Wire rods prices decline by INR 500/t in central India on low buying interest

Raipur-based steel wire rods manufacturers reduced prices today by INR 500/t to INR 50,000/t d-o-d. Decline in the prices of raw materials and slow movement in steel billet prices in the region along with lack of purchase inquiries on higher prices yesterday in the spot market slowed down trading activity. Resellers are offering tradable discounts at around INR 1,400-1,800/t, sources informed SteelMint.