Indian steel wire rod market has been subject to turbulence in the past couple months taking the maximum brunt of appreciating INR and undue price escalation in domestic market.
 
Unilateral hike in long steel price levels in India over the last couple of months has kindled importers interest with global price level remained low under Chinese selling pressure and rather uncertain market in Middle East.

It is learnt that nearly 25000 tonnes of WRC is being imported every month at Mumbai port alone. The booking levels are in the range of USD 520-525 per tonne, CFR Mumbai in Mild Steel grade.

Per Ton

Indian mills are selling WRC at INR 39000 per tonne in Mumbai (basic excl ED & VAT) thereby giving huge parity advantage of INR 4311 per tonne for import.

Hitherto India was destination for High Carbon grade WRC but with the big shift in parity WRC in mild steel grade has found its way into the Indian market.