Secondary wire rod makers have decreased their offers by upto INR 1,000/MT in both Raipur and Durgapur within a week.
Indian secondary wire rod manufacturers are bounded to decrease their offers on account of low buying.
Indian government had imposed MIP on various steel products including wire rod under chapter 7227 on 5 Feb’16. As a result, wire rod manufacturers in both Raipur and Durgapur had surged their offers suddenly by INR 2,500-3,000/MT, which was unacceptable by the down stream wire industries.
Presently, wire rod and HB manufacturers in Raipur are offering the material at INR 26,000/MT and INR 27,800/MT (basic price) respectively. Prices for both the material have decreased by upto INR 1,000/MT W-o-W.
As per trade sources, large wire rod manufactures in Raipur are also offering discount of upto INR 500/MT, depending on trade deal and payment conditions.
Similarly in Durgapur, wire rod and HB are offered at INR 25,000/MT and INR 26,800/MT (basic price) respectively. Prices have fallen by upto INR 1,000/MT W-o-W for both the material.
Meanwhile, 12G GI wire and 12G barbed wire are available at INR 32,600/MT and INR 34,300/MT respectively (basic price) in Raipur. Offers for both the grades fell by INR 800/MT W-o-W.
Indian billet and wire prices as on 15 Feb’16
|
City |
MS Billet | W-o-W | 5.5 mm Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire |
W-o-W |
| Raipur | 21,650 | -1,100 | 26,000 | -1,000 | 27,800 | -1,000 | 31,000 | -1,200 |
| Durgapur | 21,050 | -1,200 | 25,000 | -1,000 | 26,800 | -1,000 | 33,000 | -1,000 |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
Global wire rod prices in week 7 (8-14 Feb’16)
|
Region |
Offers in USD/MT |
W-o-W |
| China export (FoB main port) | 265-270 | 0 |
| CIS export (FoB Black Sea) | 290-295 | +5 |
| South East Asia (CFR) | 270-275 | 0 |
Prices in USD/MT
Source: SteelMint Research
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