India: Wire rod prices stayed firm in April'26

• IF-route wire rod prices rose amid supply constraints
  
  
• Steady growth with slight dip in wire rod production in FY'26
  
  

The sharp rise in IF route wire rod prices in April'26 has been witnessed due to previous booking orders and mills has supply constraints. Indian wire rod prices surged in April 2026, in induction furnace (IF) route as well as in BF route segment.

Wire rod prices witnessed a monthly average increase of INR 1,200/t ($13/t) to INR 46,900/t ($492/t) exw-Raipur and by INR 1,600/t ($17/t) to INR 46,900/t ($492/t) exw-Durgapur as compared to March 2026 levels.

The spot trade reference price stands at INR 46,000/t ($483/t) in Raipur market and INR 45,600/t ($478/t) in Durgapur market as on 4th May 2026. Prices as on exw basis.

As per BigMints assessment, BF route wire rod prices (5.56 mm, SAE1008) increased m-o-m by INR 2,300/t ($24/t) to average INR 61,000/t ($640/t) exw-Jharkhand in April 2026.

Factors behind market dynamics:

India's Wire rod Production trend:The cumulative wire rod production via the IF and BF routes for FY'26 stands at 7.7 mnt and marginal drop of 1% from 7.8 mnt in the same period of FY'25 as per data maintained with Joint Plant Committee, JPC.

India's wire rod production showed a mixed yet and overall positive trend over FY'22-FY'26. Output declined slightly in FY23 to 6.4 mnt, but recovered steadily thereafter, reaching a peak of 7.8 mnt to in FY'25. Growth momentum remained moderate, with notable expansion in FY'24 (15%) followed by slower increases in subsequent years.

Raw material price trends:In April 2026, India's domestic billet and sponge iron market exhibited a mixed trend across various regions. Weaken demand across major regions due to limited trade activity and cautious buying behaviour. Buyer's approach sidelines to make a bulk purchase.

Considering the Raipur market as a benchmark, Billet prices increased INR 900/t ($9/t) to INR 41,600/t ($436/t) exw and Sponge iron (PDRI FeM 80% +/- 1) noticed uptick of INR 300/t ($3/t) to INR 26,400/t ($277/t) exw (prices as on monthly average basis).

IF route wire rod prices rose m-o-m: IF-route wire rod prices increased m-o-m. Demand remained moderate at higher offers amid supply constraints, supporting the uptrend. However, downstream segments like GI and binding wire saw limited activity. Traders offloaded material at lower prices to liquidate margins, alongside material from neighboring markets such as Raigarh and Jharkhand, which impacted trade volumes at elevated levels in the key regions of Raipur and Durgapur. Although, Mills also offered trade discounts based on prior bookings and payment terms.

Primary mills saw moderate demand:Indian mills increased wire rod prices during early April 2026, supported by constrained supply conditions in the market. A key factor was the disruption in supplies from a major private steel mill, which tightened material availability and created upward trend on prices.

Despite moderate demand, limited availability of material helped mills maintain firm pricing, reflecting supply-side tightness and cautious market optimism.

As per BigMints assessment, wire rod prices were stable w-o-w at INR 61,200/t ($642/t) exw-Jharkhand on 1 May 2026.

Outlook:

Wire rod prices are likely to remain supported in May'26, driven by lower inventories in the mill and steady flow of order bookings during the April'26. Although, buyer's might be purchase cautiously at prevailing price levels as they have already booked material aggressively at higher offers.