India: Wire Rod Prices in Central India up by INR 500/MT

Wire rod prices in Raipur (Chhattisgarh) have moved up by INR 500/MT W-o-W but remained firm in Durgapur.

Secondary Wire rod manufacturers in Raipur have increased their offers by INR 500/MT owing to rise in Billet prices by INR 450/MT and moderate demand in the last one week. Currently, 5.5 mm Wire rod is being offered at INR 38,700/MT. On the other hand, prices in Durgapur haven’t moved at INR 39,000/MT as demand seems to be dull in the market since last week.

Demand for GI Wire has improved owing to good buying for Barbed Wire in the market. 12G GI Wire is being offered at INR 47,500/MT and 12G Barbed Wire at INR 50,000/MT; both have gone up by INR 500/MT W-o-W. 20G Binding Wire in Raipur & Durgapur is offered at INR 45,800/MT & INR 49,300/MT respectively.

A Barbed Wire manufacturer based in Raipur stated, “Currently, we are mostly selling Barbed Wire to other states like Gujarat, Rajasthan, Haryana and Punjab. In addition, we have orders for the next 10 days.”

Note: All prices are including Excise & VAT

Wire Rod Import

SteelMint learnt that rising cheaper Wire rod import from China is still a concern especially at Mumbai, Chennai and Gujarat Port owing to better viability. Sources mentioned that the offered material is cheaper by INR 1,500-2,000/MT.

However, last week, the Steel Ministry made BIS certification norms mandatory on various category of imported Wire rod.

A Wire rod trader based in Gujarat stated, “Most of the HB manufacturers prefer Chinese Wire rod as compared to the domestic material based on cheaper and better quality. Currently, imported Wire rod prices are hovering in the range of INR 37,000-37,500/MT FoR in Ahmedabad.”

Billet & Wire Rod (5.5 mm) Weekly Price Change

Basic prices in INR/MT as  16 Dec, 2014