 30,000-30,200/MT (USD 460-463) ex-Durgapur, Eastern region by small and medium manufacturers.
While Large manufacturers are offering 6-8mm wire rod at INR 33,500-34,000/MT (Ex-Mumbai) and INR 34,500-35,000/MT (Ex-Delhi). Prices are basic and excluding GST at 18%.
Indian wire rod demand has improved after Indian government had imposed protective measures to stop cheap imports from China. Imports dropped almost 50% in last financial year, giving support to domestic market.
Domestic Reference Wire Offers as on 6 Jul’17
| Particulars | Raipur | Durgapur |
|
Wire Rod (Small/Medium Manufacturers)
|
30,100 | 29,800 |
|
Wire Rod (Large Manufacturers)
|
33,500 | 33,200 |
|
Binding Wire (Small/Medium Manufacturers)
|
39,000 | 39,800 |
Basic Ex-Works Prices, GST at 18% Extra
Sources: SteelMint Research
Leave a Reply