As per exporters in Kolkata – eastern India, buying interest for Billet & Wire rod from Nepal based mills remain weak due to seasonal slowdown in the country and with anticipation of further fall in Indian domestic & export prices.
The current export offers for Induction grade Billets hovering at USD 468-470/MT ex-mill at Durgapur, equivalent to USD 495/MT CNF Raxaul/Jogbani border, Nepal.
As per sources, major buyers in Nepal are taking quotations, however they are not in hurry to book materials looking at further fall in Indian export prices as well as sufficient stock, seasonal low demand & reduced production of long steels.
Further, the latest export offers for commercial grade Wire rod (5.5 mm) stated at close to USD 550/MT ex-mill in Durgapur, which landed cost to Nepal would be about USD 575/MT, CNF Raxaul/Jogbani border, Nepal.
SteelMint being learned that the mills in Eastern India are under selling pressure as trade activities are disturbed since more than a week duration due to festive off in last week. Also as prices started to fall with the re-opening of market in current week, the buyers have postponed their future bookings, which has led to rising inventories with the mills.
Nepal’s Local Rebar Prices
As per mills in Birgunj – Nepal the local rebar demand continue to remain weak and is expected to pick after the Diwali festive holidays.
The peak season for the construction activities in Nepal is just after Diwali, they added.
The current rebar prices for commercial grade rebars by small/medium mills reported at around NPR 76,000/MT (INR 47,450/MT or USD 649/MT) & through the premium brands, large manufacturers assessed at around NPR 77,000-78,000/MT (INR 48,100-48,700/MT or USD 657-666/MT). The prices are ex-works, 12mm & excluding local taxes.
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