Indian wire rod export prices increased this week after recent export tender concluded by Vizag steel. Prices are supported by sustained growth in billet prices and steady demand for long steel.
Billet prices in global market continue to strong owing to less availability and ongoing shortage of graphite electrodes.
SteelMint’s weekly price assessment for Indian wire rod exports assessed at USD 570-575/MT FOB India, which was at around USD 550/MT FOB last week.
This week, Indian state owned and largest long steel producer, Vizag steel has concluded an export tender of 16,000 MT wire rod at around USD 565/MT FOB India for shipment end of Oct’17. Destination of this cargo was not known, but participants expect this cargo to go to SE Asia.
Indian long steel export prices are in line with global prices. Prices for wire rod from Russia and Ukraine were assessed at around USD 570-575/MT FOB Black sea.
Market sources mention that, with limited supply of billets in seaborne market, importers are keen to buy finished steel like re-bars and wire rod. Also price gap between billets and wire rod/re-bar has decreased to USD 35-40/MT, which ideally should be USD 50-60/MT.
Indian Wire Rod Exports (Chapter: 7213-7217)
| Month/year | 2016 | 2017 |
| Jan | 48,054 | 36,075 |
| Feb | 69,578 | 47,312 |
| Mar | 32,198 | 48,650 |
| Apr | 43,847 | 51,984 |
| May | 66,565 | 51,241 |
| Jun | 56,478 | 54,068 |
| Jul | 24,180 | 37,614 |
| Aug | 29,891 | – |
| Sep | 60,134 | – |
| Oct | 47,320 | – |
| Nov | 48,797 | – |
| Dec | 37,765 | – |
| Total | 564,809 | 326,945 |
Quantity in MT
Source: SteelMint Research
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