Induction grade billet offers for Nepal from India observed a correction on limited trade activities.
Current offers for 100*100mm size billet assessed at USD 500-505/t (ex-mill at West Bengal), equivalent to USD 525-530/MT CFR Nepal (Raxaul border).
1. Export offers to Nepal drop by USD 25 in last one week, however no major deals has been reported as buyers prefer to wait. Also due to financial year ending in Nepal, no major deals are reported.
2. Large mill heard to have offered prime grade billet at around USD 550-560/NT ex-mill at West Bengal.
3. Indian domestic prices have corrected by around INR 2,000/t (USD 29) in last two weeks on selling pressure. However depreciating Indian rupee and improved demand from over seas buyers likely to support prices.
4. Indian medium mills are offering wire rod (commercial grade, 5.5mm) at USD 580-585/MT against USD 605/MT levels last week, on ex-mill basis. Large mill heard to have offered blast furnace grade Wire rod at around USD 600/NT ex-mill at West Bengal.
5. Nepal is the largest buyer on Indian billets and imports around 1.0 MnT every year.
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