Due to sluggish demand & poor payment conditions because of financial year ending, Wire manufacturers based in Raipur & Durgapur have gradually decreased their offers.
Prices of all grades of Wires in Raipur decreased by INR 100-300/MT over a week whereas the prices of the same materials maintained almost a stable level in Durgapur.
Demand in both markets seems very slow due to which market is not picking up.Due to year ending pressure, payment conditions have worsened.Finished steel market is facing a downward trend as the prices of Ingot and Billet are also not supportive.
The prices offered by primary producers like SAIL are giving tough competiton to the offers of secondary wire rod producers.
As per sources, SAIL is offering 6.5 mm Wire Rod at INR 36,000-36,200/MT in Durgapur; prices inclusive of excise duty & VAT.
Wire Rod Imports
An importer based in Mumbai stated, “Imported Wire Rod of 5.5 mm is being offered at around USD 420-440/MT CFR Mumbai, 5% import duty, CVD & SAD extra.”He further added that the quantity being imported has reduced to some extent but the overall sentiment of wire market is dull as no such significant demand is being noticed.
Weekly Price Change of Wire & Billet
| City | MS Billet | W-o-W | 5.5 mm Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire | W-o-W |
| Raipur | 26,400 | -300 | 30,000 | -300 | 32,000 | -300 | 36,800 | -100 |
| Durgapur | 27,600 | -100 | 31,100 | 0 | 33,300 | 0 | 40,100 | +100 |
Basic Prices in INR/MT as on 28 Mar’15, ED and VAT/CST extra
Source: SteelMint Research
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