Indian Flat Steel Market Dull ahead of Holi Festival
With the upcoming Holi festival this week, HRC/CRC prices have remained almost stable with minor fluctuations. Current offers for 2.5mm HRC are being assessed at INR 34,500 (ex-Delhi and Mumbai) and INR 35,000 (ex-Chennai).
0.9mm CRC offers are are heard at INR 39,000 (ex-Delhi and Mumbai) and INR 38,500 (ex-Chennai).
In traders market there is no movement in prices because of upcoming Holi festival. Also financial year end is approaching and there is shortage of funds in the market resulting in poor buying interest. Market will move only after 31 Mar 16, quoted a trader based in Delhi.
As per market sources, it is anticipated that primary producers may further increase their flat products prices in the coming month of April.
However, after this price hike from producers end, whether prices will increase subsequently in traders market remains to be seen. This is because already retail prices are so high that it is unlikely that buyers will accept further price rise.
Secondary wire rod makers have increased their offers by upto INR 500-600/MT in both Raipur and Durgapur within a week.
Indian secondary wire rod manufacturers are bounded to increase their offers on account of high buying.
Presently, wire rod and HB manufacturers in Raipur are offering the material at INR 27,800/MT and INR 29,600/MT (basic price) respectively. Prices for both the material have increased by upto INR 600/MT W-o-W
Similarly in Durgapur, wire rod and HB are being offered at INR 26,500/MT and INR 28,400/MT (basic price) respectively. Prices have surged by upto INR 500/MT W-o-W for both the material.
Meanwhile, 12G GI wire and 12G barbed wire are available at INR 34,700/MT and INR 36,400/MT respectively (basic price) in Raipur..
Indian billet and wire prices as on 9 Mar’16