Indian Billet Export Offers to Nepal Decline; Buyers Skeptical
Indian induction grade billet export offers to Nepal declined following drop in Indian domestic prices, however as per suppliers buyers are in wait & watch mode with assumption of further drop in offers due to onset of monsoon which turned demand weak.
The prevailing export offers of billet(100*100 mm) by mid sized mills in Durgapur, eastern India reported at around USD 370/MT ex-mill, this is equivalent to USD 395/MT CFR Raxaul border, Nepal. The prices moved down by USD 5-10/MT in a week following drop in Indian domestic prices by INR 300-500/MT (USD 3-7) in same duration.
As per sources, the rolling mills in Nepal are not in hurry for fresh bookings due to weak domestic demand, sufficient stock of raw materials and lowered production rate. Also, with the arrival of monsoon domestic rebar prices in Nepal dropped by NPR 2,000-3,000/MT (USD 19-27) and currently hovering at NPR 63,000/MT (USD 573) ex-works, Birgunj, size 12mm & excluding local taxes.
Wire rod export offers by eastern India based mid sized mills dropped by USD 5-10/MT W-o-W and stood at around USD 425-430/MT, equivalent to USD 455/MT CFR Raxaul border, Nepal.
Similarly in case of the large mill's no fresh deals for billet were reported and offers of blast furnace grade reported at around USD 420-425/MT ex-mill. In line wire rod, the export offers of large mills hovering at USD 510-515/MT ex-mill and freight cost to Nepal at USD 15-20/MT CFR Raxaul border.
RINL's (Vizag Steel) export tender to Nepal was cancelled which was floated on 13th Jul'19 due to low bids.
However the company has again floated the same export tender to Nepal of 10,836 MT Billets, 8,127 MT Wire rod and 5,418 MT Bloom to Nepal on 30th Jul'19. The bid due date for the tender is 5th Aug'19, which will remain valid by 12th Aug'19.
source: SteelMint
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