SteelMint learned from trade market sources that this week major Indian steelmakers have booked HRC to Nepal for end September and October shipments.
Trade sources mentioned that major Indian steel mill based in eastern region has booked 16,000 MT of HRC (2mm, IS 10748) for export to Nepal at around USD 577-580/MT (ex-factory). The CFR Raxaul border price would be higher by USD 20-25/MT which will come around USD 602/MT CFR basis.
Meanwhile another private Indian steel making company has also concluded a deal of around 11,000 MT of HRC re rolling grade (2mm, IS 10748) export to Nepal at around USD 625/MT CFR Raxaul border for Sep – Oct shipments.
Last month Indian currency INR stood around 68-69 and now depreciated to record low to 72 against USD.Thus devaluation of Indian currency against USD proved to be in favor of major Indian mills as they gain higher realizations by exporting material to overseas market.
India continues to remain major exporter of flat steel to Nepal in Jan-Aug’18-As per the data maintained with SteelMint, Nepal imported 0.49 MnT of flat steel in the tenure of Jan -Aug’18.Out of 0.49 MnT nation has imported 0.43 MnT of flat steel from India and accounted for 88% share in Nepal’s flat steel imports during Jan-Aug’18.
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