India: Wire Rod Prices witness Downtrend on Weak Demand

Wire rod prices in Raipur had witnessed downtrend in July. Meanwhile,the prices in Durgapur were quite volatile from the beginning of the month.

Raipur: Wire rod prices corrected by almost INR 500/MT from the starting of the month till today although Billet prices remained stable. Due to ongoing power cut in the industry from last two weeks, there is short supply of finished products in the market which led prices to sustain at this level.  Currently, Wire rod of 5.5 mm is being offered at a basic price of INR 35,900/MT.

Durgapur:  Wire rod prices at Durgapur were highly volatile in the current month. The prices had corrected by almost INR 500/MT in the last week owing to sluggish demand in the market. According to the market participants, the prices will remain under pressure in the current week. At present, Wire rod (5.5 mm) is being offered at INR 35,500/MT.

Price Change (in%) of Wire Rod & Billet for Jul’14