Indian wire rod prices surged in April 2025, as per BigMint assessment. In the induction furnace (IF)-route, wire rod prices witnessed a monthly average increase of INR 800/t ($9/t) to INR 45,942/t ($538/t) exw-Durgapur, and around by INR 1,000/t ($12/t) to INR 45,942/t ($538/t) exw-Raipur as compared to March levels.
In April, Raipur-based manufacturers also increased the conversion rate in HB wire (12 gauge) from wire rod by ₹200/t to INR 2,700/t. Also, conversion for GI wire increased by INR 300/t for different gauges new gauge difference as follows:
1) Basic
2) 8G-12G = Basic+3,400/t
3) 6G and13G= Basic+5,500/t
4) 14G= Basic+ 6,900/t
ZAFA remains the same at INR 2,045/t
The Chhattisgarh Wire Industries Association has decided an additional charge of INR 845/t under the name of Electric and Fuel Cost “EFC” to Binding wire rate.
The spot trade reference price stands at INR 43,800/t ($512/t) exw-Raipur and INR 42,700/t ($500/t) exw-Durgapur as on 9 May.
Notably, for IF-route wire rods, Raipur (central region) and Durgapur (eastern region) are the major supply centres catering to various other markets across the country. The cumulative daily wire rod production capacity in these two markets is around 20,000 t, as per data with BigMint.
In the BF-segment, wire rod prices (5.5-6mm, SAE1008) rose by INR 400/t ($5/t) m-o-m to an average of INR 53,500/t ($629/t) exw-Jharkhand in April.
Evolving market dynamics:
Raw material price trends: Steel billets and sponge iron, which are key raw materials used in IF-route production, observed a hike in prices in key markets. On a monthly average basis, considering the Raipur market as a benchmark, billet prices increased by INR 700/t m-o-m to INR 41,400/t, while sponge iron (PDRI FeM 80% +/- 1) saw a slight increase of around INR 200/t m-o-m, settling at INR 24,150/t exw.
Buying interest softens: Moderate trading activity was observed in the wire rod market. Buyers had already stocked up on material in March at higher prices and so refrained from bulk purchases, limiting their bookings in the second half of April. The mills observed a slight pressure and adjusted trade discounts depending upon inventories and payment terms.
Primary mills see moderate demand: In the BF-segment, wire rod prices (5.5-6mm, SAE1008) rose by INR 400/t ($5/t) m-o-m to an average of INR 53,500/t ($629/t) exw-Jharkhand in April. The average monthly price increased m-o-m as mills increased prices by up to INR 1,350/t ($16/t) for April dispatches.
End-user demand for wire rods was moderate at the beginning of April but began to decline as the month progressed, remaining sluggish through to the end. Market sentiment weakened, contributing to a softening in prices throughout the month.
A leading private mill suspended wire rod production, which led to limited production. According to a source, overall sentiment remained subdued amid weak demand and limited buyer acceptance of prevailing price levels.
Wire rod (5.5-6mm, SAE1008) prices were assessed at INR 52,300/t ($615/t) exw-Jharkhand, down by INR 700/t ($8/t) w-o-w as per BigMint’s assessment on 2 May. The Indian primary mills have rolled over list prices of wire rods for early-May sales over end-April tags, sources informed.
Outlook:
Market participants expect prices to remain stable or slightly weak in the near term. However, any pick-up in restocking activity by buyers ahead of the monsoon season might provide price support during the latter part of May. Also, the ongoing Indo-Pak geopolitical tension is likely to disturb market balance.
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