Indian Steel Mills Book 5 Rakes of HRC for Export to Nepal
In conversation with trade sources based in Nepal, SteelMint learned that major Indian steel mills are actively offering HRC exports to Nepal for Aug- Sep shipments. However Indian HRC export offers to Nepal reported marginal fall by USD 5/MT in recent deals concluded.
As per received update, a govt owned major Indian steel mill booked 4 rakes of HRC to Nepal towards the end of last week at around USD 525/MT CFR Raxual border for Aug-Sep shipment.
Meanwhile another major steelmaker based in eastern region of India booked only 1 rake of HRC to Nepal at similiar offers for Aug sep shipments.
Another major private Indian steelmaker is offering imported HRC to Nepal at USD 530/MT CFR Raxual border. However no bookings concluded yet at these offers. Trade sources shared that importers based in Nepal are expecting further decline in HRC offers in upcoming days.
Thus, Indian steel mills are trying to export HRC amid weakening domestic demand, increased inventory levels and continual fall in domestic steel prices.
Towards the end of last month an Indian steel mill based in eastern region booked 2 rakes of HRC (SAE-1006 1.6-2 mm and lower width) at USD 530/MT CFR Raxual border for Aug-Sep shipments.
Nepal's imports of Indian HRC/Plates in H1 CY’19- As per data maintained with SteelMint, Nepal imported 0.22 MnT of HRC/Plates in H1CY19. Out of which Nepal imported 0.19 MnT from India during first half (Jan-Jun) of CY’19. Thus it occupied the share of around 83% in total imports.
Meanwhile Nepal also imported HRC/Plates from China at 0.03 MnT accounting for 11% of share in Jan-Jun CY’19.
source: SteelMint
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