Nepal Billet Import Drops 24%; Sponge up 85% in Oct, M-o-M

Nepal’s billet imports fell by 24% M-o-M to 53,122 MT in Oct’19 against 70,390 MT in Sept’19. Entire import volumes were recorded from India.

Reason behind drop in billet imports was due to the festive mood, which resulted in drop in local finished steel production on account of weak demand in local market.

Indian induction grade billet export offers to Nepal fell from USD 405/MT in beginning of Sept’19 to USD 380-385/MT towards end of Sept’19. Prices mentioned are on landed Raxaul border basis.

The country's Sponge iron imports rose considerably by 85% on account of healthy bookings by the major mills in Sep'19, for which dispatches were scheduled for Oct'19.

Overall Nepal’s semi finished steel imports observed a drop by 43% on Y-o-Y basis in Oct’19.