Amid bearish sentiments and declining demand, India’s spot rebar & wire rod prices continued to fall in week 17. The prices slumped up to INR 1,900/MT in rebar & INR 1,200-1,300/MT in wire.
The rebar prices declined primarily in the Central Region, Raipur by INR 1,900/MT and East Region, Durgapur by INR 1,500/MT.
Renowned rebar manufacturers in Central India mentioned that, “the rebar market is quite silent and no inquiry has come since the last few days in local market“.
Manufacturers expect that the demand might become favorable soon for the coming week as on the previous weekend a slight upward movement was noticed in rebar prices, for Mumbai market.
Wire Rod:
In line with the Rebar, the Wire rod offers also slumped by INR 1,300/MT in the Eastern Region, Durgapur and INR 1,200/MT in Central region, Raipur.
According to the sources, the correction in wire rod market is because of falling billet prices and also due to price competition between the large (SAIL) & medium/small scale producers.
For Instance, the offer price for wire rod in Durgapur, East India by the large & medium/small scale producers were same at around INR 32,000/MT, which is turn forced the medium/small scale producers and distributors to reduce the prices.
Indian Rebar & Wire Prices as on 22 Apr’17 (Week 17)
|
Region |
City |
Rebar (12 mm) |
W-o-W |
Wire Rod (5.5mm) |
W-o-W |
||
|
15thApr |
22th Apr |
15th Apr |
22th Apr |
||||
| Central | Raipur |
32,100 |
30,200 |
-1,900 |
32,400 |
31,200 |
-1,200 |
| East | Durgapur |
32,600 |
31,100 |
-1,500 |
33,000 |
31,700 |
-1,300 |
| North | Gobindhgarh |
35,900 |
34,700 |
-1,200 |
– |
– |
– |
| South | Hyderabad |
33,000 |
32,000 |
-1,000 |
– |
– |
|
| West | Mumbai |
33,300 |
32,000 |
-1,000 |
– |
– |
|
Basic prices in INR/MT, excise duty & other taxes extra
Source: SteelMint Research
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