Indian Wire Rod Offers Stable

Wire rod offers remain unchanged last week. However, manufacturers based in Raipur are offering discount on wire rod.

In a week’s time, Indian secondary wire rod manufacturers have kept their offers unchanged for both Raipur and Durgapur.

However, few wire rod manufacturers based in Raipur are offering discount in the range of INR 600-1,000/MT, depending on the quantity purchased and payment condition, reported trade sources.

Wire rod and HB manufacturers in Raipur are offering the material at INR 28,300/MT and INR 30,200/MT (basic price) respectively. Similarly in Durgapur, wire rod and HB are available at INR 26,800/MT and INR 28,600/MT (basic price) respectively.

Offers for 12G GI wire and 12G barbed wire are assessed at INR 36,400/MT and INR 38,500/MT respectively (basic price) in Raipur. Offers reduced by INR 400/MT W-o-W.

A GI manufacturer based in Raipur said, “Prices of GI and barbed wire are stable last week, but we expect demand will open in the coming days majorly from the outstation.”

Hearing again postponed on wire rod

Steel Wire Manufacturers Association India (SWMAI) had filed a petition against MIP imposition on wire rod in the middle of Mar’16, for which the hearing was re-scheduled on 21 Apr’16 in the Delhi High Court.

Now again, the hearing has been postponed, as per official of SWMAI. However, date is not yet confirmed for the next hearing.

A wire manufacturer in Raipur has told us that hearing for same is likely to be schedule in the middle of the next month.

Indian billet and wire prices as on 25 Apr’16

Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research

Global wire rod prices in week 17 (18-24 Apr’16)

Prices in USD/MT
Source: SteelMint Research