Eastern India Mills Eye Export Market over Limited Domestic Inquiries
As per trade sources report, limited inquiries from domestic buyers has resulted most of manufacturers in Durgapur (eastern India) to explore export opportunities. Mills are giving priority to export deals to clear inventories.
SteelMint learned that wire rod export deals to Nepal were made at INR 500/MT (USD 7) less than the prevailing offers for domestic buyers.
As per couple of regular exporters, more than 1,000 MT wire rod have been sold to Nepal yesterday, at an average price of USD 470-475/MT which is equivalent to INR 32,400-32,700/MT (ex-mill). However in domestic market small deals were reported at close to INR 33,000-33,200/MT (ex-mill).
Nepal is the largest buyer of Indian wire rod with a contribution of 85-90% of total wire rod exports from India. On an average, India's monthly Wire rod exports to Nepal is around 20,000-25,000 MT.
Meanwhile, few parcels of Induction grade billet were concluded to Nepal yesterday at near to USD 400-405/MT ex-mill, equivalent to USD 430/MT CFR Raxaul border, Nepal.
The sources in Durgapur shared that, in current circumstances inventories have nearly doubled in Billet & Wire rod stock is more than 2 folds. Hence the mills are eyeing for bulk deals whether it is on suitable price range or on slightly lower range to improve lifting and clear inventories as well.
The inventories have been piled up on the back of significant drop in prices since more than a month, thus buyers opt to wait & watch till their is clarity on market trends.
Further, the participants believe as the price are on recovery mode, deals for domestic as well exports to further find support, which may reduce selling pressure among stockiest & mills end.
Today the domestic Billet & Wire rod offers in Durgapur marginally surge by INR 200/MT and stood at INR 28,600-28,800/MT for Billet (100*100 mm) & INR 33,200-33,400/MT for Wire rod (5.5 mm); ex-mill & excluding 18% GST.
source: SteelMint
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
