Prices of 0.63mm cold rolled (CR) coil in the Calcutta market, for the first time in almost three months, crossed the Rs 20,000 per tonne mark in the second week of May. However, prices in Delhi and Mumbai markets remained almost static.The prices of 2mm hot rolled (HR) coil also increased this month, while those of 6mm wire rods remained almost stagnated for the last three months, however, with some marginal fluctuations in Calcutta. But the prices of 0.63mm GP sheets fell drastically.
According to information available from the `Monthly Bulletin on Iron & Steel' published by the development commissioner of iron and steel, the price for one tonne of CR coil started picking up steadily in May from Rs 19,600 in first week to Rs 20,050 on May 11, and to Rs 20,150 and Rs 20,250 on May 18 and 25 respectively.
Its price fell drastically in Calcutta by Rs 700 per tonne in the last week of February this year compared to the previous week to reach Rs 19,650 per tonne and failed to attract higher prices inMarch and April. CR coils fetched maximum price of Rs 20,350 per tonne in Calcutta market during the last week of January, the highest in 1998.
Surprisingly, according to DCIS bulletins, CR coil price remained static at Rs 23,000 per tonne throughout the year in Mumbai market. Considering the fluctuations in prices of all the steel items throughout the country, this static figure for CR coil price does not seem convincing.
For 2mm HR coils, the prices fluctuated between Rs 17,600 to 17,175 per tonne in Calcutta, while in Delhi it gradually declined from Rs 17,000 per tonne on May 4 to 16,800 on May 25 and in Mumbai it fell from Rs 18,800 in the first week to Rs 18,600 per tonne on May 18.
On the other hand, the prices of 3.15mm HR coils increased sharply in Calcutta market from Rs 15,600 per tonne on May 4 to Rs 16,100 on May 11, it finally fell to Rs 15,400 on May 25. In Delhi it increased gradually from Rs 14,500 per tonne at the beginning to Rs 14,800 at the end of the month, while in Mumbai itsprice decreased from Rs 18,200 per tonne at the beginning of May to Rs 18,000 by the end of the month.
The prices of 0.63mm GP sheets in Calcutta fell to Rs 24,900 per tonne on May 25 after reaching this year's peak of Rs 25,900 on May 11. Its price in Delhi and Mumbai did not show much fluctuations.
Although the prices of 6mm wire rods used in construction increased to Rs 13,950 per tonne on May 18 in Calcutta market, it never fetched the price achieved in January this year. Its price of Rs 15,000 per tonne on January 12 is still the highest for 1998.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
