Electrosteel Steels Limited has announced a second price hike of INR 1,000/t after raising prices by INR 2,000/t on August 5. Current offers for 5.5 mm wire rod (SAE 1008) are assessed at INR 38,000/t, ex-plant. The price rally is attributable to limited stocks along with sufficient orders with the steel-maker, sources in the trading community divulged to SteelMint.
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