Indian Steel Export Offers to Nepal Rise, Demand Subdued
Steel export offers from eastern India increased by USD 5-10/MT (W-o-W). The prices moved up on account of surge in domestic prices by INR 700-1,000/MT (USD 10-15), W-o-W. It is to be noted that eastern India based mills have occupied largest share in Nepal's steel import.
The current export offers of Induction route Billet (100*100mm) is hovering at USD 455-460/MT & Wire rod (5.5-6.0mm) nearly at USD 530-535/MT ex-mill at Durgapur. Freight cost to Nepal (CNF Raxaul border) would be around USD 30/MT.
As per sources, small deals have been made for Billet at around USD 450-453/MT & Wire rod at close to USD 530/MT (ex-mill), last day. However they also added, in last week couple of rakes deal for Billet exports to Nepal.
SteelMint learned that, stock of Billet with small rolling mills in Nepal is not much, hence routine purchase are active even though the prices have increased significantly.
During last week offers for exports was at around USD 450/MT for Billet & around USD 525/MT for Wire rod, ex-mill, Durgapur, eastern India,
Meanwhile local demand of Rebar in eastern India is assessed better since last week, this may keep export prices strong.
The current domestic offers for 100*100mm Billet reported at INR 32,100/MT(USD 464), INR 37,000-38,000/MT (USD 535-549) for 5.5mm Wire rod & INR 37,300-37,500/MT(USD 539-542) for 12-25mm Rebar; ex-mill, Durgapur. The prices surge by INR 700-1,000/MT (USD 10-15) in a week time.
On an average India's Billet exports to Nepal is about 1 lakh tonne and largely made by mid sized mills based in Durgapur & Odisha, eastern India.
source: SteelMint
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