Amid sluggish demand and weak market sentiments, wire rod prices last week showed signs of stability after marginal uptick in prices in week 32 by INR 300-500/MT.
Indian secondary wire rod prices had been stable last week except once when they fell by INR 300/MT in Raipur and Durgapur. MS billet prices slumped by INR 100-600/MT W-o-W. Currently 5.5 mm wire rod is being offered at INR 26,600/MT in Raipur and at INR 24,900/MT in Durgapur (basic prices). The prices are expected to remain stable in coming few days.
“Market is very dull, demand is also slow. The rise in import duty by 2.5% on long products is expected to give some relief to domestic manufacturers,” commented a GI wire manufacturer based in Raipur.
The finish wire drawing market continued to remain weak due to poor demand. Currently in Raipur, 12G GI wire and 12G barbed wire prices are hovering in the range of INR 41,200/MT and INR 45,000/MT respectively (prices including all).
Wire Rod Import Offers: Sources revealed that 6.5 mm mesh quality wire rod of Chinese origin is being offered at USD 318-320/MT FOB China main port. Offers are down by USD 2/MT W-o-W.
Indian MS Billet and Wire prices
|
City |
MS Billet | W-o-W Change | 5.5 mm Wire Rod | W-o-W Change | 12G HB Wire | W-o-W Change | 20G Binding Wire |
W-o-W Change |
| Raipur | 22,200 | – 600 | 26,600 | – 300 | 28,500 | – 300 | 31,300 | – 400 |
| Durgapur | 22,000 | – 100 | 24,900 | – 300 | 26,600 | – 300 | 33,400 | – 300 |
Basic Prices in INR/MT as on 17th Aug’15; ED and VAT/CST extra
Source: SteelMint Research
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