Secondary wire rod makers in Raipur and Durgapur have increased offers by upto INR 1,200/MT in a day, post prices hit the lowest levels in Jan’16.
Indian secondary wire rod manufacturers mainly in Raipur and Durgapur reported that demand has suddenly improved in a day owing to positive sentiments prevailing in the market.
In a day, wire rod prices in both Raipur and Durgapur have increased by upto INR 1,200/MT.
It is expected that government is likely to take additional steps in the current month on imported steel products, which is currently driving market sentiments towards positive side.
Last month, wire rod prices in Raipur had touched the bottom level. It fell by around INR 3,500/MT in Raipur and INR 2,700/MT in Durgapur in a month’s time.
Presently, 12G GI wire and 12G barbed wire are offered at INR 30,100/MT and INR 32,200/MT respectively (basic price) in Raipur. Offers for both the grades have decreased sharply by upto INR 6,000/MT M-o-M.
Indian billet and wire prices as on 2 Feb’16
|
City |
MS Billet | M-o-M | 5.5 mm Wire Rod | M-o-M | 12G HB Wire | M-o-M | 20G Binding Wire |
M-o-M |
| Raipur | 21,350 | -2,300 | 23,600 | -3,500 | 25,400 | -3,300 | 28,600 | -3,700 |
| Durgapur | 20,500 | -2,300 | 23,800 | -2,700 | 25,700 | -2,700 | 31,600 | -2,700 |
Basic prices in INR/MT; ED and VAT/CST extra
Source: SteelMint Research
Global wire rod prices as on 2 Feb’16
|
Region |
Offers in USD/MT |
M-o-M |
| China export (FoB main port) | 277 | +5 |
| CIS export (FoB Black Sea) | 285 | -5 |
| South East Asia (CFR) | 277 | +5 |
Prices in USD/MT
Source: SteelMint Research
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