According to SteelMint weekly price assessment, the fresh export offers to Nepal were down almost by USD 15/MT, following a slump in Indian domestic steel prices. The domestic steel prices in India fell by INR 1,000-1,200/MT (USD 15-19) W-o-W.
According to steel manufacturers based in Biratnagar & Birgunj in Nepal, the latest export offers for Wire rod, Billet & Sponge iron by medium mills of India decline by USD 10-15/MT against the purchases made during preceding week.
The latest Induction grade billet export offers to Nepal are quoted by Durgapur, East India based mills at USD 505-510/MT. Last week the offers were heard around USD 520-525/MT (ex-mill).
Similarly, the Wire rod (5.5mm) export offers by medium mills in Durgapur are reported at around USD 595/MT as compared to USD 605-610/MT ex-mill which was heard a week ago.
It is been heard from trade participants that on 13th Mar, small lots of Wire rod (5.5 mm) has been concluded by Durgapur based manufacturers at around USD 595-597/MT (ex-mill).
Further, Sponge iron export offers to Nepal also drop by USD 15/MT against few small deals in the beginning of Mar 2018. The current offers for FeM 78-80 Sponge iron (DRI) are heard at around USD 325-330/MT, of which last deals were reported at close to USD 345/MT; ex-plant, Durgapur/Jamshedpur, East India & loaded to wagon.
Nepal’s Steel Prices may come under pressure
The local steel prices in Nepal are firm presently and are expected to soon come down as Indian steel prices continue to show down trend due to poor trade activities in domestic market. In general Nepal’s steel price movement are influenced by Indian market due to import dependency.
The local rebar prices for commercial grade are reported at NPR 74,000/MT (INR 46,400-47,000/MT or USD 716/MT).
Meanwhile, the prime brands rebar offers hovering at NPR 75,500-77,500/MT (INR 47,400-48,600/MT or USD 730-750/MT). The prices mentioned above for 10-20 mm & excluding VAT (Value Added Tax).
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