As per trade participants report, Nepal mills have raised inquiries for the Indian Induction grade Billets & Wire rod and there have been frequent deals being reported in current week.
Nepal – is the largest buyer of Indian Billets & Wire rod, however since quite some time the Nepalese mills has halted their fresh bookings mainly due to closing of financial year (ended on 15th July) and also owing to heavy rainfall in the country. Meanwhile as per latest update to SteelMint now deals are frequent with good volumes.
The fresh deals for 100*100 mm Billets by Durgapur, West Bengal based medium mills reported at around USD 465/MT (ex-plant) and as per participants more than 5,000 MT Billets have been booked in last 2 days. On CFR basis this price would charge at close to USD 490/MT CFR Raxaul Border (Nepal).
Further deals of Wire rod from Durgapur being reported at around USD 535/MT (ex-plant), Commercial grade & 5.5 mm. This is equivalent to USD 560/MT CFR Raxaul Border (Nepal).
Large mills maintained offers, soon to revise – participants
SteelMint analysed that, large mills based in Jharkhand, who used to exports Nepal have maintained export offers even though the demand is mute due to higher offers as compared to offers through medium mills.
The current export offers for Wire rod produced through Blast furnace grade Billets by Jharkhand based mills heard at around USD 640/MT, CFR Raxaul Border (Nepal).
The trade participants mentioned as their is huge price gap between the large & medium mills Wire rod (around USD 90-100), the major buyers in Nepal postponed fresh bookings with large mills and are waiting for price corrections.
In context to Billet offers, the large mills offer hovering around USD 550/MT ex-mill at West Bengal, equivalent to USD 580/MT CFR Raxaul Border (Nepal).
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