Indian secondary wire rod makers in Raipur and Durgapur decreased their offers by INR 1,100/MT and INR 800/MT respectively in Apr’16.
Indian secondary wire rod manufacturers mainly in Raipur and Durgapur decreased their offers during Apr’16 as downstream wire industry was less interested to take position amid weak demand.
In Apr’16, wire rod offers in Raipur and Durgapur decreased by INR 1,100/MT and INR 800/MT respectively. Whereas in Mar’16, offers rose by INR 1,900/MT and INR 1,200/MT separately.
In addition, to boost sales, few wire rod manufacturers in Raipur had also offered discount of INR 500-1,000/MT, depending on the quantity lifting and payment conditions during the month.
Throughout April, there was also a matter of discussion on the petition filed by Steel Wire Manufacturers Association of India (SWMAI) in the Delhi High Court in mid Mar’16, regarding imposition of MIP against wire rod.
After two hearing held in Apr’16, finally, the Delhi High Court had passed an order on 26 Apr’16 that MIP will continue on all steel products, including wire rod, which was fixed by the government.
Today, RINL (Vizag Steel) has kept its wire rod prices unchanged for May’16 deliveries. However, the company had increased prices by about INR 2,000/MT in Apr’16 as compared to Mar’16.
Indian billet and wire prices as on 3 May’16
|
City |
MS Billet | M-o-M | 5.5 mm wire rod | M-o-M | Monthly Average wire rod prices (Apr’16) |
Monthly Average wire rod prices (Mar’16) |
% Change |
| Raipur | 21,900 | -1,350 | 27,700 | -1,100 | 28,500 | 28,000 | -2% |
| Durgapur | 22,100 | -400 | 26,000 | -800 | 26,900 | 26,500 | -1.5% |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
Global wire rod prices as on 3 May’16
|
Region |
Offers in USD/MT |
M-o-M |
| China export (FoB main port) | 430 | +80 |
| CIS export (FoB Black Sea) | 478 | +110 |
| South East Asia (CFR) | 445 | +90 |
Prices in USD/MT
Source: SteelMint Research
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