Indian Mid Sized Mills Reduce Wire Rod Export Offers to Nepal by USD 10-15/MT
Indian mid sized mills have reduced wire rod export offers to Nepal by around USD 10-15/MT in the last one week, according to SteelMint's weekly assessment. Current offers for 5.5 mm reported at USD 510-515/MT on ex-mill basis (at Durgapur), which is equivalent to USD 535-540/MT CNF Nepal Raxaul land border.
Large steel makers, who were absent for last few weeks have resumed their offers. Their offers stand at around USD 570-575/MT CNF Nepal Raxaul border. One deal from a private mill was heard at USD 570/MT CNF Nepal last week. Another state owned mill is testing at around USD 570/MT CFR levels, but deal has not been reported.
Recent tender by state owned mill fetched highest bid at around USD 535-540/MT on ex-mill, which is equivalent to USD 580-585/t CNF Nepal, sources told SteelMint. Although deal was not concluded at the time of publishing.
Nepal has imported about 240,000 MT wire rod in 2018, which was 208,000 MT in 2017.
Factors driving prices to fall
1. Sufficient inventories of wire rod with traders and manufacturers.
2. Liquidity issue in Nepal as companies have to pay VAT to state authorities, which is due on 3rd week of Jan'19.
3. Some participants mention wire rod being booked from China at around USD 505-510/MT CFR Haldia, which is equivalent to USD 550-555/MT CFR Nepal border.
source: SteelMint
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