Weekly Snapshot Of Indian Rebar and Wire Rod

Indian Rebar and wire rod prices strengthen in week – 08 (during last week). The prices were hiked due to the strong demand prevailing in the domestic market. For rebar, the price hike was in the range of INR 500-1,200/MT and Wire Rod prices saw a sharp hike of INR 1,000-1,100/ MT.

Renowned manufacturers in Central & Western India stated that there were positive sentiments in market as there is improvement in demand for the Rebar. According to SteelMint analysis the inventory levels in the rolling mills were the least which is an additional plus point for the manufacturers and there was a price gain as well.

However, in wire rod the manufacturers based in Durgapur stated that the demand is average and the only reason in the hike due to the increase in the raw material prices globally.

Further Large scale traders in Central India (Raipur), who plays a key role in wire market reported, prices gain sharply where as demand yet to improve in same proportion. They stated ‘’retail segment purchasers are still fearing in recent sharp hike prices to take position.”

Outlook for the week (Week – 09)

– As per market participants, there is less scope for fall in the rebar prices as trade volume are healthy. They further shared, prices are likely to remain uptick as cash flow & liquidity crunch are improving as well as slowly getting better.

– In the wire rod market, there are  less possibilities for further sharp increase in prices as inventory level is quite high with the traders and stockiest. But, sentimental increase in prices can be seen during the week.

Indian Rebar and Wire Rod Price Change for Week 08

Basic prices in INR/MT, excise duty & other taxes extra
Source: SteelMint Research