Godawari Power and Ispat Limited (GPIL) has started export of Mild Steel wire rods, which the company usually sells in the domestic market. The first consignment of wire rod exports of 2,400mt has been dispatched to Nepal, according to a company release. The company’s orderbook has a few more export orders of wire rod for 2,000mt and it is negotiating deals with some buyers in South East Asia and Africa.
Godawari Ispat has been exporting pellet to overseas market for the last two years. China was the major buyer in this fiscal year.
Wire rod prices in the domestic secondary market is Rs34,000/mt ($463.84/mt) ex-works Raipur. Few primary mills such as RINL and JSW Steel raised wire rod prices by Rs1,200-2,000/mt for October deliveries to Rs42,500-43,000/mt ($580-587/mt) ex-Mumbai.
Godawari Power and Ispat has a rolling mill with an installed capacity of 0.2mn mt in Raipur.