As per trade participants the Nepalese mills continue to book Indian Induction grade billet despite sharp surge in prices. On an average Nepal’s monthly billet imports from India recorded at 70,000-100,000 MT.
The latest export offers to Nepal for Indian induction grade billet is hovering at USD 535-540/MT ex-mill, Durgapur & USD 530/MT ex-mill Odisha, Eastern India.
If the trade participants are to be believed, in last couple of days there was strong bookings made by Nepal mills with Durgapur based manufacturers and the deal prices for billets reported at around USD 530-533/MT (ex-mill). However, for the same bookings in the previous week were made at around USD 520/MT ex-mill, Durgapur & USD 510-515/MT ex-mill, Rourkela.
Indian domestic billet prices all time high
Indian domestic billet prices continue to surge over strong domestic demand and stood at all time high since 2010, as per SteelMint data.
The current offers in domestic market are evaluated at INR 35,100-35,300/MT (USD 540-543) ex-Durgapur, INR 34,100-34,300/MT (USD 525-528) ex-Rourkela, East India. These prices increased by INR 1,500-2,000/MT (USD 23-31) W-o-W & INR 2,000-2,500/MT (USD 31-39) in a month time.
It seems that with the significant price surge in Indian billet prices, Nepal domestic steel prices is expected to increase soon as the key raw material- Billet is imported mostly from India and the local steel prices in Nepal are highly influenced by the Indian market.
Also, the local steel demand in Nepal presently strengthened following uptick in construction.
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