India wire rod prices fall on weak buying interest

Raipur-based steel wire rod manufacturers reduced prices today by INR 1,000/t to INR 60,500/t d-o-d. Decline in prices of raw materials (sponge iron and billets) resulted in cautious buying enquiries along with lower demand on higher prices yesterday in the spot market, which slowed down trading activity. Resellers are offering tradable discounts at around INR 700-900/t, sources informed.