Nepal's Buying Interest Remains Weak for Indian Billet & Wire Rod
major buyer of eastern Indian Billet & Wire rod, has presently lowered purchases amid weak finished steel demand in domestic market, sufficient inventories and with expectations of further fall in Indian export offers following slump in local steel prices in India.
The current export offers for Indian induction grade billets (100*100 mm) hovering at USD 445-450/MT ex-mill at Durgapur, this is equivalent to USD 470-475/MT CFR Raxaul border, Nepal.
Further the Wire rod offers to Nepal from Durgapur stated at around USD 530-535/MT ex-mill, which will cost about USD 555-560/MT CFR Raxaul, Nepal.
As per exporters and manufacturers in eastern India (Durgapur), buying interest is very limited from the renowned mills in Nepal, however interest is seen at prices lower by around USD 5-10/MT than the current offers.
Indian Large Mills resume export offers to Nepal
India's major mills who are making Billets & Wire rod through the Blast furnaces (BF) route have resumed export offers to Nepal after a long span due to poor demand from domestic as well as overseas buyers.
The latest export offers for Wire rod (5.5-6mm) by the Eastern India based producers heard at around USD 580-600/MT CFR Raxaul border, Nepal.
As per market sources, the manufacturers were unable to meet the sales target in prevailing Indian domestic offers during Nov'18. Hence are planning to cut domestic prices for Dec'18 deliveries. This is one of the major reason, the producers are eyeing to explore export bookings to balance supply-demand gap.
source: SteelMint
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