Nepal: Decent Quantities of Indian Billet Deals Reported at Lowered Prices
Nepal which is the sole buyer of Indian induction grade billets, have booked good volume of billet in last couple of days, as per trade participants.
Participants reported near about 2,500-3,000 MT billet have been booked for Nepal at an average price of USD 507-509/MT ex-mill Durgapur and loaded to rake (ex-mill) from Odisha. This will equivalent to USD 533-535/MT CFR Raxaul/Jogbani border, Nepal.
Buyers for the materials reported few of premium rebar makers based near to Kathmandu, Nepal.
An official from Nepal's renowned mill being confirmed booking for more than 2,000 MT induction grade billet from Durgapur at around USD 507-508/MT ex-mill.
Towards the end of last week, billet export offers were assessed at USD 520-525/MT, ex-mill. Offers have come down this week following volatility in Indian domestic prices. Indian billet prices in Durgapur have come down by INR 500-1,000/MT (USD 7-15) in last 3-4 days.
Further a producer from Odisha stated booking of a rake billet for Nepal at the price of USD 508-509/MT (ex-mill), loaded to rake.
The Wire rod offers by the medium mills in Durgapur reported at around USD 580-582/MT ex-mill, however no major deals mentioned.
Large Mills Offer
Billet & Wire rod export offers by the large mills produced through blast furnace route more or less firm currently than the last price assessment.
The current export offers by a large mill based in Jharkhand evaluated at USD 550/MT for Billet & USD 630-640/MT for Wire rod, CFR Raxaul border Nepal
Nepal's local steel demand remains weak
SteelMint in conversation with few small scale & large scale mills in Nepal learned that local steel demand in Nepal continue to remain poor due to ongoing monsoon season in the land-locked country.
The mills have reported limited inquiries on increased prices following higher export offers from India.
The local rebar offers by medium mills reported at around NPR 80,000/MT (INR 49,800/MT or USD 689/MT) & through the big mills (premium brands) hovering at NPR 82,000/MT (INR 51,000/MT or USD 706/MT). The prices are ex-works, size 10-20mm and excluding VAT at 13%.
source: SteelMint
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