Indian wire rod offers are falling continuously owing to weak trade activities in the market. The prices reported fall by INR 700-900/MT (USD 10-14), W-o-W.
Presently, offers for 5.5 mm wire rod by Integrated plants are evaluated at INR 29,400-29,600/MT (USD 459-463) ex-Raipur, Central India & INR 28,800-29,000/MT (USD 450-454) ex-Durgapur, East region.
With significant fall in prices, the manufacturers in Central Region have reduced discounts on bulk purchase, from earlier INR 700-1,000/MT to currently around INR 400-500/MT. It may vary depending up on the brand.
Declining demand, have influenced the wire rod manufacturers (majorly based in Durgapur) to opt rebar production as the demand for rebar is positive with the favorable conversion margins.
Market participants reported, the stockiest have kept their purchase on hold as GST implementation is approaching ahead, also the buyers from other states have became inactive and inquires have declined.
Domestic Wire Reference Prices as on 27 Jun’17
| Region | Particular | Size, Grade | Prices | D-o-D | W-o-W |
| East India | Ex-Durgapur |
Binding Wire(20 Gauge), Commercial
|
38,800 | 0 | -700 |
|
HB Wire(12 Gauge), Commercial
|
30,600 | 0 | -700 | ||
|
Wire Rod(5.5 MM), Commercial
|
28,800 | 0 | -700 | ||
| Central India | Ex-Raipur |
Binding Wire(20 Gauge)
|
38,500 | 0 | 0 |
|
HB Wire(12 Gauge)
|
31,500 | – 200 | -900 | ||
|
Wire Rod(5.5 MM), Commercial
|
29,400 | – 200 | -900 |
Sources: SteelMint Research
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